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. Thankfully, the Financial Services Compensation Service (FSCS) has made mis-sold SIPP compensation available for people like you. Our claims specialists can help you determine your eligibility.
What happened with London & Colonial?
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?
Are you entitled to mis-sold SIPP compensation from London & Colonial?
Did you ever invest with London & Colonial or the STM Group? If so, you may be entitled to mis-sold SIPP compensation from the FSCS. 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.
FSCS London & Colonial and STM Group Claim
London & Colonial and STM Group 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 London & Colonial and STM Group. 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.