Cyprus One Limited was a mis-sold SIPP fund, sold predominantly by Kingsway Wealth Management. Clients across the UK were advised to transfer their pension funds from reliable and stable pension schemes into unregulated SIPPs, which included unregulated investments, such as Cyprus One. Were you a victim of Kingsway Wealth Management’s bad advice? If so, you could be eligible for mis-sold SIPP compensation.
Cyprus One Limited is no longer active, and that means you cannot claim any returns from your investment. However, the Financial Services Compensation Scheme (FSCS) has made mis-sold SIPP compensation available for people like you.
Kingsway Wealth Management championed this fund; they are no longer trading.
Cyprus One Limited claimed to offer investors the opportunity to invest in residential apartments in Limassol, Cyprus. Advisors at Kingsway Wealth Management assured clients that the investment was stable and strong, but in reality, it was unsecured and extremely high-risk.
Kingsway Wealth Management has been ordered by The Financial Ombudsman Service to compensate at least one client who invested in residential apartments in Limassol, Cyprus. However, now that they are in Administration, they will no longer be able to pay out on these claims. Clients who have dealt with Kingsway Management, or who were advised by anyone to invest in Cyprus One, should seek mis-sold SIPP compensation from the FSCS.
Are you entitled to mis-sold SIPP compensation from Kingsway Wealth Management?
Did you invest any of your pension funds in Cyprus One Limited on the advice of Kingsway Wealth Management or any other firm? Kingsway Wealth Management is now officially dissolved, and they can no longer pay out any returns. However, the Financial Services Compensation Scheme (FSCS) has made mis-sold SIPP compensation available to people like you. If a Kingsway Wealth Management 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 claims experts can advise on whether you could qualify for mis-sold SIPP compensation. Apply online today for an information pack to learn more.
FSCS Kingsway Wealth Management and Cyprus One Limited Claim
Kingsway Wealth Management 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 Kingsway Wealth Management. Fill in our online application form to get started.
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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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