CIB Life and Pensions went into liquidation back in May 2015, shortly after the Financial Ombudsman found them at fault regarding advice given on unregulated investments.
CIB seem to have regularly given advice on unregulated investments, particularly overseas property schemes in exotic locations, some of which are no longer paying their promised returns, such as Harlequin Properties which currently is undergoing a Serious Fraud Office investigation.
The Simple Truth About Unregulated SIPP Investments
In order to be able to recommend unregulated SIPP investments such as overseas property, advisers MUST check that the client (you) is suitable:
You should be a ‘Sophisticated Investor‘, with knowledge and experience in investing.
You should be a ‘High Net-Worth Individual‘, defined as somebody earning roughly £100k per year, or with £250 net assets (not including their home and pension), meaning that they could recover should the high-risk and unregulated investment get into trouble.
If you don’t fit these descriptions and you adviser sent you into an unregulated investment anyway, it could be that you’ve been mis-sold your pension investment and may be able to make a claim!
Checking your CIB Life & Pensions Advice
If you took advice from CIB Life & Pensions or invested in overseas property as part of a SIPP then now might be the time to get your advice checked out. We’re already making claims based on what appears to be negligent advice, and we’re confident in our ability to give your claim the justice it deserves!
Investigating your claim potential is FREE with Spencer Churchill Claims Advice, and we don’t strong-arm you into making the claim itself. If you DO decide to take it forward, we keep hassle to a minimum, do the paperwork for you and operate it all on a NO WIN – NO FEE* basis – simple!
The specialist mis-sold SIPP team at Spencer Churchill Claims Advice have since made numerous successful claims against the advice of C.I.B Life & Pensions on behalf of our clients, often relating to investments in the Resort GroupTags: CIB life and Pensions Harlequin Pension Transfers SIPP