EMAIL US - info@pensionclaimconsulting.co.uk
Elysian Fuels was an investment scheme in renewable and sustainable energy.
It was promoted by Future Capital Partners Limited and many clients invested as part of their SIPP. Providers Rowanmoor and James Hay are known to have had this investment in some of their SIPPs.
Elysian Fuels was reported to have taken £200m in investment, £180m of which came from SIPP investors.
Unfortunately, being a high-risk, unregulated scheme meant it was an unsuitable investment for most SIPP clients.
Many clients who did invest in the scheme also faced uncertainty regarding HMRC liabilities for unauthorised pension withdrawal.
One notable adviser involved with Elysian Fuels is Vanguard Wealth Management. In October 2020 the FCA banned two of the directors of Vanguard for making false declarations about their clients to James Hay.
They inflated some clients’ valuation information so they would be classed as “high-net worth individuals” making them eligible to invest in Elysian Fuels through James Hay SIPPs.
Vanguard reportedly earned nearly half a million pounds in commission and fees for advising clients into Elysian Fuels. The company is no longer authorised by the FCA and currently in liquidation.
Whilst this shows the extremes of negligent financial advice, in many mis-selling cases, the advice people received regarding their pension was simply unsuitable.
Unsuitable Financial Advice is one the main reasons people are now claiming compensation for SIPP mis-selling.
In 2016 shares in Elysian Fuels were valued at nil. The majority of the Elysian Fuels LLPs and PLCs have now been dissolved or are in liquidation.
Future Capital Partners is no longer authorised by the FCA and currently in liquidation.
Elysian Fuels was not regulated by the FCA which means it is not covered by the FSCS for compensation.
However, depending on how you were invested and what advice you received to invest, you may still be able to claim compensation for mis-selling.
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.
EMAIL US - info@pensionclaimconsulting.co.uk
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.
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.