Recent Companies House updates indicate that the Government-backed Financial Services Compensation Scheme (FSCS), set up to help victims of failed financial firms, is dealing with over 1200 claims against SIPP provider GPC Sipp.
Concerns had been raised at the extent of the investigations carried out by GPC Sipp, previously known as Guardian Pension Consultants, into the extent of individuals’ risk tolerance before committing them to the investments in their pensions.
As a result of difficulties with investments in its SIPPs, including failed luxury hotel development project, Harlequin Properties, GPC Sipp went into administration in June 2019. GPC Sipp was found to be in default by the FSCS in February 2020 triggering compensation claims from worried investors.
Recovering Compensation
+ −Despite GPC Sipp having gone into administration, investors concerned about losing their investment and/or the advice they were given by financial advisers relating to GPC Sipp, 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.
TLW Solicitors’ view
+ −Commenting on the GPC Sipp update, Peter McKenna, Partner and Head of the Financial Mis-Selling team at TLW Solicitors said:
“GPC is the latest SIPP provider to have claims brought against it for allowing its customers to invest in unsuitable investments. While a SIPP is, as its name suggests, indicative that the client has chosen their own investments that is quite often not the case. We see many clients who have a SIPP who have received advice, albeit unregulated advice, and have acted on that advice in good faith. Unfortunately, many people do not understand how to check if a firm is regulated or not and what the implications are of dealing with an unregulated firm. The Financial Ombudsman Service has decided that in some instances the SIPP company should have acted as a last line for protection for their customers.”
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 GPC Sipp, please get in touch with TLW Solicitors by calling 0800 169 5925, email or complete our call back form.
Time limits can apply and so anyone wishing to bring a claim should do so without delay.
Meet Our Team
Meet Peter, Peter is a TLW Partner and Director of the Financial Mis-Selling team.
Peter is on hand to give you the best advice.
“We see many clients who have a SIPP who have received advice, albeit unregulated advice, and have acted on that advice in good faith.”
Peter McKenna
