claims Management specialists 
working to get the compensation you deserve

Innovation Contracting is a Claims Management

No Win No FEE

Case Studies.

Case studies

Clients for whom we have successfully recovered their lost pension fund monies.

The utilisation of our financial services and claims experience, has resulted in successful compensation claims and substantial recovery of invested funds, previously thought ‘lost’ by many of our clients.

In some of these cases the successful recovery has been achieved even though FSCS (Financial Services Compensation Scheme) /FOS (Financial Ombudsman Service have initially rejected the claim.

Some examples are listed here:

Advice to transfer her NHS Superannuation Scheme to a Self- Invested Personal Pension (SIPP).
Client:- Mrs. D.
Awarded The Maximim Amount allowed at the time £50,000.
Case Study 1

Mrs. D was advised by a regulated Independent Financial Adviser (IFA), now subsequently shut down by the Financial Conduct Authority (FCA), to transfer her NHS Final Salary Pension to a SIPP and invest into Storefirst Storage in September 2012.

In December 2016, concerned about her future pension Mrs D complained to the SIPP company, without any resolution. Innovation was appointed to investigate the situation and a complaint was submitted to the FSCS in December 2017.

Following a successful complaint, Mrs D was compensated the maximum amount available at the time ,£50,000( Fees and VAT apply) on the 4th April 2018, for unsuitable advice from the IFA.

Key Points re Mis-Selling:-

The Financial Conduct Authority have made it clear that transferring out of a Final Salary Pension Scheme is unlikely to be in the member’s best interests.

Pension fund investments in unregulated /alternative investments are unlikely to be appropriate for the vast majority of ‘Retail Clients’ and should not represent more than 5-10% of a portfolio.

Advice to transfer his Occupational Pension Scheme and Personal Pensions into a Qualifying Recognised Overseas Pension Scheme (QROPS).
Client:- Mr. P.
Awarded The Maximim Amount allowed at the time £50,000.
Case Study 2

Following advice from a regulated IFA (no longer active), Mr P transferred both his Final Salary Employer pension with Lafarge, and personal pensions with Zurich into a QROPS, operated in Gibraltar, in March 2014.

Mr P was concerned that the unregulated investment held within his pension was failing at a time he was looking to take tax free cash. Mr P’s claim was submitted to the FSCS in February 2018 and the maximum amount of compensation available at the time £50,000 was received on the 29th May 2019, for unsuitable advice from the IFA.

Key Points re Mis-Selling:-

A QROPS pension scheme is designed for an investor who is already living abroad or has serious plans to move away from the UK soon.

The Financial Conduct Authority have made it clear that transferring out of a Final Salary Pension Scheme is unlikely to be in the member’s best interests.

Pension fund investments in unregulated /alternative investments are unlikely to be appropriate for the vast majority of ‘Retail Clients’ and should not represent more than 5- 10% of a portfolio.

Pension Schemes and Investment Products operating outside UK jurisdiction, have significant potential to litigation and illiquidity and loss.

Advice to transfer from Personal Pensions to a SIPP investing in unregulated, alternative investments.
Client:- Mr. R.
Awarded The Maximim Amount allowed at the time £50,000.
Case Study 3

The late Mr R was advised by a regulated IFA (no longer active) to transfer his two personal pensions into a SIPP and then invest £40,887 into the ABC Business Centre’s Bond in March 2015.

Mr R believed that the problems he subsequently experienced with this investment affected his health.

Unfortunately, Mr R died prior to the submission of his claim. With Innovation’s assistance his widow was able to obtain the necessary documentation and a claim was submitted to the FSCS.

Mrs R received both an interim payment of £9,112.67 on the 18th June 2019 and then a final payment of £40,887.33 on 16th March 2021, representing the maximum £50,000 (Fees and VAT apply) for unsuitable advice from the IFA.

Key Points re Mis-Selling:-

In the unfortunate event of the death of the member/investment holder, his/her beneficiaries may well be able to make a claim and recover pension fund monies.

Advice to invest CASH into alternative investments.
Client:- Mrs. W.
Awarded The Maximim Amount allowed at the time £50,000.
Case Study 4

Following our successful recovery of lost pension fund monies for her husband, Mrs W approached Innovation, as she was concerned with the lack of performance of her ‘mini - bond‘ investment in Dolphin Capital.

Mrs W had been advised by a regulated IFA to invest £50,000 from her personal bank account into a bond in August 2015.

Initially the FSCS rejected Mrs W’s claim on the basis that “Your claim is not covered by our rules”.

Innovation responded to the FSCS with a comprehensive analysis of both the circumstances, relevant rules and regulations, resulting in the FSCS reopening the claim.

Mrs W received compensation of the maximum £50,000 (Fees and VAT apply) on the 20th August 2021, on the basis of unsuitable advice from the IFA.

Key Points re Mis-Selling:-

In relation to the Parameters of FCA regulation (reviewed in detail by The Rt. Hon. Dame Elizabeth Gloster DBE. - Report of the Independent Investigation into the Financial Conduct Authority’s Regulation of London Capital & Finance plc, 23 November 2020) the involvement of an IFA /Regulated entity will more than likely mean FCA responsibility for the transaction/process. This can now apply to ‘mini-bonds‘ in certain circumstances.

Failure by the Product/Company to meet contractual rental/ interest /repayment timetables, is a warning sign which may well lead to a mis-selling claim.

Advice to transfer a personal pension into an overseas QROPS.
Client:- Mr. S.
Awarded compensation of £45,005.
Case Study 5

At the age of 62 Mr S was advised by a regulated IFA to transfer his Zurich Personal Pension of £50,594 into a QROPS with the STM Group based in Gibraltar. The transfer took place in November/December 2014.

Mr S had been looking to semi-retire at the time. However, 44% of his pension was invested in unregulated alternative investments that failed.

Innovation submitted the claim for Mr S in May 2018. In the interim Mr S was able to secure tax free cash of £12,648, to assist his semi-retirement. Compensation of £45,005 (Fees and VAT apply) was paid by the FSCS in September 2018 for unsuitable advice.

Key Points re Mis-Selling:-

Advice to transfer your pension in close proximity to when you planned to take retirement, should be questioned and reviewed.

Advice to transfer into a QROPS, when you have no intention to leave the UK, is likely to be unsuitable and should be investigated.

Advice to transfer out of the Civil Service Final Salary Pension Scheme, into a SIPP investing in The Eco Resources Fund PCC plc.
Client:- Mr. V.
Awarded The Maximim Amount allowed at the time £50,000.
Case Study 6

In 2014 Mr V was advised by a Cyprus IFA, passported into the UK and listed on the Financial Conduct Authority’s Register, to transfer his Civil, Service pension into a SIPP investing in The Eco Resources Fund PCC plc.

The adviser told him that the investment was ‘low -risk’ and offered good returns better than in his existing scheme. Mr V transferred £50,707 from his Civil Service Scheme to the SIPP as advised.

In Mr V’s own words’ the value of his SIPP had crashed’, he felt he had lost all of his future pension benefits.

Mr V contacted Innovation in August 2019 and following a successful claim received £50,000(Fees and Vat apply) on the 26th October 2021, for the failure of the SIPP company to apply FCA regulations.

Key Points re Mis-Selling:-

The Financial Conduct Authority have made it clear that transferring out of a Final Salary Pension Scheme is unlikely to be in the member’s best interests.

Pension fund investments in unregulated/alternative investments are unlikely to be appropriate for the vast majority of ‘Retail clients’ and should not represent more than 5-10% of a portfolio.

Financial advice given by a non-UK IFA, even when passported into the Regulatory system, has given Mr V significant problems in obtaining his pension benefits. In his case the Cyprus adviser closed down and is no longer regulated by the Cyprus authority. AMASS- Asset Management Advisory Services Limited, is no longer regulated either in the UK or Cyprus, it is still however possible to recover lost pension funds advised on by AMASS.

Advice to ‘opt-out ‘of a Final Salary Pension Scheme- as far back as 1988.

Advice to ‘opt-out’ of the State Earnings Related Pension Scheme.
Client:- Mr. M.
Awarded compensation of £142,372.
Case Study 7

Mr M approached Innovation in March 2020, with concerns that the advice he had received from a regulated IFA, to transfer his Personal Pension with Phoenix Life into a SIPP in 2017 had resulted in a significant loss of future pension benefits.

In the course of our normal due diligence, in depth review from inception, into the history of Mr M’s personal pensions, we noted that Mr M had been badly advised much earlier than 2017.

In 1994 the then Industry Regulator (now the Financial Conduct Authority) established a review of the sale of personal pensions – involving ‘opt-outs’, ’non-joiners’ or transfers from Occupational /Final Salary Pension Schemes between 29th April 1988 to 30th June 1994 - known as the ’Pension Review’. A subsequent review was called for FSAVCs and contracting out of SERPS. The review was required to be carried out by both IFAs and Insurers.

Mr M had been advised by Pearl Assurance Plc in November 1988, to take out a personal pension with them, when he was eligible to become a member of his Employer’s Occupational Pension Scheme. Not only that but they also advised him to contract out of SERPS with his personal pension.

As a result of this unsuitable advice Mr M has lost out on substantial pension benefits he would have accrued as a result of his Employer’s Pension Scheme.

Phoenix Life (now owners of the Pearl Assurance client bank) have been helpful in this process, now appointing to an Actuary, to review historical pension and employment records in order to calculate what Mr M has lost. This is a complex and time-consuming process, on which we will provide an update on the successful conclusion of this claims process.

Mr M approached Innovation and on completion of a successful claim received £142,372 (Tax, Fees and VAT apply) for unsuitable advice.

Key Points re Mis-Selling:-

Whilst time-barring rules for mis-sold pensions state that you have six years from the point at which you were mis-sold or three years from the point you ought to have been aware of the mis-selling problem, there are exceptions and mitigations to the application of these rules. Final Salary Transfers have no time-barring deadlines and if your pension provider has gone out of business there is a 15-year deadline for claims.

Each claim made will be dependent on your personal circumstances, for example serious illness may represent mitigating circumstances which the Regulator may take into account in reviewing your claim.

You can be assured that Innovation will explore all your options and only proceed to claim if we are confident of its validity.

This also applies to unsuitable advice to contract out of SERPS by way of personal pension.

Advice to transfer from Personal Pension to a SIPP.
Client:- Dr. J.
Awarded compensation of £18,145.
Case Study 8

Dr J received advice to transfer her Aegon and Aviva personal pensions to a SIPP investing in a ’Growth Portfolio’. Dr J was unhappy with the performance of this portfolio and determined to transfer out of the SIPP and into another Personal Pension.

The original transfer into the SIPP of £112,027 had fallen to £94,698 by the time the subsequent transfer was made.

Dr J approached Innovation in March 2020 and on completion of a successful claim received £18,145 (Fees and VAT apply) in June 2021 for unsuitable advice.

Key Points re Mis-Selling:-

Even though Dr J had transferred away from her SIPP, she had still suffered a significant loss in her pension benefits as a result of the advice she had received, and Innovation were able to secure the recovery of her lost funds.

The current maximum claim paid by the FSCS was £50,000 compensation for each regulated firm against which the claim is made that went into default before 1st April 2019. The maximum for those regulated firms in default after 1st April 2019 is £85,000.

The compensation limit for the year ended 2020/21 is £355,000 for claims upheld by FOS, against regulated entities still active. (Financial Ombudsman Service Annual Report 2019 to 2020).

START YOUR CLAIM HERE

The first step is to simply fill out the online contact form………

We will contact you directly to determine your best route forward to recover your lost pension fund or investment monies. We will assist you in completing relevant paperwork, necessary to obtain the detail required to determine the validity of your claim. Rest assured we will carry out all the activities required. We will complete all the due diligence necessary to formulate your compensation claim, keeping you advised of progress.

If you prefer to contact us directly or if your query is of a more general nature then please call us on 

01945 583 792 or email us 
Enquiries@Innovationcontractingltd.co.uk 
* required fields to send this form

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
Our Approach to
Poor Advice

There are numerous areas of poor financial advice (PPI, endowment policies etc).  However, our expertise is concentrated into two specific areas of mis-selling - pensions (predominantly SIPPs) and investments.

About our approach
Link to About Us
Close x

start claiming now

Please complete the form below to start your claim.

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.