What was the Global Forestry scheme?
Global Forestry was sold as an investment opportunity, giving willing individuals the opportunity to invest in a Brazilian teak plantation (called Belem Sky). After promising investors returns of up to 20% for their investment, two of the scheme’s directors were subject to rigorous investigations by the Serious Fraud Office.
Schemes like Global Forestry put countless men and women into hardship at the cost of what should have been their retirement savings.
What’s most scandalous is the way in which advisers have duped people into investing. They encourage savers to switch to SIPPs (self-invested personal pensions) purely to gain additional commission for themselves. Even more alarming is that some SIPP advisers encouraged clients to pay their savings into dubious investments abroad which have subsequently become worthless, with savers losing large amounts of money.
Can you make a SIPPs compensation claim?
SIPPs are a type of personal pension that allow you to hold multiple investments and products within a self-contained wrapper. This means that you can grow your pension fund in a tax efficient way 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 Global Forestry SIPPs scheme. Furthermore, SIPPs normally attract high fees due to the flexibility and earning potential for investors.
Below is a list of conditions in which you have likely been mis-sold a SIPP product. If any of the below is familiar, you may be eligible for compensation.
You didn’t sufficiently understand what was being sold – Perhaps you were new to investment and, while you were open-minded about the process, you at numerous times felt that you didn’t understand what was being sold.
You felt that the sales approach was a bit forceful – There was palpable pressure that you felt pushed you in one way rather than the other. Whether you were coerced with promises of ROI or told that this was the ‘opportunity of a lifetime’, you felt that the sales tactics were aggressive.
The advice you were given was poor – This would occur if you were told to abandon your workplace/state pension for a SIPP product, although there were far more benefits to the former.
There was little or no transparency regarding fees – You were not made aware of any such transaction fees.
You weren’t made aware of the risks involved – You were not told about any of the risks involved in the investment. Of course, there are always certain risks, but you were explicitly not told about the risks involved within the scheme in question.
You were advised that tax responsibilities could be avoided – Wherever a financial or pensions adviser recommends a financial product (like a SIPP) as a means of tax avoidance, then you may be eligible to claim.
Our specialist team can help with your mis-sold SIPP claim. Continue reading to learn exactly how we help with your compensation claim.
How We Can Help You With Mis-Sold SIPP Claims
The first thing that we will do is get in touch with your SIPP provider, on your behalf.
When you decide to make your claim with us, we will contact your SIPP provider on your behalf. We will put forward your case, explaining clearly how you have been mis-sold.
In the scenario where your SIPP provider does not uphold your complaint (because they’re often far likelier to contest), we will then contact the Financial Ombudsman to continue fighting for your case. The Financial Ombudsman favours two-thirds of SIPP cases, so there remains a good chance that yours will be successful.
To get the ball rolling with your claim, get in touch as soon as you can. You can fill in a claim form from anywhere on our website, and it takes just 30 seconds. Alternatively, you can call us on 0161 968 0768. If you’d like to drop in or make an appointment, here are our office hours.