SIPP Pension Loss

no1bert

Hi I am hoping that someone may be able to advise me a little on a SIPP Pension company that has now gone into liquidation, is there anyway of getting money back or getting the FSCS to assist ?
I'm a bit of a financial thicky when it comes to things like this so any help appreciated as I just don't understand where I go and who I speak to from here and if there is anyway of getting it back .

whatsup7

Best to name the company, hope things work out for you.

zagfles

How have you ended up with a SIPP if you're a "financial thicky"? SIPPs are Self Invested, so they're for people who know what they're doing. Or did you use an IFA to help you - in which case you should go to them for help. What investments have you got in the SIPP? It sounds like you might be a victim of a scam?

Marcon

zagfles wrote: »

How have you ended up with a SIPP if you're a "financial thicky"? SIPPs are Self Invested, so they're for people who know what they're doing.

Unfortunately that's no longer the case. Far too many people are investing in SIPPs (egged on by posters on forums such as this) without understanding that they aren't always the best idea.

OP, tell us more - the company concerned and whether you had regulated advice at the time you invested in your SIPP? What did you invest in (what sort of assets)? Have you tried google (using the name of the failed SIPP provider) to see if anyone else has issues - they almost certainly will have.

no1bert

the company was colonial capital, I had a friend that recommended and IFA to come and have a chat about it as I had left 3 pensions frozen for a number of years, hadn't thought about investing them until this time.
when IFA man came round sat talking about what sort of risk etc I was prepared to make and what sort of return I was looking for, it was worked out that I was prepared for medium risk, so he and Blackstar Wealth came up with 3 of the Dolphin capital, A J Bell & Colonial Capital, all great for 1st year then 2nd year I heard rumours of Colonial Capital hadn't been answering calls/ emails etc to find that I next received a letter to find out they had gone into liquidation, the more I read into it, it turns out it was a massive fake company and all they were doing was creaming the money for themselves to a tune of around 8-9mill.
I have since sought advice from a few searches on internet and it turns out that there is a possibility that my funds were not only mis-managed but I also received poor advice based on what I had & earned and that I shouldn't have been placed in this type of scheme

Thrugelmir

Have you been in contact with the Compasny Administrators?

greenglide

There is a "Liquidators' statement of receipts and payments to 7 November 2018 " on companies House on 29th January 2019 for anyone who is interested here https://beta.companieshouse.gov.uk/company/07849082/filing-history

zagfles

no1bert wrote: »

the company was colonial capital, I had a friend that recommended and IFA to come and have a chat about it as I had left 3 pensions frozen for a number of years, hadn't thought about investing them until this time.
when IFA man came round sat talking about what sort of risk etc I was prepared to make and what sort of return I was looking for, it was worked out that I was prepared for medium risk, so he and Blackstar Wealth came up with 3 of the Dolphin capital, A J Bell & Colonial Capital, all great for 1st year then 2nd year I heard rumours of Colonial Capital hadn't been answering calls/ emails etc to find that I next received a letter to find out they had gone into liquidation, the more I read into it, it turns out it was a massive fake company and all they were doing was creaming the money for themselves to a tune of around 8-9mill.
I have since sought advice from a few searches on internet and it turns out that there is a possibility that my funds were not only mis-managed but I also received poor advice based on what I had & earned and that I shouldn't have been placed in this type of scheme

Put in a complaint about the IFA https://www.fca.org.uk/consumers/how-complain

zagfles

Marcon wrote: »

Unfortunately that's no longer the case. Far too many people are investing in SIPPs (egged on by posters on forums such as this) without understanding that they aren't always the best idea.

Well it seems in this case the OP was "egged on" by an IFA. I doubt posters on MSE would have suggested the obscure funds the OP's IFA seems to have recommended. Like I've said before, I'd trust the collective wisdom of this forum over one individual IFA any day (even if the protection isn't as good). This thread is a case in point.

Brynsam

Google on 'Colonial Capital' and you'll get masses of info. Just don't use any of the claims firms touting their services - you don't need to pay anyone to progress things for you. If you need free, impartial help on what to do next, try https://www.pensionsadvisoryservice.org.uk

dunstonh

As an IFA is involved, then make a complaint to the IFA. Hopefully, it is an IFA in your case as many of the scammers pretend to be IFAs when they are not.

Unregulated, specialist niche investments are unsuitable for the vast majority of people and even those with high net worth, it should really be no more than 5% of their investable assets.

Put in a complaint and you would expect to succeed.