We have issued more than 30 cases against self-invested personal pension (Sipp) provider, Liberty Sipp. This is believed to be the largest number of claims issued against the Sipp provider.
We will seek to consolidate the claims, alleging the pensions provider is responsible for the mis-selling of Sipps between 2011 and 2013.
Liberty Sipp investments
Our clients’ Sipps were invested by Liberty Sipp into a range of schemes. These include Ethical Forestry and Global, following advice from an unregulated introducer. These are now under investigation by the Serious Fraud Office.
We also have 700 more investors who allege they have suffered huge losses. This was a result of unregulated pension investments.
Glyn Taylor, one of our solicitors said: “Liberty Sipp has frequently argued that only a small number of legacy investors have lost money through unregulated Sipp investments. However from the cases we have on our books at the moment, we estimate that as many as 10 percent of Liberty’s investors have been affected. We also believe there could be many more.
Non-standard assets
The firm claim they stopped allowing investors to invest in non-standard assets in 2013. This followed guidance from the FCA. The FCA reminded providers of their responsibilities to undertake due diligence on introducers. They also must identify high risk investments. This is because they may not be suitable for some investors.
Glyn believes that the Sipp provider should have done this in 2011. Their duty to clients appeared to have taken a backseat to commission.
If you have made an investment with Liberty Sipp and believe you may have been mis-sold a financial product, get in touch.