In February, the High Court approved a group litigation order. These related to claims against Berkeley Burke.
It is alleged the providers created the SIPPs after unregulated third-party firms advised investors to transfer into them. They transferred their savings to a Berkeley Burke Sipp. This was done in order to invest into high risk schemes. These included self-storage units and foreign property. The lawsuit is similar to the recent Carey Pensions case. The case also faced High Court action.
As a result of mis-selling, 77 investors have taken action. They are accusing Berkeley Burke of mis-selling them SIPPs. The claimants made investments ranging from £6,000 to £160,000. Claimants were often promised high returns for their investment. However, many investors have seen the value of their pensions drop or even become worthless.
Making a claim
Similar to the Carey Pensions case, Berkeley Burke said each SIPP was on an execution-only basis. Therefore, it had no obligation to assess the suitability.
It is estimated that over 1,000 people could make a claim against the provider.
Mis-selling occurs when a person is given unsuitable advice. As a result, they can complain about their provider. This is even if their investment didn’t lose money. We represent over 1,500 clients who have fell victim to mis-selling.
If you think you have been mis-sold a SIPP, get in touch. Our expert team will be on hand to help. We can offer you support and resources on a no win, no fee basis.