Liberty SIPP were placed in default this week, as the FSCS concluded its investigation into the failed pension provider.
The FSCS usually declares a company in default once they are satisfied there is at least one claim and that the company are unable (or unlikely to be able) to pay claims against it.
This change of status means claims against Liberty SIPP can now be assessed and processed by the FSCS.
According to reports the FSCS have received nearly 1700 complaints against Liberty SIPP who also traded as Liberty Pensions.
Most of these complaints are related to the high risk, non-standard investments held in the SIPPs and challenge Liberty’s due diligence in checking the investments were appropriate.
These investments include:
Liberty went into administration in April 2020 as a result of the volume of claims already made against them. They sold their client bank to EBS Pensions, a subsidiary of the Embark group
Many SIPP investors moved their pension funds as the result of advice from a regulated financial adviser.
However, Liberty also accepted SIPP business from Avacade. An unregulated introducer company who reportedly cold called people to discuss transferring their pension.
Liberty SIPP clients who haven’t already checked if they have a case to claim compensation would be wise to do so now.
We offer a free telephone assessment to check if there’s a case.
Whilst each case is individual, as mis-selling specialists we know to look for certain signs that in our experience indicate that mis-selling may have happened.
Our assessment is free and there’s absolutely no obligation to use our service if you have case.
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 Services Compensation Scheme, whichever is applicable to your claim.