Elysian Fuels was a collection of companies that mis-sold Sipp pension funds to their British clients. They are in liquidation, and are no longer able to pay back any returns on investment. If you were convinced to exchange your retirement savings from an established scheme to an unregulated Sipp that contained Elysian Fuels, you might have been mis-sold Sipp products.
There are currently 77 different companies registered with Companies House under the name Elysian Fuels. Some are private limited companies, and others are limited liability partnerships. All of these companies are currently engaged in liquidation proceedings or have been formally dissolved.
They were located at one of three addresses: 30 Finsbury Square, London, EC2P 2YU; 27-28 Eastcastle Street, London, W1W 8DH; and 10 Old Burlington Street, London, W1S 3AG.
Did your financial advisor fail to accurately assess your financial situation and recommend you invest in Elysian Fuels? If so, you could be entitled to mis-sold Sipp compensation from the Financial Services Compensation Scheme (FSCS). With the help of our claims experts, you could recoup some or all of the money you lost.
What Happened with Elysian Fuels?
In 2013, the first Elysian Fuels company was launched as a part of a Grimsby Bioethanol plant. This was a large endeavor with more than £200 million of funding, 90% of which came from mis-sold Sipp pension funds. Elysian Fuels was touted as a ‘green investment,’ attracting people interested in ethical trading. Football manager Rafael Benitez and other professional footballers got involved, and a number of high-profile bankers.
Things were going well until the price of oil tanked, and the Channel Island Stock Exchange removed Elysian from their listings. Investors lost their retirement savings, and those who had been mis-sold Sipp products were left with no recourse. Thankfully, the FSCS has now made mis-sold Sipp compensation available for people scammed by the Elysian Fuels debacle.
Are you entitled to mis-sold Sipp compensation from Elysian Fuels?
If you were mis-sold Sipp pension investments in Elysian Fuels without being made aware of the risks, you could be eligible for mis-sold Sipp compensation. Your advisor should have thoroughly analyzed your income, investment holdings, and debt before recommending an unregulated Sipp.
- Did your financial advisor push you to invest in Elysian Fuels, or use high-pressure sales tactics?
- Did your advisor fail to clearly and accurately explain the risks of pension transfer and investment to you?
- Was your financial situation, including investments, income, and debt, ignored?
- Were you misled about fees and charges?
- Did you know that if you exceeded the £40,000 tax-free limit, you would incur 55% income tax?
- Was your advisor clear that your investments were risky and would depend on the performance?
If you can answer ‘yes’ to any of these questions, you could make a successful mis-sold Sipp claim. Our expert claims team is happy to help you with your questions and the entire claims process. Apply online today for an information pack to learn more.
FSCS Elysian Fuels Claim
Elysian Fuels 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 Elysian Fuels. 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.