Good to know: You do not need to use a claims management company to make your complaint to your pension provider or intermediary. If your complaint is not successful you can refer it to the Financial Ombudsman Service or the Pension Ombudsman yourself for free if the firm is still trading. For eligible failed firms, you can refer a claim to the Financial Services Compensation Scheme for free.

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Forthplus Pensions Ltd is an Edinburgh-based SIPP provider that knowingly mis-sold SIPP pensions. The company is no longer operational but when active had ties to two foreign firms; Planet Pension SRO, previously known as Square Mile Financial Services Ltd that was based in the Czech Republic, and Brunel and Lewis Insurance Advisors, Agents & Sub-Agents Ltd based in Cyprus. It was these companies who would recommend clients transfer their hard-earned pensions and investments into the Forthplus SIPP. As a result, many people lost their retirement savings. Did this happen to you? If so, you may be able to recoup some of your losses. Keep reading to learn more.

What did Forthplus Pensions do wrong?

Using the cover of the Forthplus Pension SIPP, between 2015 and 2018, Planet Pension SRO and Brunel & Lewis advised customers to transfer their pensions into risky funds based in Luxembourg with high charges that were marketed as “standard assets’ via an approved FCA list of regulated funds”. https://www.moneymarketing.co.uk/news/forthplus-sipp-provider-links-to-foreign-ifas-revealed/

Forthplus Pensions Ltd charged a fee of £400 to set up the SIPP fund, but these were not the only costs and other fees applied if you wished to take a regular income from the investment, while a depletion charge was levied if the investment was being drawn on too quickly. One of Brunel & Lewis Insurance Advisors’ customers paid early surrender fees of nearly £9,000 when they tried to withdraw an investment of £81,000. This was despite Forthplus Pensions Ltd telling their customers that there was no penalty for ceasing or varying their contribution amounts. Some of the funds were later suspended with clients losing thousands of pounds of their original investment.

Shockingly, Planet SRO and Brunel and Lewis Insurance advisors were able to trade through the EU financial services passport system. Both companies have since had their passport approvals removed by the financial services regulator. Forthplus Pensions Ltd said it vetted the companies to ensure it was not doing business with unregulated companies but they should have done more to protect their customers’ monies and should never have accepted business from these firms.

Forthplus Pensions Ltd is still very active in the SIPP market today. However, the position is less clear regarding Brunel & Lewis Insurance Advisors, Agents and Sub Agents Ltd, and Planet Pension SRO is no longer trading and is currently being assessed by the FSCS as a failed firm.

Are you entitled to mis-sold SIPP compensation from Forthplus Pensions Ltd?

Did you invest any of your pension funds with Forthplus Pensions Ltd or deal with Planet Pension SRO or Brunel & Lewis Insurance Advisors, Agents and Sub Agents Ltd? If so we can help, the government has made compensation money available for people like you. If Forthplus Pensions Ltd or a connected 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 claims experts can assess your file and determine if you were mis-sold your SIPP pension product.  Apply online today for an information pack to learn more.

Claiming for Free Yourself

Good to know: You do not need to use a claims management company to make your complaint to your pension provider or intermediary. If your complaint is not successful you can refer it to the Financial Ombudsman Service or the Pension Ombudsman yourself for free if the firm is still trading. For eligible failed firms, you can refer a claim to the Financial Services Compensation Scheme for free.