Rogue financial advisors in SIPPs under investigation

Rogue financial advisors in SIPPs under investigation

Rogue financial advisors caught up in mis-selling SIPPs are being investigated for setting up their business and then joining new advice companies or running companies that manage mis-selling claims. An investigation by the Sunday Times has found that more than 100 advisors have been referred to the Financial Conduct Authority (FCA) for what is known …

£2.7 million SIPP firm goes into administration

£2.7 million SIPP firm goes into administration

An independent advice firm with an estimated £2.7 million in liabilities from pension transfers has gone into administration. But Wrexham based Kingsway Wealth Management says it is ‘vigorously defending’ the compensation claims though it is unable to say when any settlements would be payable. FOS As long ago as June 2018 it was reported that …

FSCS to pay out £158 million to Berkeley Burke clients

FSCS to pay out £158 million to Berkeley Burke clients

Berkeley Burke (BB) SIPP clients have received good news that their compensation claims are likely to be paid out by the Financial Services Compensation Scheme (FSCS). Adrian Allen, of the firm’s administrator RSM, has issued a statement saying the lifeboat fund is likely to pay out all valid client claims, which could top £158 million. …

£53 million already paid on Berkeley Burke claims – FSCS

£53 million already paid on Berkeley Burke claims – FSCS

It has emerged that the Financial Services Compensation Scheme (FSCS) has already paid out £53.2 million against independent financial advisors (IFAs) involved with Berkeley Burke Sipps (self-invested personal pensions). The IFAs had advised their clients to transfer their pension funds to Berkeley Burke, but the savings ended up being invested in high risk, non-standard investments …

FSCS takes on Berkeley Burke Sipp claims

FSCS takes on Berkeley Burke Sipp claims

The Financial Services Compensation Scheme (FSCS) is to take on claims against Berkeley Burke after the firm’s administrator sold the Sipp arm of the business to another pension provider. The Financial Conduct Authority (FCA) has made it clear that the sell-off does not affect any other company in the Berkeley Burke Group. Under pressure The …