Financial businesses such as Brooklands Trustees Limited offer pension investment accounts, including SIPP (Self-Invested Personal Pensions). SIPPs are a popular choice because they offer more flexibility with the investments you choose than a standard personal pension (click here to read more about SIPP claims).
What is a SIPP?
A SIPP offers you the advantage of choosing your own investments which range from investment trusts to corporate bonds, to shares and cash if you are a conservative investor. You can also choose gold bullion, commercial property or other high risk investments if you want a higher return; all intended to benefit you as the individual investor. However, with that flexibility comes responsibility. SIPPs are recommended for people who understand and have experience in investing, are happy to do the research and spend time working at it.
Another option is to pay an authorised investment manager to make the investment decisions for you. In some cases, financial businesses use this as a way to increase their revenues instead of putting your interests first. For example, financial advisors persuade people to turn their pension into a SIPP. However, SIPPs should only be offered to ‘sophisticated investors,’ defined as someone who earned £100,000 and over in the previous year, has net assets totalling £250,000 (excluding their pension) and or, are a director of a company with a turnover in excess of 1 million pounds or work in the finance and private equity sector.
Brooklands Trustees Limited, have been held liable by the Financial Ombudsman Services for losses totalling £1.6m from clients who have invested their pensions in an unregulated product. The clients were referred to Brooklands Trustees Limited by FCP Insurance Consultants, who were not authorised to advise on pensions or investment business and Brooklands Trustees Limited had failed to detect this.
Added to this, the company have had 5 of its 8 staff members leave the company over the last few years and eventually went into administration in July 2016.
Many SIPP pension claims have been filed against a variety of companies across the UK in recent years as they have been found to be unethical when dealing with client investments. SIPP accounts charge very high fees, as there is a considerable amount of work necessary to ensure they are properly managed. However, paying fees to a mismanaged company, like Brooklands Trustees Limited is essentially throwing away your hard-earned money.
If this company have managed your SIPP, you should check to see if you have any losses and if you do, take action today. Contact Henderson Lawyers, if you or anyone you know have been effected by Brooklands Trustees Limited. We offer free, impartial advice with no obligation to go any further.
If we think that you have a good chance of getting your money back, we could present a SIPP pension claim on your behalf. This will be done on a strictly no win no fee basis, so there is nothing to pay if you don’t get your pension back.