Are you one of the many people who are tired of paying expensive fees for poor performing investments where Self-Invested Personal Pensions (SIPPs) are to blame?
We can help people like you receive financial compensation when problems arise with investments.
There are numerous SIPP provides that have found themselves in trouble lately, multiple complaints are being made about companies failing to perform the required level of due diligence regarding unregulated and high-risk investments.
Clients are extremely frustrated as they are having to pay expensive annual charges and fees for investments that have failed whilst receiving letters demanding money to cover unseen costs.
A Duty Of Care
Although SIPP providers aren’t technically authorised to provide their clients with financial advice, they are responsible for having a duty of care to their clients by acting in a way that is in their best interest.
This raises the question ‘how can it be in your best interest to put your money into a SIPP without first being given all of the information needed in order to make a well informed decision before parting ways with your funds?’
Although some SIPP providers may state that they performed research into investment companies involved, it’s clear that none of them actually ever presented their clients with a comprehensive exit strategy.
Investment Value
The valuation of SIPPs can be very confusing for clients who are not experienced investors, therefore it may be the case that your investment value hasn’t dropped but is still at risk. It’s common for SIPP providers to quote outdated and inaccurate valuations.
Compensation Claim
Unfortunately many companies are reluctant to explain why a failing investment may possibly be their fault. It has been the case that some IFA’s have told their clients to sign up to group class actions or to go after the investment firms themselves direct, this is done in order to take the attention away from the real truth of the situation. If this is something that has happened to you, then the alarm bells should be sounding.
Risky Investments
You should get someone who is completely independent to review your transaction to see if it is suitable. You need to act fast though to ensure you don’t lose any of your money as there are time barring restrictions in place.
The main problem with investments like this is that most people aren’t aware that the investments they’re making are high-risk. They weren’t provided a full and clear explanation that their money could end up being stuck in a SIPP whilst having to pay yearly charges/fees for each and every investment in their portfolio.
Even if your investment’s providing you with an income, it may not be as good as what was promised therefore should be looked into. It may be the case that the investment fails and your money is lost, by that point though it might be too late.
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.
News & Updates about Unfair SIPP Fees and Charges
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