TailorMade Independent was a group of financial advisors that mis-sold SIPP pension funds to clients across the UK. They were incorporated as a private limited company on 25 June 2009 and formally dissolved on 9 July 2016.
The company previously traded under the name The Tailormade SIPP Limited. Were you mis-sold SIPP pension products by any of the advisors at Tailormade? If so, you may qualify for mis-sold SIPP compensation from the Financial Services Compensation Scheme (FSCS).
What did Tailormade Do Wrong?
Tailormade mis-sold SIPP pension products to at least 1661 clients, investing £112.4 million in overseas properties, including Harlequin. The Harlequin Property Scheme was a luxury resort in the Caribbean that promised big returns. However, only 300 of the 6,000 planned properties were ever built.
No one at the firm correctly advised clients. They should have given information about the underlying investment, but only sold the benefits of the SIPP wrapper. This falls far below the level of advice required by law.
These transfers occurred between 2010 and 2013. Advisors at Tailormade invested their clients’ funds into unregulated investments around the world. These included biofuel oil and green oil schemes, farmland, and overseas property. At least 923 clients were advised to invest in Harlequin developments. The company generated £3,081,740 in revenue, and former director Lloyd Pope earned at least £446,912 of that amount.
On 1 July 2018, the Financial Conduct Authority (FCA) made the decision to prevent Alistair Burns, the company’s director, from ever taking on a senior management function again. This decision was based on his “fundamental lack of competence and capability to perform such functions.” He was also fined £60,000. Mr. Pope was fined £23,400 for his role, with the FCA recognizing that he mis-sold SIPP products to his clients.
Are you entitled to mis-sold SIPP compensation from Tailormade Independent?
Did you invest any of your pension funds with Tailormade Independent? Tailormade Independent 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 Tailormade Independent 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 TailorMade Independent Claim
TailorMade Independent 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 TailorMade Independent 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.Apply Now
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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.
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