Elysian Fuels – a scheme to create bio-ethanol (cheap, more sustainable fuel) in a Grimsby-based plant began life in 2010. Advertised by a number of different Financial Advisers as a good SIPP (Self Invested Personal pension) investment, it took £200 million from investors, around £180m from SIPPs.
But the fact is, Elysian Fuels in UNREGULATED by the FCA, making it a HIGH RISK investment – not suitable for everyone, and it was the job of those financial advisers to make sure YOUR money was going somewhere suitable for you!
Marketed by Future Capital Partners, the value of the shares in Elysian Fuels from £1 each, to £nil – making the investment effectively worthless while this value held…
If you invested in Elysian Fuels as part of a new pension arrangement then you may have been mis-sold and could be able to make a claim.Get started now
Several financial advisers and the FSCS have been paying out compensation for having been mis-sold Elysian Fuels investments via SIPPs and SSASs for a few years, with Spencer Churchill Claims Advice often leading the claim on a No Win – No Fee* basis.
Then you may have been mis-sold, and you could be able to make a claim for negligent SIPP advice.
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While Elysian Fuels offered investors x10 their investment in returns, it was suspended from the Channel Islands Stock Exchange in September 2013, and later de-listed.
As late as 2015, the HMRC was said to have been considering a 55% tax charge to “investors who sold their Elysican Fuels Shares to their pension” – Yikes!
In April 2017, SIPP Provider James Hay (which many clients used to invest in Elysian Fuels) received “assessment notices” from HMRC for a total of £1.8m, all related to Elysian Fuels!
Elysian Fuels was suspended from the Channel Islands Stock Exchange in 2013.
Due to the way in which Elysian Fuels was structured, some investors started to look like they may be in trouble with the tax man, as HMRC announced they were considering a 55% tax charge.
Elysian Fuels was always a high-risk investment and should never have been suggested to many of the people who ended up invested.
Unregulated investments MAY have been considered suitable for people who are earning over £100k per year, or people who have a wealth of knowledge and experience about investing.
If not, the advice may well have been unsuitable, and it could be that a claim is possible.
Yup! It’s part of an unregulated industry, which means the FCA isn’t looking over it’s shoulder. If you took financial advice to invest in it, you adviser should have known this, made you aware of it, and checked it was suitable for you.
If not, it could be time to make a claim.
Tax is a complex topic, but how you may or may not be taxed with Elysian Fuels depends on your circumstances and what you did with your Elysian Fuels investment.
Whether or not you can make a claim over an Elysian Fuels investment all depends on how you invested and what advice you received.
Several Financial Advisers have been held accountable for negligent advice to invest in Elysian Fuels via SIPPs, and SIPP Provider James Hay has made headlines about it several times.
Make use of the knowledge and experience of the team at Spencer Churchill Claims Advice with a FREE initial assessment – a no-obligation chat with a specialist who may be able to help you work out if you can claim.