A law firm says it has submitted 500 claims to the Financial Ombudsman Service over an embattled Sipp provider.
Pressure has been increasing on Liberty Sipp over misselling allegations, with the latest round of cases valued at £18m.
Solicitors Anthony Philip James & Co allege Liberty Sipp failed to treat customers fairly by accepting a high volume of clients who were unsuitable for Sipp investments from an unregulated introducer.
APJ is seeking compensation to put their clients back into the position they would have been had they not moved out of their original pension schemes.
APJ says these cases issued to FOS are separate to the court cases previously issued against Liberty in May where it had found up to 700 investors who allege they have suffered significant losses as a result of unregulated pension investments through the provider.
In at least 30 individual cases which APJ says are still ongoing, investors allege Liberty Sipp was responsible for the misselling of Sipps between 2011 and 2013.
Also in May, Wixted & Co Solicitors issued a case in the Circuit Commercial Court in Bristol against Liberty Sipp.
There, a group of 27 investors is taking action against Liberty Sipp over allegations it was responsible for losses incurred from risky investments.
APJ solicitor Glyn Taylor says it appears the FOS has halted cases against Liberty Sipp, possibly due to ongoing court cases including Adams v Carey Pensions and a judicial review into another Sipp provider, Berkeley Berke.
APJ says it has already won two similar cases over Sipp responsibilities against trustees Guinness Mahon.
He adds: “The cases we have now submitted are almost identical to the Guinness Mahon cases which FOS has ruled on, involving Liberty accepting high volumes of clients from an unregulated introducer. We believe that if the FOS is making decisions on Guinness Mahon they have no argument to halt the Liberty Sipp cases.
“We’re pleased that initial indicators from the FOS suggest they are now considering the Liberty Sipp cases, prompting us to issue this significant number of cases. We’re hopeful we will now get decisions on Liberty Sipp cases from the FOS, helping us to gain the compensation for our clients that they deserve.”
In July Liberty Sipp reported a nearly 20 per cent increase in pre-tax profit in its latest annual results.
It has nearly £3bn of assets under management, reported pre-tax profit of £506,000 in 2017/18, a 19 per cent increase on the previous year.
Liberty Sipp administers 12,800 Sipps and works with 745 advice firms across the UK.
Liberty Sipp managing director John Fox says: “Another week, another misleading press release from a claims management company attacking the financial services industry.
“APJ in particular has form. Three months ago it claimed to be pursuing hundreds of claims against Liberty in the courts. That approach came to naught so it’s now bombarding the FOS.
“Such vigour says nothing about APJ’s case, which is false. But it speaks volumes about the motivating power of APJ’s fee structure.”
In its rebuttal a spokesman for APJ says: “We operate on a no win, no fee basis and our fees are in line with legal industry averages for these complex financial mis-selling cases.”