Mr M made 2 investments totalling £30,000 in carbon credits in 2013 and in 2016 again it became clear that the carbon credit market had collapsed and whilst the SIPP held with a trustee SIPP had not moved into default at that time, a claim was made by Mr M as he believed that he had been mis-sold the pension by the IFA.
He made a claim via Financial Services Compensation Scheme and it was decided that the IFA involved had not acted in the clients’ best interest and had mis sold pension advice. The Financial Services Compensation Scheme found in the client’s favour and he was awarded £38,000 for SIPP pension compensation, using a pension claims management company who provided a no win no fee pension compensation service.
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