EasySIPP is one of many pension schemes that was involved in the pension mis-selling scandal. Here’s what you need to know about the scheme.
Consumers were offered the self-invested personal pension (Sipp) through pension administrator Hartley Pensions. While Sipps should be reserved for those with a high net worth and investment experience, Hartley’s EasySIPP was offered to those who do not fit the criteria.
Despite being unsuitable, those who turned to Hartley to secure their pension pot were offered EasySIPP with promises of high returns for low risk. Many could not afford the actual risk of the scheme.
Despite claiming that EasySIPP does not offer advice, the company marketed the product on its website. It showcased the benefits of the scheme, appealing to non-experienced investors as a small-risk venture.
However, this was not the case. Investors’ pension pots were put into volatile schemes including unregulated forestry and overseas property. In many instances, these schemes went into administration or never existed altogether. As the schemes were not under UK jurisdiction, people were unable to claim compensation through the Financial Services Compensation Scheme (FSCS).
Greyfriars Asset Management
Hartley Pensions recently purchased thousands of Greyfriars Asset Management accounts, another Sipp provider involved in the mis-selling scandal.
Those who invested in a Greyfriars scheme found their pension to be worth considerably less. This is a result of the firm having their permissions restricted after being caught up in the mis-selling scandal.
After entering insolvency, the firm’s book was picked up by Hartley Pensions.
While the FSCS may not be able to help EasySIPP victims, we can. We litigate on behalf of more than 10,000 clients who have lost money as a result of mis-selling. We can chase the Sipp provider directly through the courts and explore multiple avenues to ensure our clients get back what they deserve.
Did you invest through EasySIPP? You may have fallen victim to mis-selling. Get in touch for support and advice from our experts.