What is Salina Seas?
Salina Seas is a property development off the coast of Africa which countless rogue financial advisers offered to unwitting and inexperienced investors. Like so many other mis-sold schemes, there were likely discussions of ‘sky-high returns’ or ‘low-risk and high returns’ which, in reality, could not be further from the truth. This is a typical sign of financial mis-selling.
Because Salina Seas was not overseen by the FCA, the investors were not protected. Reports of what actually happened with the Salina Seas investment scheme are few and far between, and it probably failed for a number of reasons.
However it failed, the end result remains the same: scores of innocent people out of pocket and facing hardship in their retirement. Investors were told to part with their money, most of which had been withdrawn from safe and secure UK pensions.
Speak to our specialist claims management team to verify whether or not you’ve been mis-sold to, as well as whether or not you’re eligible to make a SIPP claim. You can begin your claim for mis-sold Salina Seas investments by filling in our short online form or by clicking through to our contact page below.
Were you mis-sold a self-invested personal pension?
Here are the standard telltale signs that you have been mis-sold a self-invested personal pension (SIPP).
Here are some clear-cut signs that you have been mis-sold to.
You lack sufficient understanding about what you’re investing in. If the pensions adviser has not provided you with enough information and you feel lacking (even confused), then you may have been mis-sold.
The adviser used pressure tactics to coerce you. If you felt uncomfortable or hurried to make a decision, you were probably mis-sold to.
The advice you were given was poor. Because SIPPs are not paid into by employers, unless you’re an experienced investor then a traditional workplace pension is preferable. If you’re new to investing, and were advised to take a SIPP over the guaranteed income of workplace pensions, then you were mis-sold to.
You weren’t told about fees. Like we said earlier, SIPPs include a range of hefty fees like management costs etc – if you were none the wiser, there’s a good chance you were mis-sold to.
You were not given advice on the risks. SIPP investments are often risky, and it’s in your best interests that most legitimate advisers will tell you about them. If you’re not told about the risks, you were mis-sold to.
You were told that you could avoid tax. If you are ever advised to avoid tax, by anyone in a position of qualified financial authority, then alarm bells should definitely be ringing.
Claim for your mis-sold Salina Seas investments today
There are countless mis-sold investment schemes just like Salina Seas, and if after checking through the above signs you think that you’ve been mis-sold, you will need to make a SIPP claim so that you can recoup your money. Get in touch with our team today to find out whether or not you’ll be able to make a claim.
To further inform yourself on the world of mis-sold financial products, keep an eye on our blog. It’s packed with insights to help you reclaim any lost investments and regain trust in the financial services industry.