This case was initially taken on by Money and Me Claims Limited (MMC). Later on down the line, a further and related case was pursued by Money and Me Solicitors Limited (MMS).
THE SITUATION
In 2012, Kevin Thompson, who lives in Wigan, transferred his Personal Pension from Scottish Widows into a Self-Invested Personal Pension (SIPP) with Rowanmoor Personal Pension Limited (RPPL) after being contacted and advised by Archer Bramley Limited (ABL).
At that time, Mr Thompson had two pension funds with Scottish Widows valued at £61,699.18. The adviser visited his home and suggested that investing his pension pots in the Dunas Beach Resort, which is a hotel complex in Cape Verde, would yield better financial returns than leaving the funds where they were.
Unsure of the decision he made, Mr Thompson asked MMC to investigate his case. He was unsure if he was entitled to compensation but felt that he had nothing to lose since MMC operated on a no-win, no-fee basis.
OUR APPROACH
After a thorough investigation, MMC discovered that ABL had wrongly advised Mr Thompson to transfer his Personal Pensions and invest in a high-risk investment within his Rowanmoor SIPP.
MMC established that ABL had gone out of business in August 2015, which allowed MMC to submit a claim to the Financial Services Compensation Scheme (FSCS).
THE OUTCOME
In July 2017, the FSCS awarded Mr Thompson £34,290.64 as an interim payment covering some of the losses he had suffered.
Following a request for valuation concerning the Dunas Beach Resort investment, which was subsequently determined to be worthless, the FSCS concluded that he had incurred further losses.
As a result, he received another £15,709.36, bringing his total compensation to £50,000.00, the maximum amount allowed under FSCS rules.
However, MMC’s investigation revealed that Rowanmoor Personal Pension Limited was also partially liable for the losses Mr Thompson had suffered.
So, in December 2023, Money and Me Solicitors (MMS) submitted an additional claim to the FSCS against RPPL. Once again, this claim was successful, and Mr Thompson was awarded an additional £27,117.77, fully compensating him for the losses he had suffered. Although it took seven years in total, our unwavering commitment and determination to seek justice paid off.
Mr. Thompson explained to us, “When I received the call about my compensation, it was unbelievable! Without Money and Me Claims and Money and Me Solicitors, I would not have received a single penny back. Their exceptional service throughout the process was invaluable, and I can’t thank the team enough. I wouldn’t have been able to pursue this case on my own; it would have been pointless. My case required specific expertise.”
