The Venture Oils investment was advertised to investors as “SIPP Approved”, and offered to huge targeted returns – as high as 30% in some cases!
But depending on who was doing the selling and giving the financial advice, it wasn’t always advertised as what it was: a High Risk investment, not regulated by the watchdogs at the Financial Conduct Authority.
In March 2017, Glenmuir Investments Ltd wrote to some SIPP investors in Venture Oils to say they had been informed of “operational Issues”.
It continued…”We know this communication is not what you wanted to hear but in light of past events of non-performance we now have to take a more formal stance and follow a process that will hopefully lead to a conclusion where all parties receive what they are due”.Get started now
Several financial advisers and the FSCS have been paying out compensation for the mis-selling of Venture Oils investments and others 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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Venture Oils was a high-risk investment, don’t let anybody tell you otherwise.
It is high-risk because it is NOT regulated by the financial services watchdogs at the FCA, which has connotations about access to the FSCS if things go wrong.
Financial advisers should know this – that’s why many of us choose to speak with a financial adviser to get an insight about the most suitable thing to do with our pensions.
But many financial advisers get it wrong, advising people to invest in high-risk investments through SIPPs when they aren’t suitable and are often unaware of the risk they represent.
Venture Oils is one such investment that was mis-sold to many people, and it may have cost them their retirement.
Find out if you can make a retirement-saving claim on a No Win – No Fee* basis with the team at Spencer Churchill Claims Advice.