It was only July 2016 when New Earth Solutions Group appointed administrator declared that over £9 MILLION owed to creditors was unlikely to paid back, with over £4-million of that money owed to a range of creditors including SIPP investors, who invested because they were told New Earth Solutions were a good bet to help them on their way to retirement.
Now, the firm in charge of what was New Earth Solutions – Premier Group – is in liquidation too…
But what happens now?
The simple truth of the matter is, New Earth Solutions as a recycling investment, was always high-risk: a non-standard asset not regulated by the Financial Conduct Authority here in the UK (but potentially regulated by the Isle of Man FSA), meaning that for UK investors, the risk could have been unsuitable, unless you’re a High Net Worth Individual earning over £100k per year, or a sophisticated investor…
Several financial advisers and the FSCS have been paying out compensation for the mis-selling of investments like New Earth Solutions via SIPPs and SSASs for a few years, with Spencer Churchill Claims Advice often leading the claim on a No Win – No Fee* basis.
If you:
Transferred your pension to a SIPP
Invested in New Earth Solutions or other 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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