claims Management specialists 
working to get the compensation you deserve

Mrs. D was advised by a regulated Independent Financial Adviser (IFA), now subsequently shut down by the Financial Conduct Authority (FCA), to transfer her NHS Final Salary Pension to a SIPP and invest into Storefirst Storage.

Concerned about her future pension Mrs D complained to the SIPP company, without any resolution. Innovation was appointed to investigate the situation and a complaint was submitted to the FSCS in December 2017.

Following a successful complaint, Mrs D was compensated the maximum amount available at the time ,£50,000( Fees and VAT apply), for unsuitable advice from the IFA.

Following advice from a regulated IFA (no longer active), Mr P transferred both his Final Salary Employer pension with Lafarge, and personal pensions with Zurich into a QROPS, operated in Gibraltar.

Mr P was concerned that the unregulated investment held within his pension was failing at a time he was looking to take tax free cash. Mr P’s claim was submitted to the FSCS and the maximum amount of compensation available at the time £50,000 was received, for unsuitable advice from the IFA.

The late Mr R was advised by a regulated IFA (no longer active) to transfer his two personal pensions into a SIPP and then invest £40,887 into the ABC Business Centre’s Bond.

Mr R believed that the problems he subsequently experienced with this investment affected his health.

Unfortunately, Mr R died prior to the submission of his claim. With Innovation’s assistance his widow was able to obtain the necessary documentation and a claim was submitted to the FSCS.

Mrs R received both an interim payment of £9,112.67 and then a final payment of £40,887.33, representing the maximum £50,000 (Fees and VAT apply) for unsuitable advice from the IFA.

Following our successful recovery of lost pension fund monies for her husband, Mrs W approached Innovation, as she was concerned with the lack of performance of her ‘mini - bond‘ investment in Dolphin Capital.

Mrs W had been advised by a regulated IFA to invest £50,000 from her personal bank account into a bond.

Initially the FSCS rejected Mrs W’s claim on the basis that “Your claim is not covered by our rules”.

‍Innovation responded to the FSCS with a comprehensive analysis of both the circumstances, relevant rules and regulations, resulting in the FSCS reopening the claim.

Mrs W received compensation of the maximum £50,000 (Fees and VAT apply), on the basis of unsuitable advice from the IFA.

At the age of 62 Mr S was advised by a regulated IFA to transfer his Zurich Personal Pension of £50,594 into a QROPS with the STM Group based in Gibraltar.

Mr S had been looking to semi-retire at the time. However, 44% of his pension was invested in unregulated alternative investments that failed.

Innovation submitted the claim for Mr S, In the interim Mr S was able to secure tax free cash of £12,648, to assist his semi-retirement. Compensation of £45,005 (Fees and VAT apply) was paid by the FSCS for unsuitable advice.

Advice to transfer your pension in close proximity to when you planned to take retirement, should be questioned and reviewed.

Advice to transfer into a QROPS, when you have no intention to leave the UK, is likely to be unsuitable and should be investigated.

Mr V was advised by a Cyprus IFA, passported into the UK and listed on the Financial Conduct Authority’s Register, to transfer his Civil, Service pension into a SIPP investing in The Eco Resources Fund PCC plc.

The adviser told him that the investment was ‘low -risk’ and offered good returns better than in his existing scheme. Mr V transferred £50,707 from his Civil Service Scheme to the SIPP as advised.

In Mr V’s own words’ the value of his SIPP had crashed’, he felt he had lost all of his future pension benefits.

Mr V contacted Innovation and following a successful claim received £50,000(Fees and Vat apply), for the failure of the SIPP company to apply FCA regulations.

Mr M approached Innovation, with concerns that the advice he had received from a regulated IFA, to transfer his Personal Pension with Phoenix Life into a SIPP, this had resulted in a significant loss of future pension benefits.

In the course of our normal due diligence, in depth review from inception, into the history of Mr M’s personal pensions, we noted that Mr M had been badly advised much earlier than 2017.

In 1994 the then Industry Regulator (now the Financial Conduct Authority) established a review of the sale of personal pensions – involving ‘opt-outs’, ’non-joiners’ or transfers from Occupational /Final Salary Pension Schemes between 29th April 1988 to 30th June 1994 - known as the ’Pension Review’. A subsequent review was called for FSAVCs and contracting out of SERPS. The review was required to be carried out by both IFAs and Insurers.

Mr M had been advised by Pearl Assurance Plc in November 1988, to take out a personal pension with them, when he was eligible to become a member of his Employer’s Occupational Pension Scheme. Not only that but they also advised him to contract out of SERPS with his personal pension.

As a result of this unsuitable advice Mr M has lost out on substantial pension benefits he would have accrued as a result of his Employer’s Pension Scheme.

Phoenix Life (now owners of the Pearl Assurance client bank) have been helpful in this process, now appointing to an Actuary, to review historical pension and employment records in order to calculate what Mr M has lost. This is a complex and time-consuming process, on which we will provide an update on the successful conclusion of this claims process.

Mr M approached Innovation and on completion of a successful claim received £142,372 (Tax, Fees and VAT apply) for unsuitable advice.

Dr J received advice to transfer her Aegon and Aviva personal pensions to a SIPP investing in a ’Growth Portfolio’. Dr J was unhappy with the performance of this portfolio and determined to transfer out of the SIPP and into another Personal Pension.

The original transfer into the SIPP of £112,027 had fallen to £94,698 by the time the subsequent transfer was made.

Dr J approached Innovation in March 2020 and on completion of a successful claim received £18,145 (Fees and VAT apply), for unsuitable advice.