If you were interested in taking up a more flexible SIPP scheme, you may have been recommended to invest in Berkeley Burke. Berkeley Burke SIPP Administration Limited (BBSAL) was one of the UK’s top SIPP providers, but in September 2019 the Financial Conduct Authority (FCA) started accepting claims against them.
Berkeley Burke began to go against the advice of the FCA and began to accept unregulated schemes into their SIPPs. Although they may have originally been seen as a professional SIPP to invest in, nowadays you have a higher chance of making a mis-sold SIPP claim against them than re-receiving your original investment. Here is what you need to know about Berkeley Burke before you make your claim.
The BBSAL promised defined benefit pensions that were provided by employer into a SIPP. The investor would receive a higher return and would be able to support themselves on a better deal. Holding onto the status as a “sophisticated investor” many investors did not realise that the SIPPs themselves held greater risks than what was originally intended. This is because Berkeley Burke had started business with outside third parties. Customers who had little financial knowledge might not have realised this if the FCA had not stepped in.
The job of an financial advisor is to ensure that the lender feels secure in their investment. For instance, if they wanted to take out a loan for their home, the last thing they want is to have a mis-sold mortgage on their hands. You probably didn’t know that your pension was transferred over to an unregulated third party, or that potentially third party introducers were the people who got you into the SIPP scheme in the first place. However, Berkeley Burke certainly did know. They took the active choice to carry on business despite knowing that they could not accept it from these third parties. That is why you may be due compensation.
Another reason why you may be owed compensation from this SIPP scheme is due to the fact that it acted against the advice of the FCA. During 2010 – 2012, Berkeley Burke agreed to a range of unregulated collective investment schemes (UCIS). These were added into the non-advised SIPPs.
They may have included:
These investments were considered extremely high risk. This is because they required the investor to have a substantial amount of funding in order to keep them lucrative. That meant it was more likely that ordinary people would most likely be left with a very bad loss. Numerous warnings from the FCA were ignored by Berkeley Burke, however once they entered administration that meant that returning any funds became nearly impossible. This is because they became illiquid.
Although you may not be able to get your pension fund back. You can still consider how you can get compensation with the help of a trained mis-sold SIPP solicitor.
Here at Gowing Law Solicitors, we work on a “no win- no fee basis”. That means if you do not win your case and get compensation, we will not charge you for our services. We are upfront about our fees and can offer you advice free of charge. Let us know how we can help you and we will schedule a consultation.
Following a court battle with the FCA, in 2019 Berkley Burke were put into administration. This was due to the number of complaints that were put against them. Berkley Burke were told that they did not protect their customers, therefore it was the duty of the Financial Services Compensation Scheme (FSCS) to come and re-structure the payouts. This is why in April 2019, the maximum pay-out was between £50,000 – £85,000.
Since then, a number of their original SIPP operators have been moved into default. This includes Brookland Trustees, Sadia Trustees and Montpelier Administration Services Ltd. If you have been forced to invest in any of these schemes, it is highly likely that you will be due compensation from them.
Every mis-sold SIPP claim is different. What you put into the SIPP is what you are likely to get out of it in terms of compensation. If you have put a lot of money into a SIPP with Berkley Burke then with the right help, you can be compensated for your losses. Speak to a SIPP mis-selling specialist from Gowing Law Solicitors today for more information.
It would be best to claim as quickly as you can. The faster you put your claim in, the faster you can get your compensation. You don’t deserve to be left out of pocket. So, why not speak to Gowing Law Solicitors about your case? We understand that it will be personal to you, so we will take the time go through each detail carefully to ensure we can help you get the money back that you deserve.
Again, this depends on the type of SIPP mis-selling case you have. If it is a simple case then this could be processed in a few weeks. However, depending on the amount of information you have and the complexity of the case, it could take a few months or even years. Please be patient with our trained mis-sold SIPP solicitors in Manchester. They are specialists and will handle your case professionally and as quickly as possible.
If you think you have a claim, the most important thing you can do is take down as much information as possible. The more evidence you have, the more likely that you are going to have a chance to claim compensation. Make sure to document any contracts, letters, emails or communications that could prove that you were given bad financial advice, or that you invested in a SIPP that you did not understand carried so much risk. Having this information ready will help your mis-sold SIPP claims solicitor put it into a logical order ready for court.
From there, you can get in contact with Gowing Law Solicitors for a free consultation on your case. You can discuss with our lawyers what you are looking to achieve and how we can help you. If you are interested, please call 0800 041 8350 or email email@example.com.
Looking for faster service? Fill out our mis-sold SIPP form below. One of our trained SIPP mis-selling specialists can contact you for more information about your claim. We look forward to hearing from you 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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