Aegis Power Bonds, on the face of it, offered a tempting investment – the chance to earn money while investing in renewable wind farm energy in the UK. While the fund was open to all financial investors, Aegis is associated with one firm in particular: Beaufort Securities Limited.
While Beaufort Securities Limited touted Aegis as a safe, solid opportunity, the reality was unfortunately much different. In reality, it was an unregulated, high-risk investment, and it fell short of investor expectations. Joint administrators were appointed to the fund in August 2016, and the administration ended on 3rd March 2020.
Many investors wanted to do the right thing and invest in clean energy – but they were tricked. Clients were assured by Beaufort Securities that Aegis Power Bonds was a strong choice for their pension funds, but the reality was far from the case.
Unsuspecting investors were convinced to move their pension savings from stable schemes into high-risk SIPPs, and they lost all of their money. While some SIPPs are safe options, too many advisors mis-sold SIPP pension plans and tricked their clients into scams. By June 2016, the company was suspended from the Cyprus Stock Exchange because they didn’t publish their annual financial reports.
Soon, it became clear that the company could not finance its wind turbine projects. Despite all of the money it bilked out of clients, they ran out of funds.
To date, the Financial Services Compensation Scheme (FSCS) has paid out more than £4.75m on 318 mis-sold SIPP claims for Aegis Power Bonds, all involving stockbroker Beaufort Securities Limited.
The Financial Services Compensation Scheme (FSCS) has made mis-sold SIPP compensation available to people like you. If Beaufort Securities Ltd or any other advisor convinced you to put your pension money into their investments, only for that investment to fail, you might qualify for mis-sold SIPP compensation.
Our pensions team can advise on whether you could qualify for mis-sold SIPP compensation. Apply online today for an information pack to learn more.
Beaufort Securities Limited, who peddled Aegis Power Bonds as a sound investment, has been declared in default by the Financial Services Compensation Scheme. This means that the UK’s compensation scheme for failed financial services firms will pay compensation for valid mis-selling claims. Allegiant can assist you with claims to the FSCS about Beaufort Securities Limited and Aegis Power Bonds. Fill in our online application form to get started.
In this article, Allegiant’s Pensions & Investments Manager, Andy Ramsay, explores the fundamental differences between between the Court and Ombudsman routes for resolving pension & investment claims. The article highlights key differences in:-
Andy further explores out-dated preconceptions about Claims Management Companies. This short summary is essential reading for anyone planning on making a pension or investment claim with the assistance of a CMC or law firm.Click to Read
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The Financial Conduct Authority (FCA) has identified ‘serious and ongoing failings’ by both Individual Financial Advisers (IFAs) and Self-Invested Personal Pension Providers. Typically, mis-selling is related to the “wrong” type of investor being given poor or misleading advice as to what investments were relatively safe and right for them. In this summary, we look at What a SIPP is, and how they have been mis-sold, together with the FCA’s review into sector malpractice.Click to Read
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Once we've assessed claim prospects, we make a pension complaint to the Ombudsman or FSCS, where appropriate
Pension complaint response received. We'll carefully analyse the response and advise you on how to proceed.
If appropriate resolution cannot be reached with a live firm, and we disagree with their stance, we will refer the claim to Ombudsman on your instruction.
Allegiant always aligns great value with exceptional service. This winning formula has seen us emerge as one of the UK’s pre-eminent Claims Management Companies in recent years. See why Allegiant is a great choice below. *All information correct as at 28 August 2021.
How our fees work in practice:
• Compensation is £1,000, the fee is £150 plus VAT £30. This means the amount payable to us is £180 leaving you with the benefit of £820.
• Compensation is £3,000, the fee is £450 plus VAT £90. This means the amount payable to us is £540 leaving you with the benefit of £2,460.
• Compensation is £10,000, the fee is £1,500 plus VAT £300. This means that the amount payable to us is £1,800 leaving you with the benefit of £8,200.
NB. It is possible that our fee may become payable before you have access to your pension or investment which may result in you having to pay our fee from your own funds.
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You can cancel by post: Allegiant Finance Services Limited, Freepost RTYU–XUTZ–YKJC, 400 Chadwick House, Warrington Road, Birchwood Park, Warrington, WA3 6AE; (b) by email: email@example.com; (c) by telephone: 0345 544 1563; or (d) online at https://allegiant.co.uk/legal/cancellation.
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