The SCS Farmland investment in Argentina – what exactly happened?
The SCS Farmland Argentina investment scheme allowed investors like yourself to invest in acres of farmland in the Province of Santiago del Estero. You were promised a fixed return after five or ten years, and with returns as high as 160%, it’s understandable why the opportunity was so inviting.
With the minimum initial investment of £12,000 – a relatively small barrier to entry compared to other similar opportunities – you may have been convinced to transfer your pension into a SIPP (self-invested personal pension). In many cases, this is highly inadvisable and benefits only a select few.
Now, here is where the SCS Farmland scheme went majorly awry. With your funds taken and the investments made, there arose several messy land disputes between the company who owned the farmland, and a UK company (Powerscourt Services Limited) who had helped numerous investors put money down (they may have even helped you with a small loan or contribution).
These disputes were further confused and exacerbated by conflicting property laws pertaining to Argentinian legislation and UK legislation. This was one of the many problems with the scheme. There were too many parties involved, parties with different interests and operating under different laws. The scheme was highly problematic and came with an extremely high level of risk. Foreign systems of law inevitably butted heads over land disputes and those healthy financial returns never materialised.
In the end, you never received a legal title for the land and the money was lost because, unsurprisingly, the SCS Farmland investments were not regulated by the Financial Conduct Authority (FCA).
Have you been mis-sold to?
You weren’t given all of the details you needed
Pressure tactics were used against you
You were given poor advice
You were not made aware of the fees
You were given advice on how to avoid tax
For more in-depth advice on spotting the signs of mis-selling, take a look at our ‘How to get scam smart in 2020’ guide, as well as the insightful blog ‘Top signs you’ve been mis-sold a pension’.
How to claim for mis-sold SCS Farmland pension schemes
Because this Argentinian scheme was not regulated, you may be eligible to claim for compensation over lost finances. This is your opportunity to get back some of the money you lost.
All you need to do is get in touch. From there, we will be able to assess whether or not you have a claim. Beforehand, why not see what our past clients have said about our SIPP claims services over on our testimonials page.
How we can help with your SCS Farmland SIPP claim
As soon as we take on your claim, our dedicated team works tirelessly to get your case to the Financial Ombudsman. If your SIPP provider accepts responsibility and recompenses you, then it won’t have to go to the Financial Ombudsman. Unfortunately, this is rarely the case.