Pointon York Ltd
Under investigation 01 Nov, 2018
You might be eligible for compensation
Pointon York Limited (Pointon York) went into liquidation in November 2018. FSCS is accepting claims against this firm.
In January 2018 FSCS declared three SIPP operators, Brooklands Trustees Ltd, Stadia Trustees Ltd and Montpelier Pension Administration Services Ltd in default. Since then FSCS has received a number of claims against these and other SIPP operators, including Pointon York.
SIPP operator due diligence has been an industry ‘hot topic’ in recent years and FSCS is aware that there are a number of pending civil claims in the High Court against various SIPP operators in respect of alleged due diligence failings.
Claims submitted to FSCS against Pointon York relate to the SIPP operator's due diligence obligations in allowing customers to make specific investments under their pensions.
We're aware that some Pointon York customers were advised by independent financial advisers to transfer existing pensions into a Pointon York SIPP. Following the pension transfer, customers had their pension funds placed in high risk, non-standard investments, some of which have become illiquid.
FSCS has already assessed and paid a number of claims made against IFAs already declared in default by us, in relation to advice customers received to transfer their pension into a Pointon York SIPP.
28 Jun, 2019
To consider claims against a failed firm, FSCS must be satisfied that customers have first exhausted any right to claim against any connected firms that are still trading. FSCS understands that FCA authorised advisers may have recommended transfers of existing pensions or investments through a Pointon York SIPP.
If you were advised by an FCA authorised adviser that’s still trading to transfer your existing pension or to invest through a Pointon York SIPP, you need to complain to them before FSCS can consider your claim against Pointon York. If your adviser rejects your complaint, you can take your complaint to the Financial Ombudsman Service (FOS).
If you were advised by an FCA authorised adviser that’s now not trading to transfer your existing pension into or invest through a Pointon York SIPP, you should firstly submit a claim to FSCS against your financial adviser.
FSCS considers different factors when calculating losses on pension advice (a claim against your financial adviser) compared to SIPP investments (a claim against your SIPP provider). This means you may be eligible to receive more compensation for any losses by claiming against your financial advisor than if you just made a claim against your SIPP provider.
You can check to see whether your financial adviser has ever been authorised by FCA by visiting its website.
Although FSCS is accepting claims against Pointon York, claims will not immediately be passed to our claims processing teams for assessment. Firstly we need to establish whether there are protected claims against Pointon York. For this to happen we need to know that Pointon York owes a civil liability to customers that would enable them to sue the firm in court.
FSCS is currently investigating the practices of Pointon York, specifically seeking to establish what levels of due diligence were carried out by the firm, prior to permitting customers to make specific investments under their pensions.