HBFS Financial Services mis-sold SIPP pension funds to British clients between 2004 and 2016 and failed to pay returns owed. The company operated from 2010 to 2015 – the Financial Conduct Authority (FCA) no longer authorizes them to trade. They were officially dissolved in 2016. Did you invest with HBFS Financial Services?
What did HBFS Financial Services Do Wrong?
Freddy David used the legitimate cover of his company to run a parallel scam between 2005 and 2017 that has been described as a Ponzi scheme. David convinced investors, some of whom he knew personally, that their monies were being held in a high-interest bank account that was offering between four and eight percent interest annually but the money was locked in for various time periods of between three months and five years. The investments made by victims varied between £20,000 and £750,000 per person. Large sums of money were then transferred into David’s personal bank accounts for his own use as well as being used to pay other investors their “monthly interest”. Once David received the funds, he used the monies “to fund his gambling habit”, as well as for paying his children’s school fees and holidays abroad.
In addition to mis-sold SIPP pensions, Mr. David sold false investments in an imaginary ‘Bank of Scotland’ account. He never actually invested his clients’ money into the SIPP funds he sold them, and instead pocketed the money to use for his own private gains.
He is currently serving concurrent four and six-year prison sentences for fraud and deception after being convicted in 2018. He defrauded at least 55 people of at least £14.5m. Did you deal with HBFS or Freddy David during this time period?
Did you ever invest with HBFS Financial Services? Even though this company is now formally dissolved and no longer authorized to trade by the FCA, you may still be entitled to mis-sold SIPP compensation. They cannot offer you any returns on your past investments, but you may be able to recoup your losses via mis-sold SIPP compensation from the Financial Services Compensation Scheme (FSCS).
If you ever dealt with Freddy David, you should have a claims expert look over all of your transaction records. Even though he is in prison and can no longer offer you returns on your investments, you may be able to access funds through the Financial Services Compensation Scheme. Our experts can assess your file and determine if you were mis-sold SIPP pension products and therefore qualify for the scheme. With our advice and assistance, you can apply for mis-sold SIPP compensation. Apply online today for an information pack to learn more.
FSCS HBFS Financial Services Claim
HBFS Financial Services 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 HBFS Financial Services. Fill in our online application form to get started.
You do not need to use a claims management firm to make your claim and if your complaint is not successful you can refer it to the Financial Ombudsman Service or in the case of a failed firm, the Financial Services Compensation Scheme, for free.Apply Now
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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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• Compensation is £1,000, the fee is £250 plus VAT £50. This means the amount payable to us is £300 leaving you with the benefit of £700.
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