Mis-Sold SIPP Investments: Douglas Baillie Limited
This is important news for anyone who took financial advice from Douglas Baillie or the firm’s sister company, The Pension Specialists. These companies have lost their FCA authorisation and they may have mis-sold investments to their clients. Now is the perfect time to have their advice double-checked by a professional. If you have been mis-sold, it’s time to explore your options for making a claim.
The FCA’s statement on Douglas Baillie and The Pension Specialists is very clear: “This firm was previously authorised by the PRA and/or the FCA, but it can no longer provide regulated products and services.”
Why are these companies in trouble?
The Financial Conduct Authority first raised concerns about Douglas Baillie’s operations in 2013. In October of that year, the company suspended its pension switching operations. These were formerly run through The Pension Specialists and the website www.thepensionspecialists.co.uk.
The FCA’s problem was that the firm did not perform due diligence and review the individual financial situations of its clients before pushing products. Ensuring that clients are placed in schemes and investments that present an appropriate level of risk is absolutely vital to delivering proper pension advice. Pushing clients toward investments that are too expensive or too risky for their situations is a serious failing.
Douglas Baillie Limited called for a creditor meeting in May 2016. Within weeks, liquidators were appointed to shut down the business and sell off its assets.
Saving Your Retirement: Double-Checking Your Pension Advice
The financial services industry is currently brewing up a serious scandal thanks to pension mis-selling. This is an ideal time to review your pension arrangements thoroughly. When you know how, when, and why your money is invested, you have better control over your future.
Suitability is the watchword today. You need to confirm that your financial adviser recommended investments based on a fair and accurate assessment of your needs and resources.
To return to the case of Douglas Baille, it’ss a matter of public record that the firm has suffered negative Ombudsman decisions regarding its SIPP pension advice. These came after the FCA’s public airing of concerns in 2013. Multiple clients were sold unregulated investments that have been found to be unsuitable for their needs.
Free Advice Checking
Checking your advice now could save you from huge financial problems in the future. We provide all of our initial assessments without any obligation – you do not have to press on with a claim if you do not want to.
People who are especially in need of help include:
- Those who have taken pension advice from Douglas Baillie or The Pension Specialists
- Those who took such advice and then transferred into a Self Invested Personal Pension, or SIPP
- Those who fall outside the definition of ‘High Net Worth Individual,” i.e. earning less than £100k per year
If you fit this profile, please contact us at your earliest convenience. You may be able to make a mis-sold pension claim and recover lost money!