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Between 30th October 2013 to 8th July 2015, 879 customers switched or transferred their pensions into a SIPP (Self-Invested Personal Pension) based on the advice given to them by Henderson Carter Associates.
This resulted in over £35 million being switched or transferred from customers’ pensions to SIPPs investing in high risk, illiquid assets that were unlikely to be suitable for them, thereby exposing them to a significant risk of loss.
In September 2016 the firm was asked by the Financial Conduct Authority (FCA) to stop all pension switching or transfer business and told not to dispose of their assets ‘without the prior consent of the FCA’.
It was also instructed to restrict its business with introducers Hennessey Jones (its appointed representative and a lead generator), Holistic Wealth Management and City Administration Limited.
The FCA discovered that Henderson Carter Associates were receiving introductions from Hennessey Jones and others to facilitate customers moving their pensions into SIPPs investing in high risk, illiquid assets that were not regulated by the FCA, in which Hennessey Jones had a material financial interest.
This interest was not disclosed to customers and Henderson Carter Associates turned a blind eye to the obvious conflict of interests that this created.
The FCA had serious concerns about the suitability of the advice that Henderson Carter Associates were giving to customers and consequently placed restrictions on the type of investment that they could offer.
The FCA intended to impose a financial penalty of £239,900.00 on Henderson Carter Associates for their conduct however as Henderson Carter Associates entered liquidation on the 15th February 2015 the FCA determined that such a financial penalty would not be satisfied.
Aiden Henderson, the Director of Henderson Carter Associates received a ban and a financial penalty of £179,179.00.
Have you been affected?
1. Did Henderson Carter Associates or Hennessey Jones advice you to transfer your pension?
2. Has your pension decreased or been lost completely?
If you answered yes to either of the above questions please contact us urgently as we may be able to help.
Contact Oakwood Solicitors free of charge to find out if you are entitled to compensation on a ‘no-win, no-fee’ basis.
We have helped clients to recover thousands of pounds in compensation from Henderson Carter Associates and may be able to help you too.
We offer a free initial consultation whereby we will discuss the circumstances of your pension transfer with you to ascertain if you have a viable claim.
If we identify that you have a viable claim, then we can assist you in recovering any losses you have suffered on a no win no fee basis. This gives you complete peace of mind that you will not be required to pay any upfront costs and will only pay for our services if we are successful with your claim. On successful completion of your claim Oakwood Solicitors fees are a fixed 30% (plus VAT) of any compensation that you are awarded.
If we are unsuccessful, you will not be required to pay anything.
We cannot provide an exact figure until we have completed our initial investigation as the level of compensation will depend on a number of factors, namely whether your adviser was regulated or unregulated and whether the adviser is still trading or not.
In the event the advisor was regulated and is no longer trading, there may be a cap on the level of compensation we can recover via the Financial Services Compensation Scheme (FSCS).
In the event the advisor was not regulated we would seek to have the pension reinstated with your previous pension provider.
We have recovered thousands of pounds already for a number of our clients, and could also help you.
When you instruct us, you can expect a friendly, down to earth approach, together with an extensive knowledge of the field which will be used to fight tenaciously to achieve the maximum level of compensation possible for you.
We are able to act for you on a no-win, no-fee basis, meaning that there is no risk to you, and you will not be charged if the claim is unsuccessful.
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