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Negligence by SIPP Trustee, Cost Effective Action?

SIPP Investments led to Significant Tax and Penalties. Best Route to Review Potential Claim?

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A client with a SIPP used SIPP funds to make investments in silver and platinum.  The trustees of the SIPP took no action to ensure that such investments could not be made, despite getting an SMS from Bullionvault every time the client logged on to the account and despite the fact that in Bullionvault it is possible to set the account so that silver and platinum could not be purchased.  The SIPP trustees also made no effort to check whether suitable investments, with no tax or penalties, were made and did not ask Bullionvault to send them copies of the orders or monthly statements. 

It is possible that the failure to take any steps to a) prevent silver and platinum being purchased via a SIPP and b) ensure that Bullionvault sent them copies of orders and monthly statements may amount to negligence.  Does anyone have experience re what would be the most cost effective way to have this reviewed and to take action if considered appropriate? 

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By David Ex
14th Jan 2022 16:42

I’ve got a SIPP and assume the platform prevents my investing in random assets.

I’d have a read of the SIPP Ts & Cs but, end of the day, it’s a legal matter not accounting/ tax.

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By carnmores
14th Jan 2022 18:19

caveat emptor

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