Did you invest in My Sipp? If so, it’s one of the many firms that’s fallen foul to financial mis-selling.
Read on to find out what to do if you’re affected and how you can claim compensation for failed investments.
Background on My Sipp
My Sipp was owned by the Attivo Group and first established in 2006. The firm became an incorporated company in 2010, with headquarters based in Cheltenham. It offered pension solutions and investment administration. It was supposed to give customers flexibility and control over their investments as they planned for retirement.
Administration
By May 2014 My Sipp Limited administered around 475 Sipps. It had around £69,494,072 of funds under management. At its peak, the firm had around 900 pensions with funds under management of approximately £125 million and was available both direct and via Independent Financial Advisers (IFAs).
The investments available included commercial property, unit trusts, external deposit accounts, overseas listed stocks and shares, UK listed stock and shares, discretionary fund managers, investment trusts and deposit accounts. There were no minimum levels of contribution required to access the product.
Sale to Talbot & Muir
In July 2016 the firm was sold to Talbot & Muir for an undisclosed figure. Around 1,070 Sipps and 14 Ssas previously managed were moved to Talbot & Muir.
At the time Company Director Stephen Harper, said: “The focus is to build on and expand our chartered, independent financial planning business. It became clear that our Sipp and Ssas clients were better served by a company with a specialist focus on pensions administration.”
However, following the sale of Sipp and Ssas products to Talbot & Muir, My Sipp Limited dissolved in November 2016 with no compensation available for investors.
Get In Touch
If you had a product that was transferred to Talbot & Muir, updated documents can be found here.
Did My Sipp Limited act as an administrator for your pension? Has your money been invested in risky and unregulated schemes? If so contact Anthony Philip James Solicitors – our team of financial mis-selling experts may be able to recover compensation for any loss suffered.