GUINNESS MAHON TRUST CORP LTD
Guinness Mahon Trust Corp Ltd (GMTC) (FRN) 464432 boasted that it was a boutique provider of pension arrangements that offered market leading technical expertise.
The Self-Invested Personal Pension (SIPP) provided by GMTC was seen as a highly popular offer once the prospect of pension freedom came into play.
GMTC went into administration in early 2020 and is another example of a SIPP provider finding themselves in trouble as a result of companies now being held responsible for allowing their clients to put money into unregulated and risky investments, these include Australian farmland, plantations, and ethical forestry. Administrators Adam Stephens and Nick Myers of Smith & Williamson LLP were appointed to manage the administration process.
Sale of SIPP Business
Immediately following the administration, GMTC’s Self-Invested Personal Pension (SIPP) business was sold to Hartley Pensions Limited, an FCA-authorised firm. This transfer aimed to ensure continued management of clients’ pension arrangements.
Lost Cash?
Anyone who has put money into Guinness Mahon through either the Indigo or Guinness Mahon SIPP and has ended up losing some or all of their cash should act now. This is especially true if it’s the case that your pension was moved after receiving advice from a financial adviser that wasn’t regulated.
Companies such as First Pension Review Services and Avacade were guilty of cold calling individuals and making recommendations to move their personal pensions into SIPPs.
Now might be the time to act if you not have got round to recovering the cash you’ve lost. Should you have already been compensated through the Financial Services Compensation Scheme (FSCS) for a claim against your IFA, you may also be able to seek compensation for uncompensated losses against your SIPP provider. To determine this, your case needs to be individually assessed.
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.
