Fast Pensions SIPP scheme is a prime example of how cold calling and pension reviews can easily victimize new pension holders looking to invest. A lot of people have called fast pensions a “scam”, due to the fact that most of their investments were made to create a quick profit. It was not surprising when eventually these schemes became “illiquid” and a lot of pension holders lost a substantial amount of their savings. This is only one of the reasons why you may be due to compensation.
Unfortunately, on the 9th January, The Financial Services Compensation Scheme (FSCS) suspended its investigation when two advice firms of the Fast Pensions SIPP were proven to have no knowledge of the SIPP being a scam. However, Gowing Law Solicitors can still help you reclaim compensation from Fast Pensions. If you can prove that you were misled in your investment, and that you received bad financial advice, there is a high chance that you will have a successful claim.
Learn more about Fast Pensions below.
Fast Pensions was an operation that worked with unregulated third party introducers to target vulnerable pension holders. This was through cold-calls, free pension reviews and basic pension investment advice. The main target of these calls was to find victims and convince them that their pensions were not enough to cover their full retirement.
The callers would usually have no evidence of this and were tended to be unqualified to even give out this advice. Most of the time, the advisor would simply read out from script. If the pension holder was convinced then they would be passed on to a pension advice firm who would convince them to invest their pension in a SIPP. This SIPP would then have its funds transferred into an unregulated scheme that was connected back to Fast Pensions.
As you can tell, a lot of invested customers were unhappy that they did not see returns on these investments. The schemes that they had been put on, which they thought were low-risk, were actually high-risk investments. This is why they soon became unstable and were shut down, taking the investors’ money with them.
SIPP schemes have a duty to the customer to provide them with clear, concise advice that can steer them in the correct pathway for their investment. Fast Pensions provided none of this. Instead, they used cold-calling as a means to reach vulnerable older people. When they eventually found someone to target, they gave misleading advice that would increase their own profits, rather than help the investor claim a higher pension pet. Some were even asking for commissions from the clients rather than thinking of the interests of their clients.
A lot of Fast Pensions’ patrons also were not aware that they were being transferred into unregulated high-risk schemes. This included schemes that had non-standard assets, such as hotel developments, storage pods and green energy. If you were mis-led by these schemes, there is a high chance that your SIPP was mis-sold to you.
Overall, Fast Pensions did not think about the personal situations of their investors. They simply wanted to make a commission that would line their own pockets. This is why you could be entitled to compensation.
You do not have to pay to make any sort of compensation claim. Gowing Law Solicitors can offer you free advice and a consultation about your case. If you do want to work with us, we work on a “no win- no fee” basis. That means if you do not win your case, you do not have to pay us. If you do win, we will discuss any fees before the case is sent to court. That way you will know entirely what to expect from our company and our team of pension mis-selling experts.
As the FSCS has been investing Fast Pensions ever since they shut down, the best place where you can learn the most recent developments with this company, is through the FSCS. Whilst you may not be able to get compensation directly through the FSCS, Gowing Law Solicitors still can help you with a claim, especially if you have been the victim of financial mis-handling. Get in contact now to learn more information.
This depends on how much money you put into the scheme, how much you have lost thanks to the SIPP scheme and whether or not you were the victim of bad financial advice. If the plan was not personalised to your own financial background, then there is evidence that you could be owed compensation. Make sure to speak with your solicitor to learn exactly how much you could be owed.
One of the best things you can do is gather your information together. Pursuing any sort of legal case can be a stressful time. However, it can be made simpler if you have all of the right facts in order. Go through all of your previous legal contracts, letters, important documents or correspondence and make sure to organise them appropriately. That way you our legal solicitor can familiarize your case quickly and efficiently.
This depends on the complexity of your case. Some SIPP schemes will take more time than others to come to satisfactory conclusion. It may take a few weeks, months or even over a year. That is why it is important to clarify all of the facts of your case with your lawyer. That way a logical timeline can be constructed and you will know exactly what is going to happen with your case, as well as how long it may potentially take.
If you think you have a compensation case against Fast Pensions SIPP scheme, Gowing Law Solicitors is here to help you. All you need to do is call our specialist teams on 0800 041 8350 or email email@example.com. You can also use our helpful claims form below. Simply fill out your information and a mis-sold SIPP specialist will get in contact with you.
We wish you the best of luck for your compensation case!
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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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