Heritage Pensions Ltd was a Bedfordshire based SIPP operator that was authorised and regulated by the Financial Conduct Authority. Heritage Pensions Ltd failed to perform proper due diligence when accepting applications for Self-Invested Personal Pensions (SIPPs). As a result the Financial Ombudsman Service (FOS) ordered it to pay in total £600,000 split between four investors. Unable to pay the compensation that the FOS instructed them to, a decision was made to place the firm in liquidation. The directors have appointed Paul David Williams and Edward Robert Bines of Kroll Advisory Ltd as Joint Liquidators.
Heritage Pensions Ltd was incorporated as a business on 2 October 2007 and operated from 1 Furzton Lake Shirwell Crescent Milton Keynes MK4 1GA and 6 Doolittle Mill, Froghall Road, Ampthill, Bedford, MK45 2ND while in operation.
Their last accounts were made up to 30 April 2021 and their last statement was dated to 02 October 2021. The company has two active Directors and seven resignations throughout its lifespan: Richard John Petts (Director), Colin Bertram Worbey (Director), John Stuart Hanson (resigned), Robert Ian Bray (resigned), Michael Crosbie (resigned), Mark Innes Hancock (resigned), Yashwantkumar Jadavji Naran Tosar (resigned) and Michael Frederick John Williams (resigned).
The company is classed as a failed firm since 17 March 2022, and you will not get a penny from them. However, the government has made compensation available for people like you.
The Financial Services Compensation Scheme (FSCS) is accepting claims about Heritage Pensions Ltd. Were you mis-sold SIPP or pension products by any of the advisors at Heritage Pensions Ltd? If so, you may qualify for mis-sold pension or SIPP compensation from the Financial Services Compensation Scheme (FSCS).
SIPP operators have the responsibility as the gatekeeper for their client’s monies and should perform checks on any agent or investment introduced to them in relation to the SIPP. Heritage Pensions Ltd did not do this.
Heritage Pensions Ltd had an agreement in place with Tailor Made Investments (TMI) which allowed TMI to advise its clients to use Heritage Pensions Ltd’s SIPP. In 2013, the FCA restricted TMI’s permissions and TMI has since dissolved.
All four claims said Heritage “failed” in its regulatory duties to conduct due diligence when accepting applications for SIPPs, saying it did not carry out appropriate checks on the adviser which recommended the transactions. Two claims also said Heritage did not carry out checks on the investments to be held in SIPP, while the other two said it did not carry out checks on the investment the SIPP was to be used for.
Heritage has also been in difficulties after acquiring the client bank of the Brooklands Trustees when it had a number of provisional FOS adjudications against them.
FOS currently has around 40 open cases against the firm Heritage Pensions Limited.
On 18 November 2021, the sale of Heritage’s SIPP book to PSG SIPP was completed. PSG SIPP is an FCA-authorised and regulated SIPP Operator. Heritage stopped administering any personal pension schemes at this time and Heritage Pensions are now administered by PSG SIPP.
Heritage Pensions Ltd has been declared in default by the Financial Services Compensation Scheme and they can no longer pay out any returns. 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 Heritage Pensions Ltd. Fill in our online application form to get started.
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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
Pre complaint investigation and analysis. No paperwork? Don't Worry! We could still help.
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.
As of the 1st March 2022 we have implemented a new fee structure which we have explained below. If you signed your contract with us prior to the 1st March 2022, please refer to your signed claims pack for our previous fee terms.
Our fees are owed upon a successful claim and will depend on the Gross Compensation you receive. “Gross Compensation” means the amount awarded to you whether this is paid directly to you or paid into an investment or pension, and prior to any deduction of any income tax due to HMRC on your award. Please refer to the definition of “Gross Compensation” and Section 5 of our Terms of Engagement for further information including a table showing how our fees work in different scenarios.
If successful, your fee will be calculated based on which band your redress falls into and will be charged by whichever is the lowest of:
The below table outlines the redress bands, the maximum percentage rate of charge and the maximum total charge is for each band.
|Band||Redress||% Charge (with VAT)||Maximum charge (with VAT) (£)||Maximum charge (without VAT) |(£)|
|1||1 – 1499||36%||504||420|
|2||1,500 – 9,999||33.6%||3000||2500|
|3||10,000 – 24,999||30%||6000||5000|
|4||25,000 – 49,999||24%||9000||7500|
Examples of how this would work in practice:
|Band||Lower example||Higher example|
|1||You receive £100 in redress; our fee would be £36.||You receive £1499 in redress; our fee would be £504.|
|2||You receive £1,600 in redress; our fee would be £537.60.||You receive £9,999 in redress; our fee would be £3,000.|
|3||You receive £12,000 in redress; our fee would be £3,600.||You receive £24,999 in redress; our fee would be £6,000.|
|4||You receive £30,350 in redress; our fee would be £7,284.||You receive £49,999 in redress; our fee would be £9,000.|
|5||You receive £55,000 in redress; our fee would be £9,900.||You receive £100,000 in redress; our fee would be £12,000.|
Please note, the above fee examples are for illustration purposes only. They are not an estimate of the likely outcome or fee you will need to pay. Each claim depends on its own merits.
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
You can cancel for free at any time within 14-days without giving any reason and without incurring any liability. You can communicate your cancellation by telephone, post, email or online.
You can cancel this agreement at any time after the 14-day cancellation period. However, if a complaint submitted by us is successful, the Success Fee will apply in the usual way.
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 protected]; (c) by telephone: 0345 544 1563; or (d) online at https://allegiant.co.uk/compliance/cancellation.
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