Liberty Sipp faces compensation claims

Liberty Sipp compensation is now being sought by several hundred people who feel that the pension provider mis-sold investments. There are allegations that the way the Sipps were set up was incorrect and that many consumers were not treated fairly by the firm. Serious issues have been identified in terms of the way that Sipps have been handled and those seeking Liberty Sipp compensation now make up one of the largest affected groups. If you’re potentially part of this group then you too might be able to get compensation for your losses – or experience.

500+ cases for Liberty Sipp compensation

Earlier this year, a spokesperson for the Financial Ombudsman Service (FOS) confirmed that there had been 500+ complaints submitted to them about Liberty Sipp. The issues described in the Liberty Sipp compensation cases are similar to those that have been raised concerning other Sipp providers, including Carey Pensions and Berkley Burke. In both cases, the regulator and courts seems to be in favour of making Sipp providers more accountable for doing due diligence on investments, as well as for the way that individuals are introduced to those investments.

Mis-selling of Sipps between 2011 and 2013

This large volume of claims for Liberty Sipp compensation is not the first that has been submitted. A further batch of 700 claims was previously made against Liberty Sipp on the basis that investors suffered substantial losses as a result of unregulated investments that were made via Liberty Sipp. As yet, this does not appear to have affected Liberty Sipp’s value – the firm reported pre-tax profit of £506,000 in 2017/18. This represents a 19% increase on profits that were posted for 2016/2017.

Claiming Liberty Sipp compensation

For those seeking to claim Liberty Sipp compensation, now is a good time to do so. In October, the High Court ruled that Berkley Burke had not carried out adequate due diligence on a £29,000 unregulated collective investment scheme. The issues relating to Berkley Burke were very similar to those involved in many of the Liberty Sipp compensation claims. As the FOS and now the High Court have repeated found in favour of investors who feel that they have been unfairly treated and that products have been mis-sold, all the indications are that Liberty Sipp compensation is possible.

If you feel that you suffered losses as a result of Liberty Sipp – or that you were mis-sold investments – you could make a significant claim for compensation.