The FSCS is preparing to assess up to 100 applications for compensation against SIPP provider Pointon York.
A recent update on the FSCS website confirmed:
“Our investigations have focussed on the levels of due diligence carried out by Pointon York before allowing customers to make specific investments under their pensions. From this, we’ve determined that protected claims exist against Pointon York.”
The FSCS highlights that they are “…aware that some Pointon York customers were advised by independent financial advisers (IFAs) to transfer existing pensions into the Pointon York SIPP. After the pension transfer, customers had their pension funds placed in high risk, non-standard investments. Some of these have since become illiquid, which means they can’t currently be sold or traded.”
Recovering Compensation
+ −Despite the SIPP provider going into liquidation in November 2018, investors concerned about losing their investment and/or the advice they were given by financial advisers relating to Pointon York, may still be able to recover compensation for their losses.
Where an investment provider goes out of business, compensation claims up to the value of £85,000 can still be made through the FSCS. The FSCS has already compensated several investors following IFA advice to transfer their pensions to a Pointon York SIPP.
TLW Solicitors’ view
+ −Commenting on the FSCS’ Pointon York update, Peter McKenna, Partner and Head of the Financial Mis-Selling team at TLW Solicitors said:
“We would be happy to speak to anyone who feels they have lost out as a result of advice they received to invest using a SIPP with Pointon York. Even if the person who advised them to make the investment was not regulated by the FCA we may be able to assist”
Financial Mis-Selling Specialists
+ −Working on a ‘no win – no fee basis’, TLW’s experienced team can help you through the FSCS compensation process. Our clients are reassured by our knowledge and experience of FSCS procedures and, indeed, we have had FSCS claims successfully upheld for clients whose claims had previously been refused on purely technical grounds.
TLW Solicitors Can Help
+ −If you are concerned about your, a friend or loved one’s investment with Pointon York, please get in touch with TLW Solicitors by calling 0800 169 5925, email or complete our callback form.
Time limits can apply and so anyone wishing to bring a claim should do so without delay.
Meet Our Team
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