From a financial perspective, one of the worst possible scenarios that a consumer can suffer, is where all their life savings in the form of their pension pot accrued over many decades suddenly, as a result of someone else’s either negligence or theft, disappears up in smoke.
This is unfortunately a surprisingly common occurrence. Treadstone Law have experience in pursuing and recovering pension funds from negligent pension providers and/or the Financial Conduct Authority, through their various schemes.
The Government permitted individuals to move their pension pot into different investments. Very often, these investment schemes were advertised as being high reward and a much greater reward then the safe pension fund that the person had previously invested in. This scheme was known as the ‘Self Invested Personal Pension Scheme’ (SIPPS).
In the most calamitous scenario, a person would be persuaded to transfer their entire pension fund into a new investment via the SIPP process. Unfortunately, very often these new investments proved to be at best extremely poorly managed, providing a very poor return or at worst, a complete fiction and the money simply evaporated.
It is possible to pursue a claim against the person or parties who persuaded you to transfer your pension fund via SIPP, into these ‘dodgy’ investments, either against the individual, independent financial adviser (IFA), or against the SIPP provider themselves, i.e. the financial institution that actually invested the money for you.
In the event that you are unable to pursue either of these two parties or alternatively, if the person who recommended the transfer was completely unregulated and has disappeared, then it is possible to pursue your claim against the Financial Conduct Authority, through their two schemes.
Treadstone Law can do this type of claim for you. We have an enviable record in pursuing claims on behalf of clients.
The other type of scenario which gives rise to a claim is where people have invested money in pension funds, which have proved to be simply underperforming. That is to say, there is nothing necessarily irregular or unlawful about the investment, it is simply that the actual advice given and the performance of the fund has been so poor as to give rise to the potential of the claim.
Underperforming pension investments are an increasing area of concern for many of our clients. There is nothing more galling than spending decades saving for your retirement, only for that fund to be frittered away through the negligent advice of an investment adviser or a pension fund manager.
You should have recourse through law to recover any lost amounts in this instance.
Please do not hesitate to contact our experienced solicitors who will be only too pleased to deal with your enquiry.