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Pension provider Berkeley Burke has been at the centre of a high-profile court battle after many people lost money in mis-sold SIPPs. The company has now gone into administration with the SIPP branch being sold to Hartley Pensions.
Many investors were advised (either by a regulated independent financial adviser, or an unregulated introducer) to transfer their pension into a Berkeley Burke SIPP. These SIPPs frequently involved a broad range of investments, including ones that are extremely high-risk and unregulated, meaning that they were highly unsuitable for the vast majority of investors involved.
In 2014, the Financial Ombudsman Service concluded that Berkeley Burke had failed to perform suitable due diligence by allowing a client to invest in a high-risk investment – Sustainable AgroEnergy, which was not appropriate for them. Berkeley Burke attempted to appeal the decision via Judicial Review, but it lost the case on the 30th of October 2018. This meant that it could be held to account if it was found to have failed with due diligence in other claims of unsuitable SIPPs. It was said that the SIPPs in question here were established in breach of the Financial Service and Markets Act 2000.
Now that Berkeley Burke is in administration, it is known that people who had their pension money invested in these SIPPs may lose out on this money as some investments will already be, or may become in the future, illiquid and potentially worthless. If you think you were affected by this and have suffered financial loss, you could be eligible to claim compensation.
There are a number of high-risk investments that have been linked to Berkeley Burke, including but not limited to:
Many investors pursuing compensation against Berkeley Burke were made promises of high returns on their investments, or even guaranteed returns, across several unregulated investments.
Due to the high-risk nature of the investments, most investors who chose Berkeley Burke SIPPs ended up with substantially reduced pension pots. Some might have even lost all of their pension funds in their Berkeley Burke SIPP. You may have been mis-sold your pension if:
As a result of the many scams involved with the mis-selling of SIPPs and unregulated investments in recent years, many advisers are frustrated with how frequently the FCA (Financial Conduct Authority) has needed to intervene because of poor due diligence.
If you need help with your mis-sold SIPP complaint and claim against Berkeley Burke, contact us today. Our experienced team of investment fraud professionals is on hand to help hold Berkeley Burke accountable and get you the compensation you deserve.
Where multiple people have received negligent or fraudulent pension advice from the same professional advisor/company, we can help them to recover their losses collectively. Group actions can be a powerful tool and can have a bigger impact than a single claim.
CONTACT US TO DISCUSS A PENSION MIS-SELLING GROUP ACTION CASE
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