New Earth Recycling was a fund concerned with green technologies and recycling, operated by the Premier Group on the Isle of Man. Thousands of British investors were mis-sold Sipp products and convinced to invest in New Earth. Did your advisor fail to warn you about the risks of unregulated funds, such as New Earth Recycling? If this is the case, you may be entitled to mis-sold Sipp compensation.
In July 2016, New Earth Solutions Group revealed that the £9 million they owed to their creditors would not be paid back. More than £4 million of this amount was owed to investors who were mis-sold Sipp pension funds. Their financial advisors had convinced them that green funds, such as New Earth Recycling, were a good idea. Does this sound familiar to you?
Though the fund was registered to a Dorset address in England, it was operated by the Premier Group, based on the Isle of Man. The Isle of Man Financial Services Authority (IOMFSA) has now revoked the Premier Group’s license.
Did your financial advisor alert you to the high-risk nature of New Earth Recycling? Did they make you aware that it was a non-standard asset, and as such, was unregulated by the Financial Conduct Authority (FCA)? New Earth recycling should have only been recommended to High Net Worth Individuals with more than £100K per annum and/or investment assets of more than £250K. If you were advised to remove your pension savings from a reliable scheme and invest in a high-risk SIPP instead, you may have been mis-sold Sipp products.
Our claims experts will go through your case and assess your investment history to determine if you qualify for mis-sold SIPP compensation. Apply online today for an information pack to learn more.
FSCS New Earth Recycling Claim
New Earth Recycling 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 New Earth Recycling. 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.