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Heritage Pensions Ltd enters liquidation due to £600k FOS bill

SIPP provider Heritage Pensions Ltd has been forced into liquidation due to a number of upheld Financial Ombudsman Service rulings. In each of the 4 complaints upheld the firm was ordered to pay £150,000 in compensation.

The clients, who were introduced to Heritage Pensions by the now defunct IFA TailorMade Independent were advised by the latter to invest their funds into high risk investments such as overseas property development and carbon credit schemes.

As a result of the liquidation the next step will be for the firm to be declared in 'default' by the Financial Services Compensation Scheme (FSCS), who is currently investigating and will effectively step into the shoes of the firm and pay compensation for eligible claims up to a maximum of £85,000.

Over the past few years, thousands of investors have received compensation for bad pension transfer advice. If you have transferred your pension into a SIPP as a result of financial advice contact Hallbrook today to see if you may have grounds for a complaint.

You do not need to the services of third party to make a claim as both the FOS and FSCS are free to use services. You will also need to make a complaint directly to the firm before it can be referred to the FOS.

Our fees range from 18% to 36% including VAT depending on the amount of compensation awarded but are also subject to a fee cap. This means you will never pay more than £12,000 inc VAT even if the amount awarded is £85,000. Full details of our terms and conditions including the fee structure can be found here.

Hallbrook have successfully recovered in excess of £60million in compensation for clients since 2010. We have the knowledge, experience and determination to seek the financial redress you are entitled to. We are on your side!


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