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Rowanmoor Mis-Sold SIPPs Claims
If you have invested into a SIPP through Rowanmoor you could be entitled to thousands in compensation. If you have lost money or the SIPP investment was not suitable for you, you may be eligible for Rowanmoor mis-sold SIPP claim.
Over the years, pension provider Rowanmoor have made headlines for all the wrong reasons. One of their managing directors infamously committed fraud and through the years they have acted for their clients without proper due diligence. If you have invested your pension with Rowanmoor, you may have been a victim of pension mis-selling.
The former pension provider is facing hundreds of complaints from pension clients how have lost thousands in savings. Many of their investments were unsuitable, unregulated, and highly risky. If you have invested some or all of your pension through their company and are now left out of pocket, you could be owed thousands in compensation.
The panel of mis-sold SIPP solicitors at ClaimExperts.co.uk can help determine whether you have a valid claim for compensation. They offer a free, no-obligation review of your case, and act on a No Win, No Fee basis. All of our panel are fully SRA regulated. Use our free eligibility checker today to find out if you may have a claim.
Who are Rowanmoor?
Rowanmoor is the umbrella name for three individual companies. These are Rowanmoor Trustees Limited, Rowanmoor Personal Pensions Limited, and Rowanmoor Executive Pensions Limited. All three are part of the Embark Group.
Rowanmoor claimed to be one of the UK’s leading pension providers, with a wide range of self-invested personal pension options for their clients. Their SIPP was first launched in 2009 and incorporated single investment and full investment SIPP options.
The firm first hit the headlines when then managing director, David Seaton, defrauded the company out of more than £1million. They initially managed to carry on through this turmoil, only to find themselves in the headlines again when it was revealed they had failed to correctly insure an SSAS property.
The firm was back in the headlines in 2020 when it faced countless complaints about the performance of its investments. In particular, the now infamous “The Resort Group” offshore property investment scheme was in the limelight. This investment scheme was promoted by Rowanmoor, and offered 20 per cent annual return on investment.
The Resort Group investors were often introduced by unregulated financial advisers who would be paid a commission for doing so. Investors were not made aware of the risks involved, many were unsuitable, and there was a lack of due diligence involved in the process. Hundreds lost their entire savings, and the FOS received many complaints.
What is a mis-sold SIPP?
A SIPP, or Self-Invested Personal Pensions, offers investors a degree of flexibility in relation to the types and quantity of investments they can enter into in relation to their pension pot. They are, however, intended for high-net-worth, sophisticated investors who understand the risks of investing into unregulated schemes.
However, generally speaking, SIPPs should only be offered to experienced investors who understand the risks of taking their investment into their own hands. SIPPs should only be recommended to:
- People who are comfortable with their own investment decisions
- People with a larger pension pot
- People who understand that they may lose their investment
- People whose attitude towards risk is relatively high
Financial advisors, both regulated and unregulated, will often receive a commission for advising individuals to transfer from a safe pension into a SIPP, meaning sometimes they do not act in their client’s best interest.
Many of these advisors fail to carry out proper due diligence for this reason, with the investments not being right for certain SIPP clients. These high-risk, unregulated, and inappropriate schemes can end up failing or becoming complete disasters for the investors involved.
Rowanmoor loses key SIPP legal case
In March 2022, The Financial Ombudsman Service (FOS) found that Rowanmoor Personal Pensions Limited failed in its regulatory duties to carry out proper due diligence for its clients. This followed a long case relating to a complaint made by one of Rowanmoor’s clients in relation to The Resort Group investment scheme.
The FOS found that Rowanmoor failed to verify the integrity of an introducer they worked with regulary, CIB Life and Pensions Limited (CIB). Rowanmoor received 1,387 introductions from CIB between 2009 and 2013, which accounted for 26.9% of its business.
The upheld decision has significant implications for Rowanmoor. A FOS spokesperson has said that it is dealing with 886 complaints against Rowanmoor, with 548 relating to investments with The Resort Group.
Making a Rowanmoor mis-sold SIPP claim
Have you invested into a SIPP using Rowanmoor? Are you worried that you have been misled and mis-sold your investments? Our panel of expert mis-sold SIPP solicitors can assist.
The ClaimExperts.co.uk panel are all fully regulated by the SRA, and our panel of SIPP solicitors are experts in financial mis-selling. They help determine whether you have a valid mis-sold SIPP claim against Rowanmoor and tell you your next steps if you do.
This recent case could potentially fast-track hundreds of complaints against Rowanmoor. If you believe you have a potential claim, fill out our enquiry form below.
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