GPC SIPP Ltd, previously known as Guardian Pension Consultants Ltd, was a SIPP provider. They 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.
Whether it’s just poor advice or negligent practice, if you were recommended to invest into a SIPP by a regulated Adviser and it wasn’t suitable to your needs or circumstances – that could be mis-selling. If you have a mis-sold SIPP you may be eligible for compensation.
Smith & Williamson are now the administrators of GPC and announced on their website that they had completed a sale of business with Hartley Pensions. This sale is thought to involve the SIPPs and SSAS schemes held in their trustee company Guardian Pension Trustee Ltd. Hartley Pensions have already purchased the books of several failed SIPP providers.
The FSCS has determined there are valid claims against GPC, providing there is proof that they failed in their due diligence. SIPP provider due diligence is a contentious issue right now. There are several court cases which may affect the outcome of decisions against SIPP providers.
If you want to know if your GPC SIPP may have been mis-sold to you – we can help!
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.
The 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.