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5 advisers are now banned by the FCA over Sipp scheme which led to £50m FSCS pay-outs

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The Upper Tribunal found five advisers guilty of not scrutinising where pension funds were being invested. The FCA has banned the five former advisers for their role in a pension switching scheme into high-risk investments which led to funds being transferred from safe, traditional pension schemes to a variety of high risk, unsuitable and unregulated investment schemes. Investors in nearly all cases lost significant sums, often the entirety of their investment.

The five individuals ran three advice firms between them, Cheltenham based Bank House Investment Management, Shropshire based Financial Page, and Merseyside based Henderson Carter Associates, which have all now collapsed and claims have fallen on the FSCS to deal with approximately £50m paid out so far.

The individuals, Andrew Page, Thomas Ward, Aiden Henderson, Robert Ward and Tristan Freer, were collectively fined £1m by the FCA in 2019 for their role in the scheme.

The Tribunal found the individuals ‘allowed their instincts and values to be overridden’ and did not scrutinise where pension funds were being invested.

Unfortunately, this scenario is all too familiar for us. We have far too many examples where our clients were badly advised and mis-sold a pension or other financial product. In most cases we have been able to help and get their investment back and recover the maximum compensation they rightly deserve.

Our dedicated team of mis-sold SIPP claims specialists can help you with:

  • Filing your SIPP complaint with your SIPP adviser or SIPP provider.
  • All the paperwork, procedures and any issues that might arise, to avoid any delays, ensuring your claim progresses smoothly and efficiently.
  • Making sure no details have been overlooked or errors made that could see your claim rejected.
  • All correspondence and communications with your SIPP adviser or SIPP provider, and liaising with them on your behalf.
  • Getting your compensation to you without delay, as soon as possible

To find out more on how our experts can help you make a claim for compensation for a mis-sold Sipp, call 0800 046 9976 or email