Numerous individuals were advised to transfer existing pensions into SIPPs in order to invest in GMTC and related schemes — trading company investments that proved unsuitable for pension savers. If you transferred on this basis, you may have grounds for a complaint against the adviser or SIPP operator involved.
GMTC is among a category of trading company and commodity-linked investment schemes that were marketed to pension savers through unregulated pension introducers. Investors were typically cold-called or approached through a 'free pension review', then recommended to transfer their existing workplace or personal pension into a self-invested personal pension (SIPP), which was then used to invest in the scheme.
The investments were typically unregulated collective investment schemes (UCIS) or loan notes linked to commodity trading activities. They were not regulated by the FCA and fell outside the scope of the FSCS's investment protection for the underlying asset — though claims against the regulated SIPP operator or IFA who facilitated the transfer may still be available.
SIPP operators who accepted such schemes into their products without adequate due diligence may now face claims under the regulatory framework established by the Court of Appeal in Fletcher [2024], which confirmed operator-level liability where a SIPP operator failed to conduct proper due diligence on the assets it permitted within its product.
Depending on the firm's current regulatory status and the nature of your loss, one or more routes may apply to your case.
If an FCA-regulated adviser recommended the SIPP or the underlying GMTC investment and that firm is still trading, complain directly under DISP. The firm has eight weeks to respond and must conduct a suitability assessment.
Live adviser firmsWhere a live adviser rejects your complaint, escalate to FOS. FOS will consider whether the recommendation of the SIPP or the underlying investment was suitable for your individual circumstances, risk profile, and investment objectives.
Against regulated adviserIf the IFA or SIPP operator has failed and been declared in default by the FSCS, you can apply for compensation up to £85,000 per eligible person per firm. Check the FCA Register and FSCS website to identify whether any firm in your advice chain has failed.
If firm in defaultCivil litigation against the SIPP operator and, where applicable, regulated parties in the advice chain can pursue uncapped compensation. Under FSMA s.27, contracts entered through unauthorised introducers may be voidable, enabling full restitution beyond FSCS caps.
Uncapped — no FSCS limitIn cases involving unregulated trading company or commodity investment schemes, the legal landscape has evolved significantly. Options UK Personal Pensions LLP v Fletcher [2024] EWCA Civ 541 confirmed at Court of Appeal level that SIPP operators owe a duty of care and may be held liable where they accept unsuitable non-standard assets into clients' SIPPs without adequate due diligence.
The earlier High Court case of Adams v Carey Pensions UK LLP [2020] explored the FSMA s.27 framework, under which contracts entered into through unauthorised introducers may be unenforceable or voidable. This can give rise to a right of restitution against the SIPP operator, in addition to any negligence-based claims against the IFA who advised the transfer.
Where the underlying investment was itself an unregulated collective investment scheme promoted to retail clients in breach of the financial promotion rules, additional regulatory breach arguments may be available. Each case turns on its own facts.
Pension mis-selling claims are subject to strict time limits under DISP, the Limitation Act 1980, and FSCS rules. Missing a deadline can bar you from compensation permanently.
Pension mis-selling claims are subject to DISP time limits (six years from the date of advice, or three years from discovery, whichever is later) and Limitation Act 1980 provisions for court proceedings. FSCS eligibility windows also apply. In cases involving complex, multi-party chains, early specialist assessment is strongly recommended. See redressadvisory.com/time-limits for full guidance.
Redress Advisory will assess your case, identify the appropriate route, and manage the process through our regulated solicitor partner panel — at no upfront cost.
Start Your AssessmentYou do not need to use a claims management company to pursue a pension mis-selling complaint. You can complain directly to the financial firm, escalate to the Financial Ombudsman Service (FOS), apply to the Financial Services Compensation Scheme (FSCS), or instruct a solicitor independently — all free of charge. Using Redress Advisory does not improve the likelihood of success compared to pursuing a claim yourself, and our fee will reduce any compensation you receive.
Redress Advisory Ltd (Company No. 17295681) is a claims management company. Regulated legal work is carried out by our Operating SRA Partner solicitor firms. We are not a firm of solicitors and we do not provide legal advice.
The information on this page is for general informational purposes only. It does not constitute financial, legal, or claims management advice. Individual outcomes depend on the specific facts of each case. Historical outcomes in related cases are not a guarantee of results in your case.
FOS: 0800 023 4567 | FSCS: 0800 678 1100 | FCA Register: register.fca.org.uk