Did you know over 799 SIPP complaints were made about GPC SIPPS back in February 2020? GPC SIPPs, also known as Guardian Pensions Consultants, was an independent financial investment company that went into administration in June 2019. This was due to a number of complaints of investors not receiving their money back. GPC SIPPs acknowledged that they were guilty of, as the Financial Conduct Authority (FCA)claims, a ”cash flow insolvent.”
If you invested in a GPC SIPP with your pension, there is a high chance that you could be owed compensation. Yes, you can go to the Financial Ombudsman Service about this, but you could also seek out the help of a professional Gowing Law Mis-selling SIPP solicitor in Manchester. Learn how you can get your compensation below:
Holding over £130 million of client assets from the UK and around the world, GPC was a trusted flexible pension scheme. It helped pension owners invest their savings in commercial properties. These commercial properties had lucrative tax benefits. It even allowed for business tax relief and tax-free rental incomes. With the correct amount of investment, pension owners could live a very comfortable life style. However, the schemes offered were subjected to additional fees and charges. It was £296 per year (plus additional expenses) if multiple properties were invested. Due to this, some pension owners even held the risk of losing their savings entirely.
One of the main problems of this SIPP was due to its outrageous costs. Customers were sold illiquid investment by GPC SIPPS. The charges that did occur were due to the collapse of Harlequin Property, an unregulated investment scheme. Many financial advisors encouraged their pension holders to transfer funds into these SIPP portfolios, without fully knowing that Harlequin Property was the main investment.
GPC SIPPS originally denied responsibility of mis-selling Harlequin investments. They claimed that it was not their duty to tell the investors, instead it was the responsibility of the financial advisors. However, with over 150 mis-sold property investment claims hanging over their heads, it was not surprising that the FCA had to get involved. This is why GPC SIPPs have now been forced into administration.
If you feel like your financial interests were not put to heart when you originally made your investment, or there was more risk than you originally knew about it, you may have a valid claim for compensation. Yes, you may want to increase your finances, but your investor should make it clear what your options are. If there is anything you did not know about, this could help you claim back some of the money that you lost thanks to the investment.
It won’t cost you a penny to claim for mis-sold SIPP compensation from GPC SIPPs. Gowing Law Solicitors specialist team of SIPP claim lawyers can offer you free advice on your claim through a consultation. We operate on a “no win-no fee” basis. That means, even if you do not win your case, you will always come out on top. If you do win, please discuss your solicitor’s fees during your consultation. We are always upfront about our costs and would be happy to discuss them with you.
If you think that you have a claim against GCP SIPPs, the first thing you need to consider is the information that you are going to present. Make sure to collect dates, signatures, correspondence and contracts that shows precisely how much you invested, what you were promised and how much you actually knew about the risk of the SIPP scheme. That way you can prove that you were not at fault for the risky investment. You can then give this information to your solicitor to carefully document, make copies and to put in an organised case file.
If you are looking for a faster service, why not use our SIPPs form below? You can send our team your details and allow us to contact you to start discussing your case.
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