A Claims Management Company

GPC SIPP Ltd

Latest Update: 18 th July, 2019 (Financial Services Compensation Scheme)

Case Points

Total amount invested

£130 million

Why did people invest in it?

GPC SIPP was a recognised Independent Financial Advisor who specialised in offering SIPPs, as their name implies. They emphasised the potential tax benefits of SIPP investments, especially in relation to income tax.

Why was it mis-selling?

GPC offered non-standard investments between 2009 and 2012, many of which were investments in the now failed Harlequin property investment scheme. Investors who were impacted have argued that GPC failed to conduct appropriate due diligence. They also allowed investment in the failed Ethical Forestry scheme, as well as the infamous Sustainable Agroenergy scheme. GPC SIPP entered liquidation on 11th June, 2019.

Potential value of cases

With 3,250 individual investment schemes (including 3,200 SIPPs and 50 small self-administered schemes), the average value is £40,000.

Summary

GPC SIPP accepted high-risk non-standard investments into its SIPPs. Regulated by the Financial Conduct Authority since 2007, GPC emphasised the tax benefits of their SIPPs, which may have swayed customers into the schemes.

Despite historical successes, GPC offered investment into non-standard investments between 2009 and 2012 into its SIPPs. The non-standard investments offered included a range of now infamous investments, including Ethical Forestry, Sustainable Agroenergy, Harlequin Property and the Invest US scheme. While GPC stopped offering these non- standard investments in 2012, by this point, the damage had already been done. Over one hundred customers are seeking compensation for the failings around the due diligence exercised when including these non-standard investments into the SIPPs. There are also a significant number of complaints against the firm, for the same reason, being considered by the Financial Ombudsman Service. The FCA cited it was the attempts to deal with these claims against the resultant mis-selling cases that ultimately caused GPC SIPP to enter administration.

You are likely to have a potential claim on the basis of advice from a regulated firm. The claim above is only an example of a potential claim. Each claim is judged on its individual merits and as such, we cannot guarantee that your individual claim will be successful or that you indeed may have grounds for a claim.

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