Did Heritage handle your pension?

Heritage has now written to its clients advising of the proposed sale to PSG SIPP Limited, urging them to consider the following key points:

  • PSG will be the replacement operator of all SIPPs currently operated by Heritage
  • The appointment of PSG will not involve any cost to the clients or their SIPP funds.
  • SIPP terms and conditions, as well was fees and charges, will remain the same following the Acquisition
  • Clients will have the option to transfer their benefits, under their existing SIPP, to another provider if they wish

Update – Heritage Pensions has now been sold to PSG SIPP.

Brooklands SIPP Claims

You may have originally been a client with a Brooklands SIPP & the Brooklands Trustees Limited, which went into administration.

Heritage acquired the client bank at a time when the Brooklands Trustees had a number of provisional FOS adjudications against them.

It was then, when its management decided that it was the right thing to sell the responsibility to manage and run the Brooklands SIPP, in the UK, to Heritage. Any claims for lack of due diligence or regulatory failure fell therefore to the FSCS.

We are aware that Heritage, as so many other SIPP providers, also had accepted some high risk and unregulated investments into their portfolio of approved products, such as Harlequin Property.

Unsuitable Pension Transfer Advice

If you had dealings with the firm and transferred your pension you may be have been given unsuitable advice (we really don’t like using terms like ‘mis-sold pension transfer’ as this is a little more technical and not all advice is automatically unsuitable) you should get the transaction reviewed.

This also applies to you if you have also received statements showing that your pension had been performing very well, when in fact the investments may be illiquid, meaning you could not get access to them.

You may receive letters explaining that you can start to progress a claim for compensation against the Firm, the Financial Ombudsman Services or with the FSCS – free of charge at no cost to you.
Please take the following into consideration:

Your case against the firm may be processed over a number of years with the Financial Ombudsman services.

  • We find that people submit complaints against the wrong firms, or simply fail to include all arguments of the complaint
  • Clients feel overwhelmed with the detailed rejection & jargon
  • Clients simply don’t have the time to deal with queries

The FSCS will only pay compensation once a claim against the IFA has been completed.

  • Was the introducer unregulated was there anyone else involved? You may have to complain against the IFA first and take your argument to the Financial Ombudsman Services
  • You only go to the FSCS with a secondary claim if your losses are greater than the compensation received from the IFA and/or your claim was exhausted
  • You may even be entitled to compensation if you have successfully claimed against any IFA firm which was involved!

The FSCS will calculate your losses

  • Please ensure that compensation is calculated correctly

The FSCS may make an interim payment

  • Whilst you may have suffered a loss, the FSCS may not be able to obtain a true valuation for all of the investments made. Please keep an eye on this so that you don’t lose out
  • If you haven’t progressed your claim correctly or your original provider doesn’t respond the FSCS may only pay compensation calculated on the basis of the pension values which were transferred in

The FSCS may reject your claim

  • Don’t be afraid to challenge it, people make mistakes

Moreover, you may reconsider the use of any company which cold calls you, as they have illegally obtained your personal information and will subsequently pay commission to the guys who sold you the product in the first place – taking further advantage of your situation!

Get Claims Advice

You are eligible to take advantage of our pension claim consulting service, offering claims advice. Please contact us now, as time barring restrictions may apply.

Call our compensation experts for a no obligation chat to explore your options and get a deeper understanding of how we work before deciding on what’s best for you.

And if you have been cold called and have come across our website looking for a better deal, you are on the right track. We offer to carry out the work for a reasonable fee as we don’t buy data from the companies involved and pay them in return!

Why don’t you call us on 0333 358 0074 for an informal chat? We offer a free assessment of your situation and may be able to give you an idea if you are owed money redress.

Please note that if we find that you seem to have a clear understanding and feel confident to deal with the case yourself, we don’t hold it against you!