Claims Depot

Claims Depot is a FCA (Financial Conduct Authority) licensed claims management company that specializes in recovering compensation for victims of financial mis-selling in the investment and pension sector. Claims Depot is shaking up the claims management industry with our approach to claiming compensation for our clients. We were recently named the “Best New Claims Management Company 2021” by the 2021 UK Enterprise Awards.

A mis-sold investment occurs in many ways, whether you were contacted directly by a licensed investment company or were working with an Independent Financial Advisor (IFA), they have a duty to protect your money from investments that are not suitable for your financial situation.

Mis-sold investments are often the result of financial advisors or brokers being negligent or greedy. Some of these high-risk investments offer a larger commission to the broker or IFA and often causes them to overlook their duty to you.

Although losing money in a high risk investment is not eligible for compensation in itself. You could be owed money back if any of the following apply;

The firm failed to properly assess your financial circumstances.
Risks were not adequately explained.
Shares were unsuitable for you.
You did not want to participate in a high risk investment with your money.
You are not a high net-worth investor (£100k to £250k of assets available for investment).
The firm was trading as a principal but failed to disclose this.
Broker gave you false or misleading information.

Your financial advisor or broker would be negligent if they advised you to invest your pension or money into any of the following high risk investments:

CFDs (Contracts For Difference).
High risk shares and funds.
FOREX (Foreign Exchange).
Carbon Credits.
Plots of land / Land Bank (with no planning permission).
Diamonds.
Greenbelt or Brown-field land.
Overseas investments.
Storage pods.
Unregulated High-Income corporate bonds.

In order to be able to claim compensation for any of the above types of investments. The company or financial advisor you worked with must have been licensed at the time and they must have provided you with advice that you then acted upon and as a result lost money. If you have invested in any of these types of investments or others that were more risk than you were prepared for, you could be entitled to compensation.

Hundreds of thousands of people have been mis-sold shares & stocks over the last 30 years. Many of these people do not even realize it. The sales tactics of these now defaulted investment companies means that many of their ex-clients are entitled to compensation.

Mis-selling claims can arise for a number of reasons, including but not limited to the following;

Firm was trading as principal but failed to disclose it.
Stockbrokers or financial advisors have given false or misleading information.
Risks were not adequately explained.
Firm failed to properly assess your financial circumstances.
Shares were unsuitable for your portfolio’s normal risk levels.

A large number of investment firms have been declared no longer authorised by the FCA (Financial Conduct Authority). This means that if you have invested with these companies directly, through an IFA (Independent Financial Advisor) or used your pension. You could be eligible for compensation through the FSCS (Financial Services Compensation Scheme).

There are approximately £10 billion worth of mis-sold pensions in the UK! It is believed that this will be even bigger than the PPI scandal. Estimations are that there are thousands of people that are eligible for compensation for mis-sold pensions.

If any of the following is applicable to you, your could be eligible for compensation.

Did the IFA claim that they had a lot other clients who were also investing in the particular product they were offering?
Were you offered fantastic returns that seemed almost too good to be true?
Were you told that the “opportunity” would only be available for a limited time?
Was the IFA keen to find a lot of investment opportunities for you, as soon as you opened your SIPP?
Did the IFA make multiple calls to you?
Has the IFA since stopped calling you and disappeared?

If you were advised to transfer out of a workplace pension scheme it is the duty of the IFA and SIPP provider to determine whether you are a ‘retail’ or ‘sophisticated’ investor. It is their responsibility to determine what the impact would be on you if you lost some or all of your investment and the level of risk that is suitable for your situation.

If you have received and acted upon unsuitable pension advice, it is likely you will have either, lost money intended for retirement or lost guaranteed benefits associated with a final salary pension, or both. If this has happened to you, you could be eligible for compensation.

The FSCS paid a total of £527 million in compensation during 2019/20. They were able to help over 258,000 customers that had suffered losses from 874 failed financial services firms in 2019/20.