Lots of people put their pension funds into various investments via Montpelier Pension Administration Services (MPAS) and, unfortunately, lost money. If you are one of these you may be able to claim for compensation.
In 2010 a SIPP thematic review was performed including a supervisory visit to Montpelier, it was found that there were many regulatory failings. As a result, Kevin Wales (company director) was stopped from being allowed to perform any sort of significant functions that had influence. Mr Wales was growing the business by allowing investments into unregulated, complex, and esoteric schemes such as unlisted hares, hotel rooms, overseas property, and settlement funds. Some 40% of all investments in the SIPP made between the years of 2009 – 2011 were none standard with many of them in hotel rooms.
Unfortunately the company didn’t monitor or vet any of the third parties it was involved with, meaning some of the fund managers and IFA’s that worked with the MPAS didn’t possess the correct level of knowledge about the assets that it was administering for clients. This was often to the detriment of their clients, with many of them transferring funds out of their pension without being given sound advice about what can happen when things went wrong.
After the collapse of some of the investments clients were left with nothing, they had lost entire pension fund and were stuck in a pension plan that required them to pay large fees and be subject to expensive charges.
Recently Curtis Banks purchased both the clients and assets of MPAS but cannot be held responsible for the actions of the previous company. Anyone that has a small self-administered scheme or a self-invested personal pension with Curtis Banks that was originally founded by MPAS may be entitled to claim for financial compensation. In order to establish if this is the case, you need to have all of your transactions with the company professionally reviewed.
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.
