Guinness Mahon

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

This is another SIPP provider who have had claims against them upheld by the Financial Ombudsman Service, for accepting business from unregulated introducer firm Avacade in respect of Ethical Forestry.

Ethical Forestry 

Ethical Forestry was an investment in plantations in Costa Rica which subsequently became part of a Serious Fraud Office investigation. Around 3,500 UK investors placed £70m of their money into this unregulated scheme, through SIPPs administered by companies such as Guinness Mahon.

Avacade – unregulated introducers

Avacade were also pursued by the Financial Conduct Authority (FCA) for giving advice without authorisation. It is this unregulated advice that landed a lot of people into an unsuitable investment which unfortunately cost them their pension pots.

Guinness Mahon were found to have failed in applying adequate due diligence to Avacade and should have refused the business.

AIGO Funds

Other investments linked to the Guinness Mahon SIPP are the AIGO funds – a collection of high-risk investments that were not regulated by the FCA. Being unregulated means there’s no protection for the investor should things go wrong.

AIGO –Alternative Investment Growth Opportunities was a ‘loan note’ property investment scheme in which investors were promised high returns through annual coupons paid as cash back into investors SIPPS.

AIGO Funds became insolvent as a result of Guinness Mahon issuing a petition to wind up their business after they failed to issue the returns (coupons) to investors and fulfil their redemption obligations.

Exposure to high-risk through Guinness Mahon SIPPs

These types of investments are very high-risk and as such are only suitable for certain types of investors. Mainly those who understand them and can afford the potential losses. Unfortunately, many investors have been exposed to high-risk, non standard investments through their SIPPs, despite them being unsuitable. Sometimes as a result of regulated financial advice.

Latest on Guinness Mahon 

The FCA announced in 17 Feb 2020 that Guinness Mahon Trust Corporation Ltd had gone into administration and that the appointed administrators – Smith & Williamson LLP – had immediately sold the SIPP part of the business to Hartley Pensions. 

The announcement also said that Guinness Mahon had received complaints regarding historic high-risk investment and the due diligence carried out before accepting these investments into client SIPPs. It’s in light of the liabilities associated with these and potential complaints, that they had sought professional advice which advised to enter into administration

Guinness Mahon joined the FSCS list of failed firms on October 29th 2020.

Want a free expert check to see if you may have been mis-sold?

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.

Key Facts

Guinness Mahon had unregulated & high-risk investments AIGO funds and Ethical Forestry in some SIPPs
Accepted business from unregulated introducers Avacade
Guinness Mahon went into Administration in 2020

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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.