The self-invested personal pension (SIPP) provider, DAC Pensions, has recently gone into liquidation.

The Financial Conduct Authority intervened with the operations of the company after it was found not to be doing its business with the required level of care and due diligence. For instance, the company was guilty of accepting business from Cypriot and Irish introducers that were not authorised. They were responsible for transferring pensions into a SIPP so that clients could put money into risky assets through a model portfolio.

Have Your Transferred Your Pension?

Most of the time the investments were overseas Collective Investment Schemes that were unregulated and therefore not suitable for most retail clients.

People involved with DAC Pensions often received pension statements showing their pension as performing well, whereas the truth was that their investments were illiquid.

The FSCS only pays compensation after a claim against the correct independent financial advisor has been made. Even though the introducing company might have been fully regulated, there may have been other companies or third parties involved. As a result, you might need to raise a complaint with the Financial Advisor and then take the complaint to the Financial Ombudsman Service (FOS). If the company has either closed down or has no assets, then you need to take your claim to the FSCS. Where the funds lost are more than the compensation you got from the financial advisor, you might be entitled to even more compensation.

In the case where you haven’t correctly progressed with your claim or the company does not respond to it, the FCSC will only award compensation that is calculated based on the value of pension funds transferred in. If for whatever reason the FCSC doesn’t accept your claim, do not be afraid to challenge their decision.

Anyone who had dealings with the company (DAC Pensions) and transferred their pension may very well have been given advice that wasn’t suitable and they should have their transaction(s) reviewed. When choosing a company to help with this, be sure to avoid those ones that cold call you as they have purchased your personal details illegally and will be paying commission to the very company that mis sold you the product.

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 DAC Pensions

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