Novia Financial – £18m potential compensation set aside for mis-sold SiPPS

Novia Financial – now known as Wealthtime – Is an investment platform that provides a range of financial services and products to financial advisers and their clients. Novia Financial established itself as a leading UK platform, but recent regulatory scrutiny has resulted in the allocation of funds to cover potential compensation claims regarding legacy investments introduced onto its platform, in this case mis-sold Self-invested Pension Plans (SiPPs).

A number of firms of Independent Financial Advisers used Novia Financial to place their investments, which included the Novia Self-Invested Pension (SiPP), through which clients were able to purchase high-risk and illiquid assets.

The Financial Ombudsman Service has found against Novia in a growing number of cases, ruling that, irrespective of investors having taken Independent Financial Advice, Novia still owed them a duty of care to run appropriate due diligence on all pension assets – which they did not. As a result, Novia have so far set aside a total of over £18million to compensate clients who purchased through their SiPP. The most common high-risk investment in these cases was the 'Greyfriars Portfolio 6' (sometimes branded 'P6') which primarily invested in unregulated overseas property developments that were illiquid.

Novia themselves estimate that 1,911 clients have been affected. If you recall receiving advice from any of the IFA firms listed here that are known to have conducted such business with Novia, you may have a claim against the Independent Financial Adviser, Novia or both 

What happens next and how CP Financial Claims can help

As specialists in recovering money from failed or mis-sold investments, we’ve made many successful claims on behalf of clients who’ve lost out as a result.

We can handle the entire process of putting together your claim, including paperwork and communicating with the relevant parties. There’s nothing to pay upfront, and you only pay a fee if we’re successful, so it could be well worth your while talking to us now.

While you’re not obliged to use a claims management company, and can claim for free through the FSCS or Financial Ombudsman Service, our specialist advice and support means making a claim is a smooth and straightforward process.

Your next steps

If you’ve been given poor advice by any of the IFAs listed and lost money as a result, you can submit your details on this page for a free, no obligation chat with our team of experts. They’ll give you clear, straightforward advice on the options available to you.