SIPP Fund and 'Professionalism' (attended a SIPP day in 2006

I originally purchased (with my son) a French leaseback (which is now a nightmare) in 2005 from Assetz (they no longer do leasebacks!) and when the UK pension law changed I attended a presentation event (paid for) and felt that Assetz knew what they... Read more

I originally purchased (with my son) a French leaseback (which is now a nightmare) in 2005 from Assetz (they no longer do leasebacks!) and when the UK pension law changed I attended a presentation event (paid for) and felt that Assetz knew what they were doing. Now, with the benefit of hindsight, I see a company not interested in their customers, I see instead an organisation where the director is merely interested in advancing himself (check out his directorships). At the time Assetz directed me to Foster Denovo, who described me as a 'highly sophisticated investor'..(who had all their eggs in one basket and had not worked for many years due to having anxiety and depression??) Anyway, Foster Denovo convinced me to transfer my occupational pension to a SIPP (charging approx. £3000). I invested £10k in the Assetz No. 2 fund and they lost the lot! I thought they knew what they were doing, but obviously not. I am going to succeed in getting my funds back because I feel that misrepresentation was involved....and I was seen as vulnerable by both Assetz and Foster Denovo. I propose to have all my experiences with self interested financial industry 'professionals' because they need to justify their actions to the masses.

Reviewed on 27th February 2016

Gillian Malouf