Grovesnor & Butterworth Pension Claim

Sezjones

Hi,
Would like to know if anyone has made a claim against Grovesnor & Butterworth in regards to missold SIPP’s, or can anyone recommend a reputable company that could help me with a claim??

Aegis

Do you actually need someone to help you? If the advice is that they mis-sold you investments within the SIPP that were unsuitable to your circumstances (which is usually the case with SIPP complaints) then you can almost certainly just follow the instructions on the Financial Ombudsman Service website. No need to pay a claims firm to do the exact same work with the exact same outcome.


Edit: A quick check shows they're in liquidation, in which case you need the Financial Services Compensation Scheme instead.

dunstonh

Its worth noting that pension complaints about mainstream pensions/investments are very low and have a very low uphold rate. The only real areas of concern are the unregulated investments, typically put in place by cold calling companies.

Is the use of unregulated investments what your complaint would be about or is it something else?

Sezjones

Unfortunately it was an accountant that put us in touch with Grovesnor Butterworth! We found out they had ceased trading maybe just two months after transferring our Pension..... when we had tried to contact them over paperwork and had no response! After a bit of digging around we managed to find out they had been shut down....we then got a letter to say that we had to move our investments....which we managed to do with some, however a large amount is invested in a company called 'Blueprint' and this couldn't be moved due to the 'type of investment' it is!
Not sure if this makes sense..... but I'm just hoping that we have a case due to the fact that this company took our money and invested it into something that no other company will touch!

Linton

i have looked for some information on your investments......

Grosvenor and Butterworth had a connection with Beaufort Securities who were recently closed down. Your money seems to be invested in 5 year high interest bonds (loans) issued by Blueprint Industrial Engineering. This is why you cannot get hold of it immediately. See https://beta.companieshouse.gov.uk/company/09244610

From the link this is an apparently genuine company of 45 employees that buys engineering companies in the Nordic area. From the accounts it appears they bought another company recently and do not have the money to pay for it. Hence the bonds. There is a”Matter of concern” noted in the audited accounts to the effect that there is a risk that the company may not be able to continue in business. If this were to happen the bonds could be worthless.

Clearly such bonds are very high risk and only suitable for experienced investors. Even then they should only form a very small part of the portfolio. So this looks like a clear mis-sale.

I hope other forum members will be able to advise on where you go from here.

fred246

dunstonh wrote: »

Its worth noting that pension complaints about mainstream pensions/investments are very low and have a very low uphold rate. The only real areas of concern are the unregulated investments, typically put in place by cold calling companies.

When people ask "why do IFAs charge thousands of pounds to fill in a few forms?" you are the one who always says that you have to pay a fortune in insurance because people make claims against you and now you are saying they have no chance. If anyone claims they don't have a chance as long as the IFA have done their job properly. So IFAs that do their job properly shouldn't have to charge the customer thousands of pounds to fill a few forms out.

Linton

fred246 wrote: »

When people ask "why do IFAs charge thousands of pounds to fill in a few forms?" you are the one who always says that you have to pay a fortune in insurance because people make claims against you and now you are saying they have no chance. If anyone claims they don't have a chance as long as the IFA have done their job properly. So IFAs that do their job properly shouldn't have to charge the customer thousands of pounds to fill a few forms out.

Why don’t you start up your own thread rather than troll this one? The OP has a serious problem and could perhaps benefit from focussed help from the few IFAs and many experienced amateurs who inhabit these boards.

Maybe other people will refrain from responding.

Malthusian

Sezjones wrote: »

Hi,
Would like to know if anyone has made a claim against Grovesnor & Butterworth in regards to missold SIPP’s, or can anyone recommend a reputable company that could help me with a claim??

Go directly to https://claims.fscs.org.uk/ and fill in the form. There is no need to employ any company (reputable or otherwise) who would take a chunk of your compensation - claiming from the FSCS is straightforward. It is not like going to court.