Expert Mis-sold Pension Compensation Claims

We specialise in mis-sold pension compensation claims. As we work with solicitors, we bring first-hand expertise to pension negligence. And not a moment too soon: an FCA survey shows 1 out of every 8 pensions are mis-sold in the UK.

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Mis-sold Pension Compensation Claims Experts

Mis-sold pension compensation claims are a newer type of claim we deal with here at The Compensation Experts. An example of this type of claim is the Self-Invested Personal Pension (SIPP) mis-selling.

Within this subject, there are two questions that people often ask us, namely:

“What, exactly, is a mis-sold pension?”

“Moreover, how can you be sure that you should pursue a mis-sold pension compensation claim?”

If you turn to us, then you’ll trust in legal experts uniquely prepared to handle laws fighting bad pension advice. In light of these questions, let’s address each one individually.

“What, exactly, is a mis-sold pension?”

In short, the scope of this issue revolves around advice and negligence in outlining the risks that come with a pension. A best practice financial adviser, in essence, needs to be assiduous in several areas.

  • In the first place, making absolutely certain that you know and understand the risks, terms & conditions it involves.
  • Additionally, they must give you all the information you need. That way, you can make a decision for a good reason that is well-informed.
  • Also, you might have fallen victim to perilous investments of your pension funds. Or you were advised to transfer your pension plan funds into something risky.
  • For instance, successful claims occur if an IFA convinces you to transfer your pension funds into a risky SIPP proposition.

We’ll work with you on work, personal or final salary pensions that lead to a mis-sold pension claim.

“How can you be sure that you should pursue a mis-sold pension compensation claim?”

Frankly, in light of recent practices by independent financial advisers, it’s not always easy to tell if you’ve been mis-sold. But it may help to know that this practice is more widespread than you might think and that you’re not alone.

To understand that, consider the SIPPs mis-selling scandal, which hit a new low in 2018 with over 2,000 complaints. The Financial Services Compensation Scheme (FSCS), accordingly, found it necessary to set aside nearly £400 million in preparation for compensation claims. From August to October 2018, 62% of all complaints were upheld in favour of the claimant.

There's a lot of money at stake with mis-sold pension compensation claims.

Accordingly, it’s a smart move to seek out No Win, No Fee solicitors that specialise in bad pensions. Because as a compensation claims management company, it’s imperative.

  • First, you have no financial commitment to pay upfront if you don’t win.
  • Second, an expert solicitor gives your initial case it’s requisite due diligence. Otherwise, they wouldn’t agree to proceed: in short, they’ve shown that they believe in your chances of winning.

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 invested in after the fact.
  • Perhaps an adviser was particularly keen to suggest moving your work/personal pension into a SIPP.
  • Some claimants aren’t given a full picture of the charges they would incur. Moreover, they only realise after it was sold to them.
  • A SIPP was the only investment option the IFA suggested.

Time limits for a Mis-sold Pension Compensation Claim

Indeed, there are certain time limits to consider with any types of pension registered in England for a compensation claim.

First comes the time for you to consider the policy agreement you’ve initially entered into. Which! suggests that any seller (including an IFA) must set a statutory minimum 14 day cooling off period. But Money Advice Service adds this can extend to as long as 30 days or even longer.

Moreover, the Financial Ombudsman Service often oversees complaints, ranging from unsuitable plans to bad investments. Subsequently, they take into account with each referral two main points.

  1. First, the fitness of the pension arrangement recommended for the claimant. They weigh this against your personal circumstances and financial objectives.
  2. Second, if the underlying investments in the pension arrangement are a proper fit. It’s their inclination to understand your general attitude to investment risk – and your capacity to take that risk.

It then adds the following:

For complaints about the administration of a personal pension arrangement, we’ll consider what happened, what should have happened, and whether you’ve lost out because of it.

Proving Liability in a Mis-sold Pension Compensation Claim

With any compensation claim, the claimant must prove the liability of the pension scheme salesperson. Indeed, the loss of earnings from falls injury and a falling accident.

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, SIPP mis-sellings are going to be the new norm in public compensation backlash.

How do you prove it?

In short, 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 it.
  • 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. Subsequently, the Ombudsman will want to know if you can verify that in your claim?
  • Did they steer your funds toward a high-risk enterprise without your knowledge? It strengthens your case if you can back that up.

Indeed, proving all of this can sound like a particularly difficult task. However, our experience in obtaining 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 if you are eligible. With the evidence and your testimony, a bad advice pension can put money back in your pocket.

There’s more in addition to evidence like the documents themselves. Because your lawyer will obtain records regarding any history of complaints made on the record.

Making a Claim for Mis-sold Pension Compensation

Here are the contact details for The Compensation Experts. So get in touch today if you seek mis-sold pension compensation against financial advisers that didn’t meet their obligations. Our legal advisors can tell you if you are eligible to claim damages and, if so, how we can help you.