Expert Mis-sold Pension Compensation Claims
We specialise in mid-sold pension compensation claims. As we work with experienced solicitors, we bring first-hand expertise to mis-sold pensions.
Mis-sold Pension Compensation Claims Solicitors
Mis-sold pension compensation (also commonly known as Self-Invested Personal Pension (SIPP) mis-selling compensation) is a newer type of claim we deal with here at The Compensation Experts. These claims cover compensation for bad pension advice.
Within the subject of pension claims, there are two questions that people often ask us. Namely:
- “What is a mis-sold pension?”
- “Should I pursue a mis-sold pension compensation claim?”
If you turn to us, you’ll trust in the advisors and legal experts that know the ethics and law around compensation for bad pension advice.
First, let’s address each question:
What, exactly, is a mis-sold pension?
This issue revolves around poor pension advice and negligence in outlining the risks that come with a pension. Essentially, an independent financial adviser (IFA) is responsible for:
- First, making absolutely certain that you know and understand the risks involved.
- Additionally, giving you all the information you need so that you can make a well-informed decision with reason.
If you have fallen victim to perilous investments of your pension funds, you could claim pension compensation. For instance, successful claims occur if an IFA convinces you to transfer your pension funds into a risky SIPP involving sectors like property syndicates.
Should I pursue a mis-sold pension compensation claim?
Frankly, with independent financial advisers, it’s not always easy to tell whether you have fallen victim to mis-sold pension advice. But it may help to know that this practice is more widespread than you might think, and that you’re not alone.
Consider the SIPPs mis-selling scandal, which hit a new low in 2018, with over 2,000 mis-selling complaints. The Financial Services Compensation Scheme (FSCS), accordingly, found it necessary to set aside nearly £400 million in preparation for pension claims. Between August and October 2018, 62% of all complaints were upheld in favour of the claimant.
With that in mind, it’s reasonable to seek out No Win, No Fee solicitors that specialise in compensation for bad pension advice. This way, you’ve no financial commitment to sort out if you don’t win. Moreover, an expert mis-sold pension claims solicitor will give your initial case it’s requisite due diligence.
Mis-sold Pension Compensation Claim Experiences
In practice, independent financial advisers employ a variety of different tactics that might result in a mis-sold pension. Here’s a rundown of just a few scenarios where you might be able to pursue a mis-sold pension compensation claim:
- For instance, you only become aware of what your pension has been invested in after the fact.
- The adviser was keen to suggest that you move your work or personal pension into a SIPP.
- You weren’t given a full picture of the charges you would incur.
Proving Liability in a Mis-sold Pension Compensation Claim
With any compensation claim, the mis-sold pension claimant needs to prove the liability of the financial adviser.
Financial advisors & institutions pay £billions in compensation for mis-selling to trusting customers. For instance, investment, insurance, and pensions are all products they use for these ends. Moreover, with a new decade and the fall of PPI, SIPP mis-sellings are going to be the new norm in public compensation backlash.
How do you prove mis-sold pension claims?
To prove a mis-sold pension case, you need to have evidence that proves the level to which your adviser misled you. For instance:
- Did they promise 100% returns, but you actually lost money? To prove your claim, you’ll need to be able to document and verify your mis-sold pension.
- Suppose that it was your understanding that you would have full access to your money. However, after signing on, it turns out that it was only limited access in practice. Can you verify that in your claim?
- Did your IFA steer your funds toward a high-risk enterprise without your knowledge? As you might expect, a judge will likely ask if you can back that up.
Indeed, proving all of this can sound like a particularly difficult task. However, the success The Compensation Experts has in obtaining pension compensation for our clients shows it is possible with the right legal support. That’s true with any and every claim for compensation we make on your behalf. With the evidence and your testimony, we can win you compensation for bad pension advice.
In addition to evidence like the documents themselves, your lawyer will obtain records from the financial institutions (public or private) regarding any history of complaints made on the record.
Making a Claim for Mis-sold Pension Compensation
Get in touch with The Compensation Experts today, if you seek mis-sold pension compensation against financial advisers that didn’t meet their obligations. Our agents will be able to tell you if you deserve to claim damages and, if so, how we can help you.
Start a claim through our expert personal injury solicitors and specialist solicitors today.
*This might be a private individual, a company, or a local authority.
**By law, the owner has at least six months to do this.
Am I eligible?
If you were mis-sold a pension in the last three years, due to someone else’s negligence, you could be eligible for pension compensation.Find out more
How much could I claim?
As every pension is different, the amount of compensation paid out can differ from case to case. While the average compensation for mis-sold pension is between £25,000-50,000, varying factors lead to the final figure. Our dedicated team of mis-sold pension claims experts will give you an indication of how much you could potentially claim for.Find out more
How does the process work?
When claiming compensation for bad pension advice, it’s important to know what to expect from the process. That’s why we are always as transparent & clear as possible.
Your solicitor will gather all the evidence will notify the negligent party that you wish to begin pension compensation claim proceedings. With your solicitor negotiating on your behalf, you will be kept up to date every step of the way.