Many of the clients that the SIPP provider Berkeley Burke accepted had been offered the prospect of investing their pension funds by third party introducers that weren’t regulated.

What happened?

Clients were subject to cold calls that offered pension reviews for free, however these calls were made by sales people who weren’t regulated and were offering significant returns – more than what their current pension would deliver. They explained that by combining pensions, clients could save money as they would only be required to pay one set of management fees rather than multiple.

Introducers That Weren’t Regulated

Once a sales person who is not regulated arranges a pension transfer the client is left with no protection; only regulated financial advisors should be providing advice for pension transfers. Unfortunately, for most people this wouldn’t have been clear and this is where the due diligence of the SIPP provider should have taken effect.

Berkeley Burke is a SIPP provider that has recently been subject to great scrutiny after not taking proper care of their clients. Berkeley Burke SIPP Administration Ltd has failed and was placed into administration on 18 September 2019. As a result, FSCS is accepting claims against this firm.

Risky Investments

Many of the investments that the company offered to its clients were not only very risky, but also unregulated.

There has been a recent trend of retail clients being encouraged to put money into loan notes in companies like Highgrove Osprey/Dolphin Capital GMBH, shares, or bonds.

Next Steps

Call us now for a phone or video consultation with one of our legal experts on 0800 041 8358 to find out if you are entitled to compensation, you may even be entitled to additional compensation if you have successfully claimed in the past.

Frequently Asked Questions

Pension mis-selling occurs when a financial adviser provides unsuitable advice to transfer or invest your pension into schemes that are inappropriate for your financial situation or risk appetite. This could include high-risk investments or inappropriate pension transfers, such as moving a defined benefit pension into a riskier scheme.

You may have been mis-sold a pension if:
– You were advised to move your pension into high-risk investments without understanding the risks.
– You were not informed of exit fees or charges when transferring your pension.
– You were advised to transfer out of a defined benefit pension, which led to financial losses.
If these situations sound familiar, you could be entitled to make a claim for compensation.

Compensation depends on the extent of your losses. Typically, it includes financial losses due to bad advice or mismanagement, including lost returns, exit fees, and fees paid for services that were not delivered. We assess your case and help you understand the potential amount of compensation.

There are time-barring restrictions for pension mis-selling claims, usually six years from when the advice was given, or three years from when you realised the pension was mis-sold. It’s important to act quickly to ensure your claim is within the legal timeframe.

The process involves:
– A free consultation to assess your case.
– Gathering of all necessary evidence, such as contracts and statements.
– Submission of your claim to the Financial Services Compensation Scheme (FSCS) or other relevant bodies.
We handle the entire process for you and keep you informed throughout.

Our services are provided on a no-win-no-fee basis, meaning you will only pay if we successfully recover compensation on your behalf. There are no upfront costs or hidden fees.

Yes. If Barton Hatcher Ingram Financial Management Limited is no longer trading, you can still make a claim through the Financial Services Compensation Scheme (FSCS), which handles claims for firms that have gone into liquidation.

The time it takes to process a pension mis-selling claim can vary based on the complexity of the case and the involvement of other parties. On average, claims can take several months to a year to resolve, but we will work diligently to handle your case as efficiently as possible.

News & Updates about Berkeley Burke SIPP

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Some of the other Pension companies receiving claims, complaints and compensation are listed below: