Spencer Churchill Claims Advice has spearheaded the first mis-sold SIPP FSCS claim regarding Ethical Forestry this week, with the FSCS valuing the currently liquidated Costa Rican timber investment at £Zero.
The claim which was put together by claims handlers here at Spencer Churchill Claims Advice is believed to be the first case against advice that led to an Ethical Forestry investment, and with the FSCS awarding over £25,000^ to the case.
Alderley Asset Management and Ethical Forestry
As with nearly all cases of pension mis-selling, Spencer Churchill Claims Advice brought the case against the advice provided by the IFA who’s duty it was to ensure the suitability of the client for the high-risk and unregulated investment.
In this case, that IFA was now liquidated Alderley Asset Management, a familiar name for anybody in-the-know about pension mis-selling, with around £440,000 of the FSCS pot paid out in cases relating to Alderley as of June 2016.
Ethical Forestry 101
The UK side of Ethical Forestry was based in Bournemouth, but entered liquidation in December 2015 with HJS Recovery.
With nobody currently managing the trees, of which an £18,000 investment seems to have bought roughly 600 melina trees, investors have been worried for quite some time. Some who have regular contact with Spencer Churchill Claims Advice have had their concern heightened by the sometimes lengthy silences from the Joint Liquidators, who did happen to break their period of quiet this week to let investors know that there was little news regarding the proposed buyout to put the investment on track, and that investors should wait another 4 weeks before further communications on the matter.
Spencer Churchill Claims Advice to Ethical Forestry Clients:
We can all take this pioneering payout as a good sign, and we hope it’s soon a case of “one down, many to go!” as more claims start to reach the top of the FSCS pile.
If you believe you may have been mis-sold your Ethical Forestry investment as part of a SIPP, then now could be the time to start your mis-selling case, and as we’ve proven this week, we could be the team to make it happen for you!
^Gross figure calculated before deduction of fees at 24% Inclusive of VATTags: Alderley Asset Management Ethical Forestry