GPC SIPP Ltd, previously known as Guardian Pension Consultants Ltd, was a SIPP provider who reportedly administered around 3,200 SIPPs and had client assets totalling over £130m.
GPC SIPP Ltd went into administration as a result of some of the failed investments associated with its SIPPs, such as:
It’s these high-risk, unregulated investments, which were included in the GPC SIPP, that led to the FSCS paying out a reported £95m in compensation claims.
These claims were mainly made against Independent Financial Advisers (IFAs) for giving unsuitable financial advice to their clients.
Whilst SIPPs with high-risk investment can be a good thing for the right type of investor, they are not suitable for the average person and it’s that suitability that an adviser has a duty to ensure.
Whether it’s just poor advice or negligent practice, if you were recommended to invest into a SIPP or investment by a regulated IFA and it wasn’t suitable to your needs or circumstances – that could be mis-selling.
Smith & Williamson are now the administrators of GPC and announced on their website that they had completed a sale of business with Hartley SAS, who have already purchased the books of several failed SIPP providers. This sale is thought to involve the SIPPs and SSAS schemes held in their trustee company Guardian Pension Trustee Ltd going to Hartley SAS.
The FSCS has said it is accepting claims against GPC SIPP Ltd, however it still in the process of satisfying that GPC is liable for the losses as a result of its practices.
Some claims do have time limits, for example you have 6 years from the point of sale and 3 years from the point of realising there was a problem to make a claim, so don’t hesitate to get advice.
Many claims management companies, including Pension Claim Consulting, will do a free initial check to see if you have a good case to make a claim for compensation.
We offer this without any obligation to use our service.
For a free initial check please fill in the enquiry form to arrange a convenient time for us to call you. Or call 0114 2664216 to talk to one of the team.
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.