In February 2020, Guinness Mahon Trust Corporation entered administration amidst complaints regarding unregulated and unvetted SIPP investments. Since then, the FSCS has been accepting claims against the provider.
In this guide, we take a look at what exactly went wrong with Guinness Mahon and how you can claim if you’ve been affected by an investment into a Guinness Mahon SIPP.
Who is Guinness Mahon Trust Corporation?
Guinness Mahon Trust Corporation (GMTC) was a pension provider based in Reigate, Surrey. They offered a range of products to pension savers including Self Invested Personal Pensions (SIPPs). However, earlier this year, the group entered administration after the Financial Conduct Authority (FCA) was inundated with complaints in regards to the pension provider.
What went wrong with Guinness Mahon SIPPs?
The FCA received complaints that Guinness Mahon was offering historic high-risk non-standard investments, meaning they were unvetted or simply unsuitable for most customers.
Guinness Mahon was required to carry out adequate due diligence checks before offering investments to inexperienced pension investors. However, the Financial Ombudsman ruled that Guinness Mahon failed to do so on many occasions, leaving many pension savers like you out of pocket.
Guinness Mahon enters administration
The FCA stated Guinness Mahon entered administration following legal advice. They said:
“Following professional advice sought by GMTC about its liabilities arising from existing and potential claims, the Company’s directors were advised that GMTC was insolvent and should be placed into administration to provide protection for the clients and creditors.”
The company may have entered administration this year, but that does not mean you can’t claim back any money you invested into a Guinness Mahon Pension Scheme. Many other casual pension investors like you have had similar claims upheld against GMTC, and it’s certainly not too late for you too to make a claim.
Guinness Mahon complaints – what to do next
If you believe you were a victim of Guinness Mahon’s lack of due diligence, the FSCS and FCA are now accepting claims against the provider.
Our mis-sold SIPPs team is here to help you get started with your claim against the Guinness Mahon. Just take a look at our testimonials to see how we’ve helped other pension savers just like you claim back their hard-earned money.
When you choose to claim with Expert Pension Claims, we’ll submit your claim to Guinness Mahon’s administrators for you. If your claim isn’t upheld, we can also escalate it to the Financial Ombudsman. For more information, please do not hesitate to get in touch.
Safer financial planning for future investments
Staying savvy with future investments is simple. Take a look at these resources to help you invest safely in your next SIPP: