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Smith, Law & Shepherds IFA Mis-Sold SIPP Claims
Smith, Law & Shepherds IFA have entered into administration. Have you received pension advice from them? You could be entitled to thousands in compensation.
The FCA has announced that the financial firm Smith, Law & Shepherds IFA Limited has been placed into administration. The Financial Ombudsman Service (FOS) website now also shows a number of claims against the firm in regards to poor and unsuitable advice given to individuals in relation to transferring out of their defined benefit or occupational pension scheme.
If you were told to transfer out of your defined benefit pension and into a SIPP, you could be owed mis-sold SIPP compensation. Our expert panel of mis-sold SIPP solicitors can inform you whether you have a claim against Smith, Law & Shepherds IFA.
Who Were Smith, Law & Shepherds IFA?
Smith, Law & Shepherds IFA were a North West independent financial advisor who advised on pensions & retirement, investments, tax & trust planning and other aspects of financial planning.
In March 2022, it was reported the ICO had requested Smith, Law and Shepherds to send client data and it had failed to do so after two years. The data in question was in relation to two clients’ personal pensions.
Both clients asked Smith, Law & Shepherds IFA for “a copy of all documents, of any kind, which relate to me and my pension”, under the Data Protection Act 2018.
The financial advice firm was acquired by Bolton-based Markland Hill Wealth on January 20 2022, the same day that the firm appointed an administrator. If Smith, Law & Shepherds IFA had not have entered administration, and also complied, the ICO would have been able to issue a fine against the firm of up to £17.5m, or 4 per cent of its annual turnover - whichever was higher.
The firm's administrator, Cowgill Holloway Business Recovery, said on February 25 there were 11 outstanding complaints, from which the directors think 6-7 will be successful.
If you believe you have also have a complaint about being advised to transfer your defined benefit pension into a SIPP, our panel of expert mis-sold SIPP solicitors can assist you bringing forward a claim to the FSCS.
How Have You Been Mis-Sold A SIPP?
There are many ways you might have been mis-sold a SIPP by Smith, Law & Shepherds IFA. Here are some examples our panel of solicitors regularly see:
- Your adviser suggested transferring to a SIPP as it was better than traditional personal pensions
- You were not provided with adequate information on all the potential risks
- Your adviser recommended a SIPP but did not recommend the investments within the SIPP
- The level of risk was not in line with your own attitude to risk
- Your adviser did not give clear advice and was in breach of FCA rules
- Your adviser promoted the use of SIPPs for tax rather than pension benefits
- You were not given control over crucial investment decisions
- You were not made aware that you might lose your pension
- You felt pressured into making the pension transfer
- You were promised returns that have never materialised
- You do not earn over £100k a year
- You are not an experienced investor
- Your financial advisor took hidden commission
If any of the above apply to you and your situation, it is likely you may be eligible to claim SIPP compensation and recover some, if not all, of your lost pension from the FSCS.
Who are the FSCS?
The Financial Services Compensation Scheme (FSCS) is the UK's statutory deposit insurance and investors compensation scheme for customers of FCA authorised financial service firms. The FSCS will compensate consumers if an FCA regulated firm is unable to, as in this case because the firm is in administration.
The FSCS enforces a levy on all FCA regulated firms which is paid into an annual compensation pot. The levy for 2021/22 is £833m. It has often been described as a “lifeboat fund” for consumers who deserve compensation after a mis-selling or negligent financial advice.
It is independent of the Government and the financial industry, and was set up under the Financial Services and Markets Act 2000, becoming operational on 1 December 2001. They do not charge individual consumers for using their service.
Start Your Mis-Sold SIPP Claim Today
Have you been left out of pocket due to negligent advice from Smith, Law & Shepherds? Are you not aware if you have been mis-sold yet, but are worried about this IFA or your current SIPP Provider? Let our expert panel of mis-sold SIPP solicitors help.
If you have lost money by transferring your pension into a SIPP, the team at ClaimeExperts.co.uk can help get your money back. Even if you have not lost significant amounts, you still could have been mis-sold your SIPP. Get in touch with our expert panel today to find out if you are eligible to claim.
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