SIPP Mis-Selling Claims: Kynaston Carnoustie
The Financial Services Compensation Scheme (FSCS) declared Kynaston Carnoustie to be in default in 2014. The news was first reported by the FTAdviser. Kynaston Carnoustie, along with two other IFAs, was the subject of numerous mis-selling problems related to its investment advice on Self-Invested Personal Pensions (SIPPs).
Self-Invested Personal Pensions let nearly anyone take control of their own pension savings. They are vulnerable to abuse because they can include unregulated investments that are not suitable for pensions. The FCA de-authorised Kynaston Carnoustie because of the organisation’s SIPP advice.
Unregulated investments pushed by Kynaston-Carnoustie include these two assets:
Sustainable Agro Energy
If you invested in Sustainable Agro Energy, it’s no fault of your own. It was sold to investors – especially those looking for ‘green’ investments – in a sensible way. Many investors tucked Sustainable Agro Energy into their SIPP plans and thought they were taking steps to earn money and save the world at the same time.
As sold to investors, Sustainable Agro Energy was supposed to give them a chance to invest in Cambodian ‘green-oil’ plantations. The company would foster the harvesting of jatropha trees as a source of sustainable biofuel for all sorts of different uses. In theory, it was a sound alternative to petroleum energy.
Premier Childrens Services
The truth is that Premier Childrens Services offered extremely high risk as an investment. While investors were promised returns between eight and 10 per cent (depending on the amount invested), the odds of losing one’s investment were simply too high for pension planning. Premier Childrens Services entered administration on 14 November 2016. Many concerned investors then contacted theYEC Ltd to try to retrieve pension money.
We’re proud of what we achieved for our PCS clients. Working on a ‘no win no fee’ basis, we successfully forced regulated advisers to take responsibility for the bad advice they provided to their investors. Advising investors to transfer pension funds into a SIPP and invest them in PCS without thorough due diligence was negligent in the extreme.
Received Bad Kynaston Carnoustie Advice? Make A Mis-sold SIPP Claim!
Kynaston Carnoustie is no longer trading and one of their most frequently recommended investments is mired in fraud charges. If you invested based on Kynaston-Carnoustie advice, you may be losing value rapidly. here’s how theYEC can help:
- Relevant Expertise theYEC hires Claims Handlers that have significant legal or financial service experience. This provides them with the skills to advocate strongly on all of our claims. To date, we have recovered more than £31m!
- No Win No Fee Policy We are so confident in our ability to secure favourable results that we can protect you from unproductive fees. We work on a ‘no win no fee’ basis: Unless we win your claim, you need not pay a penny.
- Free Claims Assessment We begin our process with a free, no-obligation assessment to see if you have been mis-sold. You do not need to make any decisions or commitments until we’ve assembled the facts of the matter for you.
- No Paperwork Hassles Some people are turned away from claiming what they are owed simply by the mountain of paperwork that blocks their way. Let us handle all of the paper-shuffling; all you need to do is read and sign!
- Jargon-Free Work Another barrier that prevents worthy individuals from making a claim is the great volume of specialised language used in financial services. We will be happy to clarify any and all definitions and procedures you need to understand. Once you are comfortable with the process, we’ll take your claim forward and give it the best possible chance of succeeding!