InvestUS was an investment fund sold to clients across the UK. In many cases, advisors did not accurately explain this fund’s risks, prompting concern that they were not meeting the Financial Conduct Authority (FCA) rules. In theory, the fund was meant to purchase foreclosed properties across the US, starting first in Detroit, Florida, and Chicago. They would then renovate the properties and sell them for a profit. However, this is not what happened, and investors lost their pension savings. Did this happen to you?
InvestUS was run by the UK’s Steven Right, who also founded Cherish Wealth Management, a company that mis-sold Sipp pension plans. The fund ran from July 2013 through to the end of June 2015, and was registered in Seychelles. At least £77 million was invested in the scheme, via cash or Sipp. The Financial Services Compensation Scheme (FSCS) awarded more than £7m in mis-sold Sipp compensation for Cherish’s clients.
Hundreds of British advisors mis-sold SIPP pension funds to their clients without properly explaining the risks. Did your advisor suggest a fund like InvestUS to you without accurately detailing that it was a high-risk investment? If so, you could qualify for mis-sold SIPP compensation.
While the InvestUS Exit Strategy was initially deemed a ‘creative solution’ to help remedy the US class divide, it ultimately ended in ruin for thousands of investors worldwide. The fund’s promotional materials suggested a net return of 15% per year over three years. They also promised that the returns would be reinvested in the scheme.
The first payment went out to investors with no issues. However, the remaining payments were delayed for more than two years, or never materialized. Auditors ruled this to be a conflict of interest. Concerningly, they stated, the “information available to date had been inhibited by the lack of detailed accounting… we are unable to provide evidence of the borrowing companies’ finances.”
Many complaints and claims have been made to the Financial Ombudsman and the FCA, as many Independent Financial Advisors sold this fund while also investing in it themselves
If an InvestUs 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 advise on whether you could qualify for mis-sold SIPP compensation. Apply online today for an information pack to learn more.
If a financial advisor advised you to invest in an unregulated investment such as InvestUs , it is still possible to claim compensation. Where the advisor is still operating, a claim can be pursued against the financial advisor via the Financial Ombudsman Service (FOS).
If an advisor is no longer operating, the Financial Services Compensation Scheme (FSCS) pays compensation for valid mis-selling claims against any financial advisor who has been declared in default by them.
If your pension included investment in InvestUs, you could be entitled to compensation.Apply Now
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
You may have heard of the Financial Services Compensation Scheme (FSCS), but do you fully understand its vital role within the UK’s financial services sector? In this short piece, we look at:-
This article will be of particular interest to anyone with a potential compensation claim against a financial service provider that has collapsed.Click to Read
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
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How our fees work in practice:
• 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.
• Compensation is £3,000, the fee is £750 plus VAT £150. This means the amount payable to us is £900 leaving you with the benefit of £2,100.
• Compensation is £10,000, the fee is £2,500 plus VAT £500. This means that the amount payable to us is £3,000 leaving you with the benefit of £7,000.
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