1 Stop Financial were well-known financial advisor that mis-sold SIPPs to around 2,000 individuals from 2010-2012. This meant that they personally earned around £122 million from investments and transfers, whilst their investors lost a large amount, if not most of their pensions. This is why the 1 Stop Financial SIPP was forced to stop trading by the Financial Conduct Authority (FCA).
If you invested in this mis-sold SIPP scheme, there is a high chance that you could be owed compensation for your losses. Gowing Law Solicitor’s team of specialist SIPP mis-selling advisors can help you with your claim against 1 Stop Financial Services. To find out how, please take your time reading over our information below:
If you have heard of Harlequin Properties, then it is very likely that you have been involved in investments made by 1 Stop Financial Services. Led by Andrew Rees and Timothy Hughes, 1 Stop Financial Services advised investors to switch from their work pensions into a SIPP scheme. These schemes would usually involve luxury property abroad or diamonds. Both of them were deemed as high-risk and soon became illiquid. This meant that investors could no longer get their pensions back or any sort of financial return.
Although Harlequin Properties used cold-calling for mis-sold SIPPs, 1 Stop Financial Services took a different route. The owners were directly involved in a conflict of interest. They took fees from customers for their advice, meaning that they were adding to their own personal funds through referrals and customer fees. This showed that they cared more about making a profit than assisting their customers.
Speaking of customers, a lot of them did not know the amount of risk 1 Stop Financial Services SIPP really carried. This is why the majority of investors lost more money than they expected to. Some of them may have even lost their full pension, putting their livelihoods at risk.
Overall, this shows that this SIPP were negligent when it came to the needs of their customers. They did not provide the advice they needed to make a logical decision. If you were one of these customers, you may have been pressurised into taking up the offer, especially you were told that it would have greater benefits than the pension scheme you were originally on. This is all evidence that you were mis-sold a SIPP scheme, meaning that you have a high chance of claiming compensation.
We offer free advice consultations to talk about your case and whether or not you could claim compensation. If you choose to work with us, we will discuss our fees with you face-to-face. We work on a “no win- no fee” policy. That means you will always come out on top with your claim.
Although 1 Stop Financial Services SIPP has stopped trading, the FCA has also dropped its case on them. If the company had been found guilty of mis-leading SIPP investors, then it would have been fined £490,100. They have decided to pay this amount to the FSCS and write to all customers the outcome of the FCA’s investigation. Unfortunately, this still means that the FCA cannot ask them to pay compensation. However, with the help of an experience mis-sold SIPP lawyer, from Gowing Law Solicitors, we may be able to claim compensation for your losses on your behalf.
No, you do not! Gowing Law’s trained mishandled SIPP solicitors can go on your behalf. They will keep you informed about any important decisions along the way. That way you will always have full control over your case.
Before you have your free consultation with your mis-sold SIPP solicitor about 1 Stop Financial Services, it is important that you collect as much evidence as you possibly can. This can include:
If your evidence can prove that you were pressurised or unaware of the risk of your investment, this could mean you could claim compensation for your losses. Keep in mind that a bad investment is not enough to make a compensation claim. You need proof that you were not at fault for the investment.
This depends on your case. Every case is different and depends entirely on how much you lost due to negligence. The more evidence you can show that you have a strong negligence claim, the more likely that you will receive a larger amount of compensation. Make sure to discuss this directly with your solicitor to ensure you can estimate a reasonable claim before going to court.
Again, this will depend entirely on your case. Some cases are more complicated than others. Some may take a few weeks, others may take a few months or over a year. Make sure to discuss a reasonable time scale to ensure you know precisely what to expect when you work with a Gowing Law solicitor.
It’s time for you to learn whether or not you are due compensation from 1 Stop Financial Services SIPP scheme. Contact Gowing Law’s trained mis-sold SIPP solicitors on 0800 041 8350 or at firstname.lastname@example.org. You can also fill out our mis-sold SIPP form below with your contact details. That way a specialist from our law team can get in contact with you as quickly as possible.
We look forward to working with you on your case soon.
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If you want to reclaim your mis-sold pension, Gowing Law Solicitors have a trained set of solicitors in Manchester who are ready to take on your case. You will love working with our team. They listen, take down all of your information and advise you on the best way forward.
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