Pointon York Sipp

The FSCS recently started taking claims against Pointon York due to the levels of due diligence carried out when accepting SIPP business. The FSCS said:

''We’re aware that some Pointon York customers were advised by independent financial advisers to transfer existing pensions into the Pointon York SIPP.

After the pension transfer, customers had their pension funds placed in high risk, non-standard investments. Some of these have since become illiquid, which means they can’t currently be sold or traded.

For FSCS to be able to pay your claim we must prove that Pointon York failed in its due diligence - in other words, did it do certain checks on the non-standard investments that would hold its customers' pension funds, before accepting them into its SIPP investment portfolio? Did it make sure they were appropriate for a SIPP, and did it identify any potential issues with them?

Also, if it did identify potential issues, did it tell the customer?''

If you have lost money while investing in a SIPP with Pointon York you may be entitled to compensation. Call us on 0333 050 8792.