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Mis-sold SIPP

Hallbrook is an industry sector leader with the necessary expertise and experience to recover your SIPP loses

Self-Invested Personal Pensions have been available since the 1990’s and were originally the brain child of the then chancellor Nigel Lawson. The idea was to give investors more control of where their money was being invested rather than just handing it over to a fund manager and hoping for the best.

The original concept of SIPPs remain sound when applied with the right investment strategy, however as with almost all forms of financial services, certain organisations and individuals will look for ways in which they can exploit the vulnerable or less financially sophisticated for their own personal financial gain.


SIPP issues have been known to the Regulator for many years

The inherent problem within the SIPP market has been known to the regulators for many years. In 2009 & 2012 the financial regulator at the time, The FSA released a report on the findings of a thematic review, which highlighted significant issues within the sector.

Most notably was the increase in the number of non-standard investments held by some SIPP operators and a lack of evidence of adequate due diligence being undertaken for introducers and investments.

It was also reported that ‘there was a relatively widespread mis-understanding among SIPP operators that they bear little or no responsibility for the quality of the SIPP business that they administer…’

However the FSA confirmed that regardless of whether a SIPP operator provides advice they are bound by Principle 6 of the Principles for business; ‘a firm must pay due regard to the interests of its customers and treat them fairly’.


Non-standard investments

Over the last 10 years investments have become more and more exotic and obscure in their nature. The big hook for potential investors is the offer of high returns or income with a guarantee of the investment capital. Unfortunately the old saying of ‘what sounds too good to be true, usually is’ is an all too familiar soundbite during our long term campaign to restore balance to the investor.

Non-standard investments can include storage pods, parcels of land, carbon credits, contracts for difference (CFDs), hotel rooms, parking spaces, forestry investments, etc and the list goes on.

These investments are generally highly illiquid, which means that not only will you be unable to sell them but also that the value that you see on your pension statement is likely to be highly inflated.

A former director of pension provider, Provident Life, estimated that the number of potential complainants holding SIPP investments in non-standard investments is likely to be in the 10’s of thousands and losses in the billions of pounds.


How can Hallbrook help?

Hallbrook has been representing private investors for 10 years and during that time frame we have amassed an unrivalled knowledge of the regulatory rules that apply to complex mis-selling cases, and acquired the necessary experience in order to navigate the regulatory landscape on behalf of clients.

Since 2010 we have successfully recovered in excess of £50 Million in compensation and continue to recover millions every year.

Time limits may play a factor when considering a claim so we urge all investors to seek advice in relation to the suitability of their SIPP before it may become too late. You have six years to claim from the date the SIPP was established or the transfer of your pension. Outside of this time frame, you may also be able to make a complaint as long as this is done so within three years of the date you knew or could reasonably have known you had cause for a complaint.

The Parliamentary Review, a publication on industry best practice published by former MPs and Journalists, recognised Hallbrook as a sector leader in the financial services industry and invited us to contribute to the 2017 edition. Read here


How do I get started?

Contact Hallbrook either by calling us on free phone number 0808 2 818 717 or emailing us info@hallbrook.claims

All we will need to see in order to establish if you have a potential claim is your pension statement. This will list all of the asset types and from our knowledge and experience we will generally know which ones are a red flag.


How much will it cost?

We operate on a conditional fee basis, which is essentially a ‘no win, no fee agreement’ as long as you don’t cancel the agreement before the claim has reached its final conclusion. If you do cancel the agreement prematurely then you may incur a charge for hours of work conducted up to that point.

Our standard charge for a mis-sold SIPP is 20% Inclusive of VAT.
See our Terms & Conditions


For a free no obligation consultation please call Hallbrook today on Freephone 0808 2 818 717





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The Parlimentary Review

Hallbrook feature in the 2017 edition of The Parlimentary Review which is available to view here.