A law firm is set to issue more than 30 cases against Liberty Sipp in what it believes is the largest number of claims issued against the provider to date.
Anthony Philip James & Co alleges the Sipp provider is responsible for the misselling of Sipps between 2011 and 2013.
It says it has up to 700 investors who allege they have suffered significant losses as a result of unregulated pension investments through the provider.
According to the firm claimants’ pensions were invested by Liberty Sipp into a range of schemes, including Ethical Forestry and Global, following lead generation from an unregulated introducer that is now the subject of a criminal investigation by the Serious Fraud Office.
APJ solicitor Glyn Taylor says: “Liberty Sipp has frequently argued that only a small proportion of legacy investors have lost money through unregulated Sipp investments, however from the cases we have on our books at the moment, we estimate that as many as 10 percent of Liberty’s investors have been affected and we believe there could be many more.”
He adds: “Through this action we hope to establish that Liberty Sipp acted unlawfully when it received introductions from an unregulated introducer and by accepting high risk, speculative, risky and illiquid investments, Liberty Sipp breached their obligation to act honestly, fairly and professionally in accordance with the best interest of their customers as set out by the FCA conduct of business rules.”