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Our Expert: “More on the way, and not just relating to Blueinfinitas”
The advice given by financial advice firm Blueinfinitas (itself declared in default by the FSCS) has generated over 166 claims with the FSCS, and more than £3million in compensation for clients who were mis-sold over the transfer of their pension into Self-Invested Personal Pensions (SIPPs).
Blueinfinitas was based in Western-super-Mare, but was declared in default by the FSCS in December 2015, which meant that the financial services life-boat fund was satisfied that the firm could no longer payout compensation for claims made against it for negligent advice. Blueinfinitas is currently undergoing liquidation.
Unregulated Investments through SIPPs
Like many of the IFAs that Spencer Churchill Claims Advice has to get involved with on behalf of our clients, Blueinfinitas seems to have advised some people to transfer their pensions into SIPPs (Self-Invested Personal Pensions), which can feature a range of different investments.
Spencer Churchill Claims Advice Director, Mr Luke Sharman said of his work, “the problem often comes when people are advised to use these SIPPs to invest in high-risk and unregulated investments, that are often not suitable for the pension saver because they can’t afford to take those risks, and because they don’t have the necessary knowledge and experience to manage the investments”.
In a case example reported in FTAdviser, it appears this has been the case with at least two Blueinfinitas investors who were dealt with by the FOS; one client was advised to invest £33k into a hotel investment in Windermere, while the other placed £29,000 into another unregulated property fund.
SIPP mis-selling scandal
Experienced specialists in mis-sold pension cases, our Director had a little to say on the matter; “There’s much more of this likely to come out over the next year or so, and not just from Blueinfinitas, but a whole host of other regulated advisers who have advised clients who did not have the knowledge or experience to know better to invest their pensions into high-risk products, often like hotels and property.”
“We’re not sure the whole of the industry quite understands just how shockingly common this kind of activity seems to have been over the last few years, but we feel the time is approaching when the full scale might start to be revealed.”
“In the meantime, we’re going to keep fighting hard to make sure those that have fallen victim to a mis-sold pension get a great chance of making a successful claim.”
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Spencer Churchill Claims Advice is a claims management company dedicated to saving peoples’
retirements when they have been mis-sold their pension arrangements.
Specialists in mis-sold SIPP investments, feel free to contact us if you feel you may have been effected by Blueinfinitas or any other IFA,
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