If you invested your pension into a Liberty SIPP you may want to check if you should be claiming compensation for mis-selling

Liberty SIPP was yet another provider under fire for allowing investors to get into high-risk, unregulated investment schemes as part of their SIPP. 

Compensation Cases

In 2018 it was reported that 500 cases were submitted to the Financial Ombudsman Service (FOS) on behalf of clients who had lost money due to these high-risk investments. 

In some of the FOS decisions the company were found to have breached its duty of care towards their clients. Not only for allowing clients to invest in the unsuitable and high-risk investments in their SIPPs, but also for accepting the business introduced by Avacade.

Avacade 

Many mis-selling cases involve Avacade – an unregulated introducer company – that reportedly cold called people to discuss transferring their pension, in this case, into investments with Liberty SIPP.  

Avacade were involved in a high court case regarding their pension report service. They were highlighted by the FCA for making “misleading statements” and “carrying out regulated activity without the required authorisation or approval”

Latest on Liberty SIPP 

Liberty SIPP Ltd entered into administration in April 2020 and it’s believed this was due to the volume of complaints against the provider relating to SIPP mis-selling.

Update 26th Jan 2021 – The FSCS have completed their investigation and the firm has now been declared in default. This means potential claims for compensation will now be assessed by the FSCS.

Liberty sold its client bank to EBS Pensions, a subsidiary of the Embark group.

Get a free expert opinion

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.