Mis-sold Carbon Credits
A carbon credit gives the holder the right to emit one tonne of CO2. They were introduced when regulations came into force to reduce the amount of CO2 emitted by companies in the UK and elsewhere in the world. Where a company could not meet its CO2 obligations, it could purchase a carbon credit enabling it to emit more CO2 than it should.
Some companies offered carbon credits to investors making SIPP investment decisions to increase their retirement pot. In many cases, those people should not have been sold this type of investment.
Did you have a SIPP investment?
A self-invested personal pension (SIPP) is a scheme that gives you a higher level of control over your own pension. This means you get access to more choices on where you can invest your retirement fund, allowing you to manage your own investments and savings, rather than relying on a pension company or fund manager. The appeal of such a scheme is clear, but the risks associated with it are sometimes not made obvious to investors.
Mis-sold SIPPs have become the subject of an increasing number of complaints made to the Financial Ombudsman Service (FOS) and the Financial Services Compensation Scheme (FSCS).