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Douglas Baillie & The Pension Specialist Claims

If you’ve taken financial advice from Douglas Baillie or their sister company The Pension Specialists, the bottom line is that they are No-longer authorised by the FCA, and it may be a good time to get your advice checked by a professional to make sure you haven’t been mis-sold, or if you have, to find out whether you can make a claim or not.

The FCA is pretty clear on the matter: “This is a firm that can no longer provide regulated products and services, but was previously authorised by the PRA and/or FCA”.

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Can you make a Douglas Baillie SIPP claim?

Douglas Baillie is known to have mis-sold SIPP pensions and investments multiple times, often not taking people’s risk tolerance into account before recommending high-risk investments.

If you:

  • Transferred your pension to a SIPP
  • Made high-risk investments
  • Aren’t earning over £100k per year
  • Aren’t a Sophisticated Investor

Then you may have been mis-sold, and you could be able to make a claim for negligent SIPP advice.

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Mis-sold SIPP Pensions & Claims

We know that Douglas Baillie suspended the operation of their pension switching business – The Pension Specialists operating from www.thepensionspecialists.co.uk – back in October 2013 following concerns raised by the Financial Conduct Authority.

In short, the FCA was concerned that the firm was not delving deep enough into the financial circumstances of it’s clients before making recommendations – a HUGE part of pension advice in order to ensure that the client is placed in suitable pension schemes and invests that are affordable and carry an appropriate level of risk for the client.

By May 2016, Douglas Baillie Limited had called for a meeting of the creditors, and just a couple of weeks later appointed liquidators to commence the winding up of the business and bring everything to a full stop.

Douglas Baillie Timeline

1998 - Company Founded

Despite having a history dating back to 1998, it didnt stop Douglas Ballie mis-selling later.

2016 - Ombudsman Complaints

In total, 6 complaints were upheld against Douglas Baillie in 2016, all of which were about SIPP pensions advice, and high-risk, unregulated investments.

2016 - Liquidation

May 2016 saw insolvency proceedings beginning, resulting in Douglas Baillie entering into Liquidation.

2017 - In Default

The FSCS announces that Douglas Baillie is in default, and it will consider claims against the advice and actions of the firm.

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a Sophisticated investor
SOPHISTICATED INVESTOR Do you have a wealth of knowledge and experience in investing?
HIGH NET-WORTH 1 Do you earn in excess of £100,000 per annum?
High net worth individual
HIGH NET-WORTH 2 Or do you own £250,000 worth of investable assets?

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