Mis-sold Freedom Bay SIPPs

As a result of the high fees, many advisers convinced savers to switch to SIPPs purely to gain additional commission. Some SIPP advisers actually encouraged clients to pay their savings into investments abroad which have subsequently dissolved – meaning large losses of money. Freedom Bay Pensions are one type of SIPP where this was known to occur.

Can I make a SIPPs compensation claim against Freedom Bay?

SIPPs are a kind of personal pension that allow you to hold multiple investments and products. This means you can grow your pension fund through these investments.

However, as employers do not make contributions towards SIPPs, many people lost much of their pension fund as a result of poor advice or corrupt advisers, especially in the Freedom Bay SIPPs pension.

To speak to our experts in SIPPS Claims – fill in the contact form on the right of this page, or give us a call on 0161 968 0768 today.

Signs you may have been mis-sold a Freedom Bay SIPP or other SIPP

  • Lack of understanding – Where you are new to investing and did not understand the process or investment that you were advised on.
  • Hard sales or pressure selling – Where you felt uncomfortable or pressured into an investment that you didn’t really need or want.
  • Given poor advice – Where you were advised to switch, even though your existing scheme was more suitable to your current and future pension needs.
  • Lack of transparency on fees – If you were not made aware of any management fees or additional costs attached to the investment.
  • No advice given on the risks – If you were not given advice about the risky nature of investing in property and the potential negative implications.
  • Advised you could avoid tax – If your financial or pensions adviser recommended an SIPP as a means of tax avoidance.

Have I been mis-sold a SIPP? 

If you suspect you have been mis-sold a SIPP, or you would simply like more information, call us for a chat and we’ll be able to tell you if you have a claim: 0161 968 0768

Background on SIPPS

A Self Invested Personal Pension (SIPP), like Freedom Bay is a personal pension scheme approved by the government. SIPPs were introduced in 1989, and since then more than a million UK citizens have used a SIPP to further their pension pot.

However, SIPPs are considered riskier than other types of savings as they rely on the success of where the money is invested.

Particularly risky investments like Freedom Bay also included overseas investments, most environmental related investments and certain types of property. SIPPs like Freedom Bay were widely mis-sold, and a great number of people have lost much of their hard-earned savings as a result.

In light of the SIPPs mis-selling scandal, the Financial Services Compensation Scheme (FSCS) have set aside £100 million to pay for compensation costs, where complaints are made about mis-selling.

Read more about SIPPS here.