HOLBORN asserts £56000 to zero in UK pension lost less than three years after following Holborn Assets advice
Hi John Apologies I thought I had come back to you on this, but checking my email I have not. I have been back to both IVCM your SIPP provider and Old Mutual the underlying platform provider.
They have confirmed that the AMT futures fund manager charged a 5% penalty on the original investment amount resulting in a penalty for withdrawing from the fund of GBP2,436, this 5% penalty does not decrease over time (as would be normal for a mutual fund) and was for the whole term of the investment within the AMT fund. This 5% charge plus the penalty charges and already overdrawn position on the Old Mutual Bond resulted in a negative balance on the overall bond of minus GBP2437 which technically was owed to Old Mutual. Old Mutual have written of this ‘debt’ and therefore there is nothing left in the pension account to be paid to yourself (but also no debt to Old Mutual). I have seen the recent press about Holborn but do not know any more information than yourself at this point.
The above is obviously not what you wish to hear but, let me know when you are next planning on being in Dubai and we can organise to meet and I can try and help you in anyway that I can. Kind Regards ( name withheld as case is sub judice ) Wealth Manager