Customers who did business with three Self-invested personal pension (Sipp) providers could be due compensation due to mis-sold Sipps. These companies are Pointon York Limited, Rowanmoor and Sanlam Investments.
Pointon York Limited
Pointon York Limited, founded in 1971, was one of the larger Sipp providers in the UK.
The Sipp provider found itself facing an investigation by the Pension Ombudsman (PO). An applicant alleged that the company has mishandled his Sipp investments, leading to him losing money.
Pointon York Sipp Solutions closed to new business in 2009 and was bought by Suffolk Life in November 2012. Curtis Banks then went on to acquire Pointon York Limited and Suffolk Life, bringing them both under Curtis Banks.
Although Curtis Banks is authorised by the Financial Conduct Authority the PO has adjudicated cases against the firm whereby the partially upheld a complaint from an applicant who complained that they had been subject to poor administration and negligent advice by Curtis Banks when purchasing a property for their Sipp.
Rowanmoor is a trading name of Rowanmoor Executive Pensions Limited, Rowanmoor Personal Pensions Limited and Rowanmoor Trustees Limited, all part of the Embark Group.
The firm came under firing lines in 2009 when it was discovered that the company’s boss, David Seaton, had conducted a £1.2m fraud on the company.
The company weathered the issue and settled the case but later came under further scrutiny when the PO declared that they had failed to insure a Small Self Administered Scheme (SSAS) property.
Sanlam Investments actively manages an unlisted portfolio of South African properties. Local and international investors can invest in retail and commercial real estates across sub-Saharan Africa.
The investment is however considered high risk as it involves overseas property and is unregulated by the FCA. This is because many overseas investments have found themselves in trouble, gone into liquidation, never got off the ground. Some never actually existed and were revealed to be scams.
If you ever had dealings with any of the above firms and are worried about your investments, get in touch with us today to discuss your options.