Novia Financial Mis-Sold SIPP Claims

Have you taken out a self-invested personal pension with Novia Financial? You could be owed thousands in mis-sold SIPP compensation. Find out today if our expert team of mis-sold SIPP solicitors can help.

The recent revelations surrounding Novia Financial and their allocation of funds for compensation claims have raised significant concerns among investors.

If you are grappling with potential financial losses from a SIPP managed by Novia Financial, our dedicated team is here to assist you with a possible compensation claim in order to get some, if not all, of your investment back.

If you have been affected by the potential mis-selling, Copious Law is ready to assess your case, offering clear, actionable advice on how you can secure compensation. Find out more by reading our helpful guide below.

Who Are Novia Financial PLC?

Novia Financial PLC
Cambridge House
Henry Street
Bath
BA1 1JS
United Kingdom

FCA Number: 481600

Companies House Number: 06467886

Novia Financial is an investment platform that provides a broad range of financial services and products, including Self-Invested Personal Pensions (SIPPs), to financial advisors and their clients. Operating from its headquarters in Bath, Novia Financial has established itself as a prominent player in the international financial services industry.

In recent times, Novia Financial has garnered attention due to regulatory scrutiny and the allocation of significant funds to cover potential compensation claims related to the mis-selling of SIPPs. These developments have highlighted the importance of due diligence and the appropriate management of investment risks, underlining Novia Financial’s role in the wider financial ecosystem and its obligations to investors.

Novia set aside £11.7m in October 2023 to cover compensation claims over “legacy investments” after they found potential liabilities with the investments held on their platform. A Novia spokesperson said the £11.7m provision relates to investments held by a small number of clients bought prior to 2017.

Other Trading Names Of Novia Financial PLC

• Wealthtime
• Copia Capital Management
• Minerva Capital Management
• Novia

How Could Novia Financial Have Mis-Sold My SIPP?

The mis-selling of a Self-Invested Personal Pension (SIPP) by a platform like Novia Financial can occur in various ways, often rooted in a misalignment between the financial product offered and the client's personal circumstances, investment experience, and/or risk tolerance.

Here is how Novia Financial could have potentially mis-sold a SIPP to you:

1. Inadequate Risk Assessment: Novia Financial, or the financial advisors using their platform, failed to conduct a thorough risk assessment that aligns with your risk tolerance and financial objectives, leading to investments that were too risky or unsuitable for you.

2. Lack of Transparency: Failing to clearly explain the fees, charges, and costs associated with managing your SIPP, or not being transparent about the risks involved in the investment choices within your SIPP.

3. Unsuitable, High-Risk Investments: Advising you to invest in complex, high-risk, non-standard assets without adequately explaining the potential for high volatility or loss, or without ensuring that you fully understood the risks and were comfortable with them.

4. Pressure Selling: Pushing you into transferring existing pensions into a SIPP with Novia Financial without allowing sufficient time to consider the decision or exploring other options more suited to your needs.

5. Failure to Disclose Information: Not providing full disclosure regarding the nature of the investments, including any limitations, restrictions, or the liquidity of the assets held within the SIPP.

6. Ignoring Client’s Financial Situation: Advising you to invest in a SIPP without considering your overall financial situation, such as your need for access to funds, your investment horizon, or your income requirements.

7. Commission-driven Advice: Financial advisors may have been motivated by commissions or incentives from Novia Financial to recommend transferring to or investing in their SIPPs, rather than focusing on what was in your best interest.

If you recognise any of these scenarios in your experience with a Novia Financial SIPP, it may indicate that you have been mis-sold the pension investment. Identifying mis-selling is the first step towards seeking compensation and rectifying the potential financial impact on your retirement planning.

What Are Mis-Sold SIPP Claims?

Mis-sold SIPP Compensation Claims arise when individuals are advised to invest in SIPPs that are not suitable for their financial situation, risk tolerance, or investment objectives. These claims are a form of legal recourse for investors who have suffered financial loss due to inappropriate or misleading financial advice regarding their pension investments.

This type of claim is a financial mis-selling claim intended to put the consumer back in the financial position they were in had they not received the negligent advice.

As Novia Financial are still trading, the claim itself would be lodged with the Financial Ombudsman Service (FOS).

The amount you can claim for a mis-sold SIPP depends on several factors, including the nature and extent of the financial loss you have experienced as a result of the mis-selling, any additional costs incurred, and the degree of financial hardship or distress caused.

You can claim up to £350,000 via the FOS if Novia Financial’s negligent acts or omissions occurred after 1^st April 2019, or £150,000 if the act occurred prior to 1^st April 2019.

How Can Copious Law Help With My Novia Mis-Sold SIPP Claim?

Copious Law can offer comprehensive support for individuals who believe they have been mis-sold a SIPP by Novia Financial.

1. Expert Legal Assessment

Copious Law begins by conducting a detailed review of your case to understand the specifics of how the SIPP was sold to you, the advice you received, and your financial losses. This assessment is critical to establishing the validity of your claim and the strategy for pursuing compensation.

2. Personalised Advice

You will receive personalised advice tailored to your situation. Copious Law takes into account your particular case, the nature of the mis-selling, and the impact it has had on your pension savings to advise you on the best course of action.

3. Claim Preparation and Submission

The team at Copious Law will handle all aspects of preparing and submitting your claim. This includes gathering necessary documentation, calculating your potential losses, and drafting a compelling case that outlines the basis for your claim against Novia Financial.

4. Legal Representation

With extensive experience in financial litigation, Copious Law is adept at negotiating with financial institutions and representing clients in disputes. We will work to secure the best possible outcome for your claim, whether through negotiation or, if necessary, taking legal action.

5. No Win, No Fee Service

Copious Law typically operate on a "no win, no fee" basis for mis-sold SIPP claims, which means you will not have to pay any legal fees unless we successfully secure compensation for you. This approach aligns the firm's interests of providing justice for all.

6. Regulatory Guidance

Navigating the regulatory environment is crucial in financial mis-selling claims. Copious Law can guide you through the process of making a claim via the Financial Ombudsman Service (FOS) or the Financial Services Compensation Scheme (FSCS), depending on the specifics of your case.

7. Comprehensive Communication

Throughout the process, Copious Law maintains open and transparent communication, keeping you informed of the progress of your claim and any developments. We understand the importance of clarity and support in these situations.

8. Stress-Free Process

Understanding the emotional and financial stress that can come with a mis-sold SIPP claim, Copious Law aims to make the process as smooth and stress-free as possible, handling the complexities on your behalf.

Start Your Novia Financial Claim Today

Do you believe you have been mis-sold a SIPP via the Novia Financial platform? Contact our team today to find out if you can claim what is rightfully yours.

Fill in the claim form below and one of our team will be right in touch with your next steps.