In 2015, a financially vulnerable individual, unemployed and with no savings, was advised by Chadkirk Wealth Management to transfer their £63,000 pension into a Self-Invested Personal Pension (SIPP).
Despite having no investment experience and a clear low-risk profile, their pension was placed in high-risk, illiquid products like:
- Resort and holiday bonds
- Car park investments
- And other non-mainstream assets
No risk questionnaire. No proper advice. No explanation of what they were getting into.
Soon after, the investments began to fail or became inaccessible, drastically reducing their pension value and derailing their retirement plans.
What happened next?
The Financial Services Compensation Scheme (FSCS) stepped in. They found that the advice was completely unsuitable and awarded interim compensation of £17,387.38, with the potential for more once investment values are clarified.
This case is a stark reminder of how bad advice can ruin retirement plans—especially for those already in vulnerable positions.
Think you might have been mis-sold?
We’re here to help. At Claim My Loss, we carefully assess your case and guide you through the process of seeking the compensation you deserve.
