The amount of compensation the FSCS has paid out in respect of Berkeley Burke cases has now reached £2m.
According to reports, the FSCS have received over 1600 complaints regarding the failed SIPP provider and of the 90 that have been dealt with so far – 58 have proven successful.
Of these claims brought against Berkeley Burke, 1230 are related to pension advice and all of the successful claims so far relate to mis-sold SIPPS.
The lifeboat scheme started accepting claims in April, seven months after Berkeley Burke went into administration.
According to reports at the time its’ Administrators had suggested that the “level of claims” the company faced had pushed it into administration.
Berkeley Burke’s troubles began in 2014 when a complaint against them was upheld by the FOS for lack of due diligence in accepting an unregulated investment (AgroEnergey).
Challenging this decision transpired into a drawn out and expensive legal battle which resulted in a landmark ruling against them. They eventually withdrew their high court appeal in October 2019 due to lack of funds.
They were also facing a further legal challenge as a group of unhappy investors took them to court for the losses they suffered as a result of the high-risk investments in their SIPPs. Berkeley Burke withdrew their defence at the last hour to focus on the unsuccessful FOS case above.
Berkeley Burke are one of nine SIPP providers who have collapsed since 2018 opening the door for claims to be considered by the FSCS who are expecting an increase of 114% in decisions in the coming year.
If you’re worried you may have been mis-sold your SIPP – talk to us.
We offer a free telephone assessment to see if you have a case. There’s no obligation to use our service and we are more than happy to answer any questions you may have about making a claim.
Call 0114 2664216 or fill in form so we can call you at a time that suits.
You are not required to use our services to pursue your claim. You can also seek further advice or shop around subject to any time limits within which a claim must be made.
It is possible for you to present the claim for free, either to the firm or person against whom you wish to complain or to the statutory ombudsman (Financial Ombudsman Service or Pension Ombudsman Service) or the Financial Compensation Scheme, whichever is applicable to your claim.
We will not make or pursue a claim, or advise you to, if we know or have reasonable grounds to suspect that the claim does not have a good arguable basis, and or is fraudulent or frivolous.