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What's gone wrong?

Over the last decade, more than 45,000 people, just like you, were unhappy with their pensions, having moved billions of pounds into different kinds of pension scheme. More often than not, people took advice from regulated financial advisers, with the help of specialist pension providers. But this financial advice was flawed.


Clients were encouraged to invest in 'non-standard' investments promising high returns, like property development schemes, hotel rooms, forestry and farmland or shares in private companies. These are high-risk investments that aren't suitable for most people's pensions. And in many cases the amount taken out in fees and management charges meant they could never succeed.

Financial Advisers

Financial Advisers (FAs) may often have been involved in the process, advising on opening a new form of pension such as a SIPP, as a means of enabling the investment. They often helped to arrange for clients to transfer funds from existing pensions into the SIPP.

SIPP Providers

The specialist SIPP Providers were sometimes either complicit in this wrong-doing or were culpably negligent. They routinely charged excessive fees to open the new pension and then continued (and still continue) to charge excessive annual management fees, even though they knew all along that the advice to open the pension was flawed.