Pension provider Rowanmoor has faced considerable backlash and received hundreds of complaints regarding a lack of due diligence involving investments made through their SIPP product. If you are one of the many individuals who invested your pension through Rowanmoor and have lost money or access to your investments, you could be eligible to make a claim for compensation for a mis-sold SIPP.
Rowanmoor claims to be one of the UK’s leading pension providers, with a broad range of options for self-invested pension products. The Rowanmoor SIPP was first introduced in 2009 and involved single investment and full investment SIPPs. The provider first came under fire in 2020 when it was faced with hundreds of complaints regarding the performance of investments held within its SIPPs. One notable case was investments made in a failed offshore property scheme called The Resort Group. These overseas investments were actively promoted to members of the public and offered 20% annual returns on investment.
SIPPs were brought to the market in 1989 as a way for individuals to have more control of their pension pot. However, they were created for experienced and knowledgeable investors only. Such investors may have the financial resources to invest in a wider range of investments, including unregulated or potentially illiquid investments. These pension products and investments were never intended for the general public.
SIPP transactions were sought after by financial advisers because of the high fees and commissions involved. This resulted in many advisors instructing their clients to transfer their pensions into a SIPP even when it was not appropriate for them. In many cases, this was simply to earn the significant commission attached to the sale.
Investors have lost millions of pounds by investing their money into SIPPs which contain high-risk and unregulated investments. Some examples of this include overseas property investments, plantations, storage pods, and car parks. If the risks of these investments were not clearly explained to the clients by their financial advisor, the advisor is liable and you could make a claim if you are a victim of mis-selling.
Those who invested in The Resort Group were normally introduced by unregulated financial advisers, with a large number of investors not being suitable for the investment. Investors were usually not told of the high-risk nature of the investment they were making.
As of August 2020, Rowanmoor officially closed down the SIPP part of the company for any new business. It clarified on its website that it would stay open for its existing customers, but it would not be opening any new accounts. Any new enquiries regarding SIPPs with Rowanmoor are now directed to Embark Pensions.
At Keller Postman UK, our team of investment claim specialists has extensive experience in helping our clients claim the maximum amount of compensation owed to them. We are here to help and support you throughout the entire claims process, ensuring any investors who have suffered financially as a result of a mis-sold SIPP receive the compensation they deserve.
Contact us today to make a complaint and start your claim for mis-sold Rowanmoor SIPP compensation.
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