What exactly was TailorMade Ltd?
TailorMade was effectively an advice arm and alternate business for those looking to invest their SIPP. Advisors and agents from the company offered advice on investments in overseas opportunities.
TailorMade Ltd was considered to be a trusted investor by many, as well as an advice partner to numerous investment companies. One of the major investment opportunities offered by TailorMade was in the Harlequins Group, which was looking to provide offshore investment opportunities in the Caribbean.The Harlequins Group eventually went under and TailorMade filed for liquidation.
As a result, many people ended up losing significant sums of money after investing in the Harlequins Group and other suggested portfolios through the advice of TailorMade.
If you had a poor experience with TailorMade Ltd, resulting in financial losses as a result of your investments, you could be entitled to compensation. Our team can help you with your claim. Call us today or fill in the quick claims form and we’ll get back to you.
Why your TailorMade investment could be a mis-sold SIPP
One of the major factors in proving TailorMade to be a mis-sold SIPP scheme was the fact that it refused to honour the controls in place to properly protect their customers. The group advised clients to transfer their pensions into SIPPS, which were then invested fully in high-risk schemes including the Harlequin Group.
While the investors believed that their money was safe and being invested wisely, in reality, the money was being invested into schemes that were unsafe.. Rather than properly assessing the risk to those investing, much of the investor’s income (often more than approved by the customer) would be invested.
The Financial Conduct Authority found that TailorMade failed to assess the suitability of investments made through SIPPs for its customers and didn’t manage its conflicts of interest.
It was also revealed that the organisation failed to oversee their compliance functions properly. According to some experts, TailorMade earned around £3 million through its SIPP programme, with the savings accounts of many customers being drained entirely.
Invested with TailorMade? You can claim compensation
TailorMade not only encouraged investment into high-risk schemes in a bid for agents to obtain significant commissions, the group also invested more money without informing their clients. When it was deemed that the company had to readdress certain payments to shareholders, the liability created forced the company to liquidate. However, due to this, the claims of investment due to inaccurate advice were passed to the Financial Services Compensation Scheme.
If you were misled by an agent or if you believe you could be entitled to make a claim against TailorMade Ltd, our team will be able to give you the best advice and representation on a no win, no fee basis*.
Alternatively, read our blog what is a SIPP, for more background information on Self Invested Personal Pensions.