The number of claims against Sipp provider Berkeley Burke is rising. If you have a self-invested pension plan with this provider then you could be due compensation. Since the provider lost its judicial review in a high court ruling in October this year the number of Berkeley Burke Sipp compensation claims looks set to increase significantly.
The judicial review says compensation is due
The High Court ruling in October 2018 concerned a longstanding dispute between Berkeley Burke Sipp Administration and the Financial Ombudsman Service. In 2014, The Financial Ombudsman Service found against Berkeley Burke – it said that the firm had not carried out adequate due diligence on a £29,000 unregulated collective investment scheme. It was claimed that the Sipps in question were established in breach of the Financial Service and Markets Act 2000. The appeals have been proceeding ever since until the recent High Court ruling backed the initial Financial Ombudsman Service decision.
Risky investments, wrong advice
The allegation is that large numbers of people were wrongly encouraged to invest substantially in products that were not appropriate. Had Berkeley Burke carried out proper due diligence, it’s alleged, the firm could have established that the investments were not appropriate. Because that didn’t happen, a lot of people have lost a lot of money.
Many investors claiming Berkeley Burke Sipp compensation were made promises of high returns – or even guaranteed returns – across a range of unregulated investments. Due to the risky nature of the investments, many people who chose Berkeley Burke Sipps ended up with significantly reduced pension value. Some of those who are seeking Berkeley Burke Sipp compensation have lost their entire pension pots.
Berkeley Burke Sipp compensation
As a result of the judicial review in October it’s now clear that Sipp providers have much greater responsibilities when it comes to carrying out due diligence on investments than was previously thought to be the case. This means that anyone who has had a Sipp with the firm could be due Berkeley Burke Sipp compensation. A group action has already been launched claiming more than £3.7m in lost funds for a total of 77 people. However, it’s thought that there could be at least a thousand Sipp investors affected who could all be due compensation thanks to the high court ruling.
Are you due Berkeley Burke Sipp compensation? Claim today
The recent High Court ruling against Berkeley Burke indicates that the conditions are favourable for anyone looking to make a claim for Berkeley Burke Sipp compensation. If you believe that your pension prospects have been damaged by the nature of the investments in the Sipp then you too could be due a financial return. As the momentum builds against the pension provider, now is the time to apply for Berkeley Burke compensation.