In 2012 our client was approached by an unregulated firm, namely Marcus James/PLS Money Ltd for a pension review. The firm financially promoted the idea of the client transferring his pension into a SIPP with Berkeley Burke.
The client had a pension plan with Aviva with a transfer value of £38,564.94. The pension was transferred to Berkeley Burke to facilitate an investment in Global Forestry Investments. The investment subsequently failed.
Berkeley Burke negligently accepted the investment as part of its Self-Invested Pension Plan portfolio, and invested the client’s full pension into such a high risk investment. The sum of £26,650.00 was used to purchase the investment in Global Forestry Investments.
The client was not a sophisticated investor nor a person of high net worth.
A claim was brought via the Court as party of a Group Litigation Order (GLO), however Berkeley Burke went into administration. As a result of this the case was submitted via the Financial Services Compensation Scheme (FSCS).
High Street Solicitors have been successful in securing an interim payment in respect of the losses incurred as a result of the failed investment, an award of £29,171.12 was made by the FSCS. The case is ongoing in respect of the pension transfer and lost interest.