We have issued five cases against self-invested personal pensions (Sipp) administrator Guinness Mahon.
Our clients allege Guinness Mahon worked with unregulated introducers to facilitate Sipp investments into non-standard assets which were not suitable for their needs.
The cases against Guinness Mahon
The cases relate to investments between 2013 and 2016, into schemes including Ethical Forestry and Global Plantations.
We are one of the first legal firms to issue cases against Guinness Mahon. We are also preparing to issue a further 20 cases against the Sipp administrator in the coming weeks, this is believed to be the largest number of cases issued against Guinness Mahon.
Glyn Taylor, one of our expert financial mis-selling solicitors said: “In 2013 the Financial Conduct Authority issued guidance reminding Sipp providers of their regulatory responsibilities in relation to Sipp investments, including a responsibility to treat customers fairly and undertake due diligence on the unregulated introducer and high risk investments. The position of SIPP operators and unregulated introducers has been of concern to the FCA since the establishment of a SIPP became regulated on the 6th April 2007.
“What is also of great concern is that while some SIPP operators heeded the warnings made by the FCA in not allowing investors to invest in non-standard assets within a SIPP, what’s clear in all our cases is that Guinness Mahon allowed high risk non-standard investments to be made through the Sipp until 2016, long after the FCA highlighted that high risk investments were unsuitable for retail customers.”
Taylor added: “In total, we’re currently working with over 1,500 clients in relation to mis-sold Sipps. It’s clear that Guinness Mahon is not alone in not abiding by the regulations required by the FCA, and as a result a large number of investors have suffered. We believe that the current cases on our books are only the tip of the iceberg in relation to mis-selling of Sipp investments.”
If you have made an investment with Guinness Mahon that may have been mis-sold, get in touch with our expert team today.