The non-standard fuel investment has caused one SIPP provider to re-think it’s stance on similar investments
SIPP provider James Hay was engaged in a tax battle over Elysian Fuels investments held within some of its SIPP portfolios, and according to the Chief Exec of IFG (parent of James Hay), the problems were a contributing factor in the decision to stop taking on Non-standard Assets.
Non-standard assets can sometimes present more of a risk for investors, often being based abroad or are unregulated by the Financial Conduct Authority, leaving them arguably more exposed to problems, including losing all their money.
Elysian Fuels at £Zero
Having been designed to take investor capital and produce Bioethanol from a Grimsby based plant, Elysian Fuels was valued at £0 from 2015 onwards, meaning that more than £200m may have gone down the drain.
James Hay says that less than 1% of their assets under management are classed as non-standard, but with a £1.8m tax bill from HMRC for Elysian Fuels, many would understand the decision.
_____
Spencer Churchill Claims Advice are a specialist CMC focused on ENDING pension mis-selling
Let’s rewrite your financial story
We are here to rewrite the book for you. And luckily we are pretty damn good at creating happy endings.
We are here to rewrite the book for you. And luckily we are pretty damn good at creating happy endings.
When you get let down by someone you thought you could trust, it can leave its mark on you, emotionally and physically.
We are committed to transparency and fairness in the way we conduct with clients, including how we charge for our claims services.
Find out how much you could claim today
Ready to take the next step? We’re here with clear, no-pressure advice. Give us a call today to find out if you have a valid claim
Office hours:
Monday: 8:00am–6:00pm
Tuesday: 8:00am–6.00pm
Wednesday: 8:00am–6:00pm
Thursday: 8.00am–6.00pm
Friday: Office Closed