I got £85k back for unsuitable investment advice
Geoff* took advice to transfer his pension into a self-invested personal pension (SIPP) but was shocked to find out the SIPP firm had gone bust a few years later.
Geoff was contacted by a financial adviser who suggested he transfer his pension from when he worked for a pharmaceutical company. The financial adviser showed him spreadsheets and graphs which suggested that he could make a substantial amount of money if he transferred the pension he held with his previous employer into a SIPP. Geoff decided to take their advice and took out a SIPP in 2014.
Geoff didn’t closely follow financial news and was shocked when he found out the SIPP firm he had invested with had gone out of business a few years later. He contacted FSCS to make a claim for unsuitable investment advice in 2021. We paid Geoff £85,000 in compensation in 2022.
Geoff said, "I was ashamed that I’d invested in something [that hadn’t worked out] and I didn’t tell anyone until I started the claims process. My advice is don’t be taken in by lofty spreadsheets and fancy graphs which indicate you could make a substantial amount of money."
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*Identity changed for privacy. Photo used is stock imagery.
"I was ashamed that I’d invested in something [that hadn’t worked out] and I didn’t tell anyone until I started the claims process. My advice is don’t be taken in by lofty spreadsheets and fancy graphs which indicate you could make a substantial amount of money."