High Court Rules in Favour of Consumer as £11,000,000 Given in SIPP Compensation

There has been an encouraging development for people who have lost money by using a SIPP (Self-Invested Personal Pensions).

Two companies: Avacade Limited and Alexandra Associates have been ruled to give over £10 million pounds in SIPP Compensation to past clients that have lost money as a result of acting on the firms’ advice.

The companies and their directors Craig & Lee Lumis, and Raymond Fox were deemed to have unlawfully given investment advice and arrangements. Furthermore, they gave misleading phone calls and online promotional material to customers.

Thankfully, as well as SIPP compensation being provided, these companies have been banned from undergoing this kind of unregulated activity ever again.

A spokesperson of the FCA has also recently declared “The FCA will make wrongdoers financially accountable to consumers whom…’ ‘…include elderly and vulnerable citizens who have paid their due share of income tax, made sacrifices, and taken prudential decisions for their future retirement over the course of an honest working life’.” Furthermore, the FCA has encouraged SIPP operators to follow their guidelines: “We have been clear about our expectations for Sipp operators in a number of previous publications. Operators should continue to meet these.”

This is more positive news following other court rulings which have favoured the SIPP provider as opposed to the consumer.

If you have lost money through investing in a SIPP, contact us today to see if we can help you make a claim.
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