Mis-sold a SIPP?

J49401

I have recently been contacted by the FSCS to say that the IFA I was using has become insolvent.
Having investigated further, it turns out, that the IFA recommended that my pension was invested into a SIPP. One of the funds in the SIPP, 25% of my pension, was invested in Greyfriars Asset Management which has gone into administration.
The FSCS website has stated there is a possibility I have a claim. The claims process seems complicated. I have contacted a claims management company but they want 15%+VAT (18% total) of any compensation granted.

Is the FSCS claim procedure as complicated as it seems? I have all the paperwork for the pension transfer.
If I get rejected by the FSCS, could I reclaim using a claims management company?
Are the claims management company likely to find additional compensation, that I wouldn't, that would offset their fee?
My attitude to risk was considered high when I received the advice, but the funds selected by my IFA are for specialist investors. Does my high risk attitude negate any potential claim?
Has anyone done this before?

Grateful for any help!

SonOf

The claims process seems complicated

Its a doddle and with the FSCS upholding most of them, there is no need for any third party.

I have contacted a claims management company but they want 15%+VAT (18% total) of any compensation granted.

You have been mugged once. You don't need mugging again.

Is the FSCS claim procedure as complicated as it seems?

What are you looking at that makes you think it is complicated?

If I get rejected by the FSCS, could I reclaim using a claims management company?

No. Do note that a CMC does nothing extra. They just post the forms for you.

Are the claims management company likely to find additional compensation, that I wouldn't, that would offset their fee?

No. Indeed, the FOS have said that the uphold rate is lower with CMCs than personal complaints. The redress methods are defined and it makes no difference whether you fill in the forms or you get someone else to do it for you.

My attitude to risk was considered high when I received the advice, but the funds selected by my IFA are for specialist investors. Does my high risk attitude negate any potential claim?

Unregulated investments are really only suitable for a tiny proportion of the population and even then, with relatively small proportions of their overall wealth. Unless this was a very small proportion of your pension, its unlikely to be an issue.

Has anyone done this before?

Loads. Indeed, it is currently one of the biggest payout areas with the FSCS.

J49401

There were a couple of sections in the FSCS claim for that asked me to describe, in my own words, what advice I received from the IFA. I described the advice, as I understood it, but since I had the suitability report and the recommendations from the IFA, I wouldn't have thought it would matter what I had understood only what was in "black and white" in the report.

An initial response from the FSCS states:
"Sometimes situations occur with firms or products that FSCS hasn't dealt with before. In these cases we need to examine the background of the issue and understand what's happened before we can consider any claims against the firm or product.
Your claim is one of these cases and it's difficult to say how long it will take to resolve. We aim to complete our investigations into the issue and start considering your claim within six months."

I will keep you posted on progress.