Mis-sold SIPPs usually entail a pension investor being the victim of bad financial advice. This is certainly the case with TailorMade Independent (TMI). The Financial Conduct Authority (FCA) decided to fine TailorMade Independent for £233,600 through a decision note. This is due to the company failing to comply with regulatory standards.
If you have been persuaded to invest your pension in this company, it is very likely that you have not seen much of a return on your original investment. That is why it may be time for you to consider claiming for compensation. Gowing Law Solicitors’ trained mis-sold SIPP specialists can help you receive the funds that you deserve, especially if you have lost your entire pension fund due to this scheme.
TailorMade Independent/TailorMade Group was originally a representative of Openwork (known as Zurich Advice Network) from 2003 until 2014. At the start, this group worked with an unregulated introducer that cold-called pension owners about free financial reviews. These reviews were designed to persuade pension holders to transfer their pensions into their SIPPs. This is why, during January 2010- January 2013 TMI managed persuade around 1,1661 clients invest £112 million into the SIPP and illiquid UCIS’s (unregulated collective investment schemes).
For most people, being cold-called by a company tends to be a red flag. It proves that the company does not know who you are, but also that they are simply trying to get money out of you. This is only one of the reasons why TailorMade Independent was handed a decision notice by the FCA. TMI did not provide appropriate financial advice to any of its clients. Instead, it appeared as if they were simply targeting elderly people who wanted to make a low risk investment.
Here are some additional reasons why you may also have a compensation claim against TailorMade Independent SIPP:
You unknowingly invested in an unregulated collective investment scheme (UCIS), such as biofuels, farmland, green oil or even overseas property (Half of these recommended schemes including Harlequin Properties).
You were sold an unsuitable SIPP and were never told about any conflict of interest that could make you consider alternative options.
You were forced to pay an “introducer commission” that was never disclosed in your initial contract.
You were forced to pay a fee on different transfers. Some clients could be forced to pay £1,000 on a single transfer, whilst others could be charged £1,500.
You were told that you had to pay 1%-1.25% on an annual advice fee along with the payment of the transfer.
No! You will not be charged for making a claim. Gowing Law Solicitors work on a “no win, no fee” basis. That means we will only charge fees if we win your case. We are always upfront about any fees, so make sure to discuss prices of services with your solicitor. We can also offer you a free consultation and advice on how to proceed with your case. Our solicitors understand that each case is different, therefore will make sure to organize all of your information to ensure you receive compensation from TMI.
TailorMade is now in liquidation after the FCA raised complaints and fined the company for negligence. The company was proven to have conflicts of interest, advice and finances between employees and pension holders. Collectively, £112.4 million was invested into TMI SIPPs, therefore it was not surprising when Robert Shaw (the director of TMI) was fined and banned from overseeing senior financial roles in the future. This was because none of his customers received advice on whether his property investments were actually suitable for their needs.
Currently, the Serious Fraud Office is investing both Harlequin Properties and TailorMade Independent. However, Robert Shaw has agreed with the FCA to stop carrying out new pension businesses. He has set up a £507,000 programme to help current customers and employees. £55,229 of his own money has been invested into this plan.
Unfortunately, as the company has now collapsed, there is no way that you can have your initial investment returned to you. For some people, this news could be devastating as they may have invested their full pension into this scheme. Although you cannot get this money back, you could still be owed compensation for your losses. This is why it is important for you to get in contact with Gowing Law Solicitors as quickly as possible.
Now, this could be tempting for most customers. They may want to see what happens with TailorMade Independent and the FCA. However, you should not do this. You are entitled compensation and should receive it as quickly as possible. By waiting for any changes in the situation, there is a chance that you could be lowering your chance for a successful claim. So, why wait any longer? Contact Gowing Law Solicitors today to work with a specialist SIPP claim advisor today.
This depends on your own personal situation. The more money you have invested in, the larger your damages and the more evidence that you received bad financial advice from TMI, the more likely it is that you will receive a higher compensation claim. Talk to your solicitor about a potential estimate you could claim. You never know how high it could be until you find out for yourself.
Again, it depends on the complexity of your case. Some cases are a lot simpler than others and may only take a few weeks. Others may take a few months or even over a year! Organize your information carefully to help your solicitor construct a clear timeline about how your case may proceed.
If you think you have a valid compensation claim against the TailorMade Independent SIPP scheme, it is time for you to come to Gowing Law Solicitors for advice on how to move forward. Make sure to collect your information, contact the FCA or even create a letter of complaint to register your intent. From there, a trained Gowing Law SIPP claim solicitor can help you start working on your case.
You can contact Gowing Law Solicitor by phone at 0800 041 8350, email at email@example.com. You can also fill out our contact form below and wait for one of our solicitors to get in contact with you about your claim.
We look forward to hearing from you soon and wish you the best of luck with your SIPP claim against TailorMade Independent.
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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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