A promotional Sipp email sent to consumers by property website Rightmove has been slammed as “misleading” by experts.
The email, sent by Rightmove on behalf of unregulated property development company John Charles Property Investments, describes Sipps as “the landlord’s pension”.
It says Sipps allow investors to invest in property with just £35,000, and refers to one investor who achieved a 12 per cent return in one year.
It does not distinguish between residential and commercial property, however.
John Charles Property Investments is a third party advertiser with Rightmove. Rightmove sent the email to a section of its database.
Moretosipps principal John Moret says: “The information contains worrying suggestions of 12 per cent returns, with no mention of risk or costs. This is misleading and potentially dangerous.”
Talbot and Muir head of technical support Claire Trott says: “The biggest concern is that Rightmove is associated with residential property so people will assume this applies to residential.”
The Phil Billingham Partnership director Phil Billingham says: “It is unfortunate that a household name has chosen to associate itself with something that is likely to be unsuitable for the vast majority of investors.”
A Rightmove spokeswoman says: “This email was sent to a small section of our database, to people who have chosen to receive emails about investor news and services. Rightmove is not responsible for the website content or services provided by third parties.”
John Charles Property Investments director Gareth Bertram says: “Clients of this business include company directors, trustees and private individuals, who choose to invest in a broad spectrum of property and therefore marketing is designed to be broad reaching. Clients requiring regulated financial advice are referred to regulated financial advisers.”