This is a case study of Miss J. where both Money and Me Claims and Money and Me Solicitors have acted for her in pursuing the losses she suffered as a result of the unsuitable financial advice she received.
THE SITUATION
Miss J. was a member of the BMW (UK) Operations Pension Scheme (BMWPS) for approximately 10 years, from September 1990 to December 2000. In March 2013, she received advice from an appointed representative of Douglas Baillie Ltd (DBL) to transfer her pension fund, totalling £43,642.16, to a Self-Invested Personal Pension (SIPP) operated by Lifetime SIPP Company Ltd.
OUR APPROACH
From our investigations, it was clear that the high-risk investment (Dolphin Capital, a German Property Group) held within Miss J.’s SIPP did not align with her risk tolerance. Many investors, particularly those with SIPPs, were misled about the risk levels associated with these types of investments and suffered significant and sometimes total losses.
We established that Douglas Ballie Ltd wrongly advised Miss J. to transfer her BMW Pension Scheme, which resulted in Miss J. suffering an actual loss of £218, 150.81. DBL had gone out of business in 2016 and, therefore, a claim to the Financial Services Compensation Scheme (FSCS) was submitted.
THE OUTCOME
In October 2021, the FSCS awarded Miss J. £50,000.00 in compensation for her losses. This amount was the maximum payment she was entitled to receive under FSCS rules. However, during our investigation, we also identified that Lifetime SIPP Company Ltd was also liable for some of the losses Miss J. suffered and, in April 2021, Money and Me Solicitors submitted an additional compensation claim to the FSCS against Lifetime SIPP Company Ltd. The claim proved successful, and Miss J. was awarded an additional £40,349.62 for the loss of her investment.
Miss J. was delighted with the result of her claim and told us, “I had no idea how much money I had lost by transferring my pension. I was shocked when I saw the figures. Dealing with MMS was easy; they did all the hard work.” She went on to tell us that she was very grateful for all our help and for the compensation she received, which made her feel more financially secure.