London & Colonial is a financial services company that created and sold investment opportunities in SIPP products. However, they did not always ensure that their clients were suitable for these risky funds. London & Colonial, now owned by the STM Group, may have mis-sold SIPP products to people across the UK, but they are no longer able to pay any compensation owed from these investments. Did you deal with London & Colonial? If so, you need to keep reading.
If you invested your retirement savings into a London & Colonial SIPP, you might have been mis-sold SIPP pension products. Our claims specialists can help you determine your eligibility.
London & Colonial was a trusted pension provider for more than three decades. They were known for their SIPP funds, which they administered for more than 2,000 clients. The company generated annual profits of over £1 million from their SIPP products alone, and they had a strong reputation across the UK and beyond. However, this was soon to come to an end.
From 2012 onwards, London & Colonial’s SIPPs started to falter. They only turned a £38k profit in 2015, leading industry experts to worry about the future. In 2016, the company was purchased for £5.4 million by the STM Group, based in Gibraltar. They had high hopes for London & Colonial, but the bad news kept coming.
In October 2017, Alan Kentish, STM Group’s chief executive, was arrested in Gibraltar for tax disputes. STM was soon suspended from trading on the London Stock Exchange’s Aim market. Deloitte was soon tasked with a massive internal audit, and although they did not present any evidence against London & Colonial, the smaller firm’s reputation was tarnished by association.
Now, many of London & Colonial’s former clients are wondering if they were mis-sold SIPP pension products. Does this sound familiar?
Did you ever invest with London & Colonial or the STM Group? If so, you may be entitled to mis-sold SIPP compensation. If your advisor failed to accurately explain the risks of investing in unregulated funds or misled you about your pension savings, you could recoup your lost savings.
Our claims experts can help assess your case and determine your eligibility for mis-sold SIPP compensation. Apply online today for an information pack to learn more.Apply Now
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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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