When the Pension Ombudsman upheld a complaint against Rowanmoor Trustees in 2024, customers who suffered devastating losses from failed products in Rowanmoor SSAS (Small Self-Administered Schemes) and SIPP (Self-Invested Personal) pensions probably thought this was the answer to getting financial redress.
Yet, the news from Citywire on 21st January 2025 Rowanmoor Trustees’ imminent liquidation, was entirely predictable.
The Background
Rowanmoor Trustees failed in their fundamental duty: due diligence. Trustees are responsible for ensuring that the investments within pension schemes are suitable, compliant, and not excessively risky.
In Rowanmoor’s case, they approved high-risk, illiquid investments, such as property developments in Cape Verde via The Resort Group, which is no longer able to pay the returns promised. These were not appropriate for most investors, especially those transferring from safer workplace pensions.
When regulators dug deeper they revealed systemic issues with their oversight, with the Pensions Ombudsman identifying multiple complaints against their handling of SSAS schemes. These failures left investors exposed to substantial financial losses.
What do customers do now?
When trustees act negligently, as Rowanmoor did, investors often lose their life savings.
However, trustees like Rowanmoor do not always have the financial strength to compensate victims. This lack of resources, combined with the surge in claims, has pushed Rowanmoor Trustees into liquidation.
To make matters worse, Rowanmoor Trustees was not regulated by the FCA, meaning there is no safety net via the Financial Services Compensation Scheme (FSCS). For victims, this means fewer avenues for recovery.
Can You Still Claim?
If you’ve been mis-sold a Rowanmoor pension, you may still have options, but the success of your claim depends on a number of factors:
• When did you become a client?
• What parties were involved besides your pension provider and trustees?
• What sort of pension were you put into, SIPP or SSAS?
There are no right or wrong answers, pension mis-selling claims are intricate. Every case is unique, and the details matter.
What can we guarantee?
While we can’t guarantee success, our no-win, no-fee agreement ensures we only take on cases we believe have a strong chance of succeeding and we guarantee we won’t waste your time or charge you a penny if we are not successful with your claim.
If you’ve been impacted by Rowanmoor’s failings or a similar pension mis-sale, don’t delay. Contact us today for a free, informal chat to explore your options. We’re here to help.
