In February 2020, Guinness Mahon Trust Corporation (GMTC) went into administration. This means that the Financial Services Compensation Scheme (FSCS) has started accepting compensation claims from any potential claimants. Investors may have inadvertently become the victims of GMTC SIPP because they were unaware that their pensions had been placed into high risk investments. This meant that a large portion of their pension pots, or even all of their funds, were lost when the investments became illiquid.
Has this happened to you? If so then you could be entitled to compensation if you have a valid mis-sold SIPP claim. Gowing Law’s expert SIPP mis-selling lawyers can help you understand what you are owed from GMTC. We are here to help you get what you deserve. You do not need to be a victim of a mis-sold SIPP like Guinness Mahon Trust Corporation Ltd. Fight back and reclaim what you are owed.
Based in Surrey, the Guinness Mahon SIPP was a pension provider that offered a wide range of retirement saving plans, financial investment portfolios and SIPPs. It offered its services to many different customers, including pension owners, new SIPP investors, retail investors and private monetary advisors. As these were regulated by the Financial Conduct Authority (FCA), it was up to GMTC to ensure that each investment made followed all FCA advice and was personalised to the financial situations of each investor. However, it is clear that this is certainly not what happened.
Many pension investments were transferred to non-stand investments, the majority of them being high-risk. This included the Ethical Forestry Scheme, a SIPP investor that were known for using unregulated introducers, who are now undergoing an international criminal investigation by the FCA. SIPP operators have a duty to their clients to provide them with safe investment advice from qualified third parties. As they did not, it was obvious why the majority of their clients were experiencing harsh financial losses, whilst they continued to make more money.
A clear sign of a mis-sold SIPP is bad financial advice. Whether you are new to SIPP investments or have invested in several, you depend on your financial advisor’s knowledge and experience to help you make the right investments. As GMTC advised unsuitable investments, this meant that you were not at fault and have a pension compensation case. Your advisor owes you clear, pragmatic and regulated advice. If you did not receive it, you could not have known that you were making a bad investment. Instead, you were simply being mis-sold a SIPP.
Like SIPP pension investor Berkeley Burke it is clear that GMTC SIPP were involved in unregulated investments that would only be for the benefit of themselves. These investments were unsuitable for any customers, therefore they lost out on making a profit.
If you want to make a mis-sold SIPP claim against Guinness Mahon Trust Corporation, you need to prove that they were at fault for suggesting you a bad investment. You also need to show that you had no knowledge that the investment came at such high risk. That way, GMTC SIPP did not provide the level of financial care that is expected from the FCA. This shows that you were ultimately mis-sold a SIPP.
Our trained SIPP mis-selling lawyers can offer you free advice from a consultation either face-to-face or over the phone. They can discuss your case and let you know how you could potentially move forward. Our solicitors work on a “no win- no fee basis.” Therefore, you will only need to pay a fee for their services if you win your compensation case. Speak to your solicitor to learn more about potential costs.
Currently, all of the SIPPs provided from GMTC have become illiquid. That means that they cannot be sold or traded with other people. Following complaints about these investments, this pension investment firm went into administration. With the FCA now regulating its business SIPP policies, it was promptly sold to Harley Pensions Limited, a different investment firm that was under FCA regulations. If you have been affected by this mis-sold SIPP, they are currently encouraging that you seek out compensation.
Here at Gowing Law Solicitors, we would advise that you organise your information before you undertake your mis-sold SIPP compensation claim. That way you can provide clear evidence that your financial losses were not due to any fault of your own. Instead, they came about from the negligence of your SIPP advisor. You can write a letter of a complaint against the firm or contact the FCA to let them know of your intent. Make sure to show your solicitor any documents about your SIPP investment or communications with your financial advisor. Our trained solicitors can help you organise your information before your court date.
If you are nervous about going to court against GMTC, you do not have to worry. Your solicitor can go on your behalf.
Depending on how much you invested into the GMTC SIPP, and how much financial harm you have suffered, you could potentially claim thousands. However, keep in mind this depends on your case. Every compensation outcome is different. Therefore, you will need to speak to your solicitor to come to an understanding about the average amount of compensation you could be due.
Again, this depends on how complicated your case is. If your case is simple then it could take a few weeks. However, if there is more that needs to be done then it may take a few months or even over a year. Please be patient with your solicitor. They will let you know exactly what to expect from the claims process. That way you can follow their timeline and know exactly what stage your claim is at.
If you feel as if you do have a compensation claim about a mis-sold GMTC SIPP, it is your right to receive the money that you deserve. Gowing Law Solicitors are here to help you with your compensation.
So, why not contact our expert SIPP team now? You can do this by calling a 0800 041 8350 or emailing firstname.lastname@example.org. You can also use our helpful claims form below. All you need to do is fill out your details. Then one of our specialist solicitors will be in contact with you as quickly as possible.
Please let us know if you have any questions. We look forward to hearing from you soon!
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