Berkeley Burke SIPP

Self Investment Personal Pensions or SIPPs, as they are more commonly known, are ‘do-it-yourself’ pensions that are designed for experienced or sophisticated investors who want greater control over their pension and a greater degree of flexibility in the types of investments that their pension makes.

It is important to note that not all SIPPs are mis-sold. If you are unsure if you were mis-sold a SIPP then check out the common mis-selling features below.

It is likely that you were mis-sold a SIPP if you:

Berkeley Burke was a company founded in 2008 that specialised in providing Self Invested Personal Pensions which is often referred to as a ‘SIPP’.

In 2014, following a number of complaints from customers, the Financial Ombudsman Service determined that between 2010 and 2014 Berkeley Burke had failed to undertake the proper level of due diligence when allowing its customers to invest their pension funds into assets that were unsuitable and high-risk.

The Ombudsman therefore held that Berkeley Burke was responsible for compensating clients who had lost money.

Following the Financial Ombudsman’s determination, Berkeley Burke then appealed in 2018 to the High Court against the decision however the High Court held that the Ombudsman had been entitled to arrive at the conclusion they had. Following the High Court’s decision, Berkeley Burke entered into administration and was then subsequently declared in default by the Financial Services Compensation Scheme (‘FSCS’) in April 2020.

This means that if your Berkeley Burke SIPP has lost value you may be entitled to compensation from the FSCS.

1. Did you transfer your pension into a SIPP managed by Berkeley Burke?
2. Did you use the SIPP to invest in assets that have declined in value?

If you have answered yes to any of the above questions, please contact Oakwood Solicitors urgently as we may be able to help!

Contact Oakwood Solicitors free of charge today.

We will assess your case over the phone and provide you with an immediate decision on whether we can assist you in making a claim.

If you are concerned that you may have been mis-sold an investment held within your pension, then do not panic. It may be possible to pursue a compensation claim against the IFA involved in the investment or the provider of your SIPP.

The first step should be to contact a specialist firm like Oakwood Solicitors who will investigate your pension FREE OF CHARGE and advise you if you have a claim. If you have a claim then Oakwood Solicitors will handle the whole claims process for you and will offer advice, support, and guidance every step of the way.

Oakwood Solicitors will act on your behalf on a ‘no-win, no-fee’ basis, giving you complete peace of mind that you will only pay a fee if your claim is successful.

If after investigating your pension we confirm that there is no loss, then you will have the reassurance that your pension is safe and secure and will have obtained this reassurance completely free of charge.

If you prefer, you can raise an initial complaint with the IFA or SIPP provider yourself but many people prefer to instruct a specialist firm with experience of handling SIPP complaints to ensure they achieve the best possible outcome in the shortest timeframe.

If the adviser who sold you the investment is no longer trading or does not have the financial means to pay you compensation then the Financial Services Compensation Scheme (‘FSCS’) assumes responsibility for the adviser and will be responsible for the payment of compensation.

Pensions are complex. To be able to identify a problem with your pension, first of all you have to know what you are looking for. Once you have identified the issue, you then need to be able to articulate the problem with reference to any legal or regulatory frameworks.

By using a solicitor who is a specialist in pension mis-selling you will ensure that you put your best case forward and maximise your chance of success.

We have seen numerous cases in the past where mis-selling victims have pursued a legitimate claim themselves, only to have it turned down due to a technicality or because key grounds have not been particularised.

You have a higher chance of success by working with a Solicitor, who will ensure that there are no technical grounds for turning down your claim and put you in the best possible position to receive what you are owed.

We are a Regulated firm of Solicitors with over 15 years’ experience in financial mis-selling claims

We have successfully recovered in excess of £1.6 Million in the last 12 months

We take the hassle out of the claims process as we do all the hard work for you. We will complete all the necessary paperwork and obtain all the required documentation to support your claim

You will be allocated your own experienced pension claims handler who will keep you fully informed throughout the whole process

There are a number of features that can impact how long a claim may take to conclude. These may include the complexity of the case, whether the claim is against an active adviser who disputes liability and whether the claim has to be pursued through the Courts or through the Financial Ombudsman Service (‘FOS’) or Financial Services Compensation Scheme (‘FSCS’).

As Berkeley Burke has been declared in default, many claims can now be pursued through the FSCS directly. The FSCS claims process is relatively straightforward and we would generally expect the case to be concluded within 6 months.

We operate on a Damages Based Agreement (“DBA”) more commonly known as a ‘no-win, no-fee’ agreement.

If we fail to secure you a settlement, you will not be charged.

If you have a viable claim, then you will be able to recover compensation equivalent to the losses that you suffered.

In addition, you may also be able to recover the charges that Berkeley Burke and/or your financial advisor deducted from your account.