Heritage Pensions Limited was a SIPP provider that went into liquidation in March 2022. The business received a slew of mis-sold SIPP claims after clients discovered it had not done the due diligence needed to protect them from non-standard, unregulated and potentially dangerous investments.
If you held a Heritage Pensions SIPP, and your pension was mis-sold, you could have a compensation claim.
In 2022, Heritage Pensions entered into liquidation after the Financial Ombudsman Service (FOS) upheld four mis-selling claims. The ombudsman ordered the pension provider to pay clients up to £150,000 in compensation each, totalling £600,000. The decision related to pension transfer advice given by TailorMade Independent Limited. Heritage Pensions was unable to pay the redress due, so the company went into liquidation. One claimant lost a whopping £280,000 when her defined benefit pensions were transferred into a SIPP consisting of high-risk investments.
If you have ever taken a SIPP out with Heritage Pension Limited, you may be entitled to compensation. The Financial Services Compensation Scheme (FSCS) protects pension customers when authorised firms fail. So, even though Heritage has entered into liquidation, you can still claim compensation of up to £85,000.
Regardless of whether you were mis-sold or not, on the 18th of November 2021, your pension, and others held by Heritage, were transferred to another provider. The SIPP operator who is now managing these pensions is named PSG SIPP. It’s likely you have already been notified by PSG of this transfer.
But if your pension was mis-sold, you could now be entitled to make a customer claim against Heritage
A SIPP is different from a workplace pension. SIPPs were established to fill a gap in the market where a small number of pension holders wanted greater control over their investments. They were designed for experienced investors who potentially had an interest in the stock market. Sadly, this product has been abused by several financial advisers
If any of the following are true for you, you may have been mis-sold a SIPP:
In theory, you can make a mis-sold pension claim with the FSCS yourself. But without the right professional advice and guidance, your claim could be inefficient, and you could get less compensation than you deserve. And there’s no guarantee that you will actually win. You could also be liable for the other side’s costs if you lose.
At Keller Postman UK, we provide professional, no-win, no-fee legal support for our clients. We work to ensure that you get the justice and compensation you deserve so you are not out of pocket due to being mis-sold or misadvised about your pension investments. We will work with you to investigate whether your claim meets the qualifying conditions for compensation.
Contact our specialist team now.
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