Pointon York Ltd, formerly known as Pointon York SIPP Solutions Ltd, were considered one of the original SIPP providers having launched their first SIPP product in 1990.
In 2014 they sold the SIPP arm of their business to Curtis Banks, which reportedly contained 7,000 SIPPs. Some of these were overseen by Crescent Trustees Ltd, which are part of the Curtis Banks Group.
In 2017 the FCA placed restrictions on their permissions stating;
“With effect from 14 February 2017, Pointon York Ltd may not carry on any of the regulated activities in its Part 4A Permission.”
In 2018 they went into liquidation and are no longer trading or authorised by the FCA.
Many clients had received advice from regulated Financial Advisers to transfer their pension into the Pointon York SIPP. Unfortunately for some, the SIPP contained high-risk, non-standard investments; some of which are now are illiquid meaning they cannot be sold or traded.
If you received advice to transfer into the Pointon York SIPP, you may be able to complain and ask for compensation if that advice was unsuitable. Even if the company are no longer trading.
In fact, the FSCS have already assessed and paid compensation to clients who had received advice from Advisers who have also been declared in default.
The FSCS have now declared Pointon York in default. This is something they do when they are satisfied that there is an eligible claim and that the firm is unable to pay claims for compensation.
Reports have suggested the FSCS have received around 100 complaints against Pointon York since accepting claims in 2018. There were reportedly problems with establishing valid claims due to the difficulty collecting evidence from 3rd parties relating to Pointon York’s due diligence.
However, the latest update from the FSCS in June 2020 says;
“Our investigations have focussed on the levels of due diligence carried out by Pointon York before allowing customers to make specific investments under their pensions. From this, we’ve determined that protected claims exist against Pointon York. We’ll shortly pass claims already submitted to our claims processing teams for assessment.”
SIPP operator due diligence and whether they can be held accountable for their part in mis-selling is still an industry hot topic. With high profile court case verdicts differing from ombudsman decisions, sadly there’s still uncertainty for clients seeking proper financial redress.
Regardless of this, if you received unsuitable financial advice, making a complaint against the adviser or firm would be the initial step to make in the claims process.
Call and talk to one of the team. We can help establish if you may have a case and advise you on the process, as well as the options available to you.
Call 0114 266 4216 or fill in the form to arrange a call back.
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.