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What a great service
Just asked simple questions and got on with the job and got £5,000 back in my bank account. Thanks!
- M. Bob
Financial Litigation Department
Very courteous and professional service. Was kept well informed and was delighted with the result and speed of outcome.
- J. Fowlie
At all times, Junaid was professional, polite, competent, and efficient. A pleasure to do business with. I commend him and all at Oakwood for an outstanding service.
Refund for lost investment
Successfully argued my case and won me a refund of over £13,000! I was informed about the proceedings throughout and at all times found them very polite and considerate. I am very grateful.
- S. Pleydell
recovered by Oakwood Solicitors for clients in the last 12 months.
has been paid out by the FSCS to customers of failed financial firms
has been set aside by the FSCS for pension claims in 2020/2021
Oakwood Solicitors Ltd specialises in Financial mis-selling claims. We have a Financial Litigation team dedicated to assisting clients who have lost money as a consequence of negligent advice in relation to a financial product, such as a pension or an investment.
What is a 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.
How do I know if I’ve been mis-sold a SIPP?
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:
Were not given the full cost breakdown for management fees or additional costs attached to the investment
Invested without fully receiving an explanation of the risks including the potential to lose your pension
Were cold called by a 3rd party company
Had been told your investment would grow considerably and would provide a large return
Were pressured into acting quickly or because you were told you would risk losing out
Were told that you could take a large lump sum of cash out of your pension or access the pension before your retirement age
What went wrong with Berkeley Burke SIPP?
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.
Have you been affected?
If you have answered yes to any of the above questions, please contact Oakwood Solicitors urgently as we may be able to help!
What should you do if you received advice to invest your pension into Berkeley Burke?
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.
What are my options?
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.
Why should I use a solicitor?
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.
Why choose Oakwood Solicitors?
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 operate on a guaranteed No-Win, No-Fee basis. If successful we charge 30% plus VAT of the award of compensation
Our charges are some of the lowest in the market when compared with other Solicitors and Claims Management Companies (CMC’s)
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
How long does a claim take?
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.
How much will a claim cost?
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 we successfully recover compensation, then our charges are 30% plus VAT of any compensation payment.
These charges will be deducted from the compensation payment at the end of the claim process.
How much compensation will I receive?
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.
By way of illustration, if you lost £10,000 then you will receive £10,000* in compensation. (*minus Oakwood Solicitors Ltd‘s fees of 30% plus VAT)
Provide us with some information about your pension transfer and we will advise you if you have a viable claim. There is absolutely no obligation to proceed. You can provide information or get in touch by:
Danielle joined the firm as a Paralegal in 2011 and qualified as a solicitor in October 2014. She has acquired extensive experience in high value, complex litigation traversing numerous practice areas.
Danielle is a specialist in financial mis-selling matters with a particular interest in pensions and investments.