Did you take advice from Cumulus Investment Management Limited to transfer to a SIPP Pension and invest in Ukrainian Property?
If you did, you might find yourself with a story to tell, but first, let us tell you a few other stories about Cumulus Investment Management, straight from the Financial Ombudsman Service themselves, with no less than 10 complaints upheld against Cumulus Investment Management to invest in the Ukrainian Property Fund, including a failure to declare a conflict of interest…
If you were advised to invest in Cumulus’s Ukrainian Property Funds through a SIPP pension, you may be able to make a claim for a mis-sold pension.Get started now
The Ombudsman has already caught Cumulus Investment Management out for the mis-selling of the Ukrainian property fund, and you may be able to make a claim too.
Then you may have been mis-sold, and you could be able to make a claim for negligent SIPP advice.
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FOS Decision DRN9590227 says that:
“The Cumulus Property Fund invested in a limited number of properties. These were all in Eastern Europe. It was an unregulated fund which brought its own risks […] The prospectus sets out that the fund was established with 100 ordinary shares that would be owned evenly between two individuals. Both of these individuals were also directors of Cumulus Investment Management Limited […] Clearly, the directors stood to gain by increasing the value of the fund. So it’s clear Cumulus Investment Management Limited and its directors had a financial interest in the fund and therefore directly benefit from a capital inflow”
Feb and March 2017 brought a flurry of claims made against Cumulus Investment Management, many of which were upheld against the firm, forcing it to pay compensation if it could.
June 2017 came around, and Cumulus Investment Management was no more.