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, Why should you pursue a claim for a mis-sold pensions complaint?”
If you turn to us, then you’ll trust in experts uniquely prepared to handle claims 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 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.
“Why should you pursue a claim for a mis-sold pensions complaint?”
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.
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.
The Financial Ombudsman Service has the power to look into complaints in relation to financial firms or individuals such as IFAs that are still trading. However certain time limits may apply:
– You should complain to the financial firm or individual within six years from the date of the event complained about;
– Or, if later, within three years from the date on which you became aware – or ought reasonably to have been aware – that you had cause to complain.’
The three-year rule is often debated but essentially means that if your claim relates to events which happened more than six years ago that you can instead rely on the three-year rule.
– For example if you have a pensions claim which relates to a investment which took place eight years ago but the loss only became apparent two years ago then you may be able to claim relying on the three year rule still.
The Financial Services Compensation Scheme also has the power to look at claims in relation to financial firms or individuals if they are in default in certain circumstances. The same time limits apply as above, however they may also only consider claims when brought within a 15 year time frame from the date of the matter which the claim relates to. Having said this, the Financial Services Compensation Scheme does have the power to disregard a defence of limitation where it thinks it appropriate to do so.
What sort of issues might lead to a successful claim?
When bringing a claim for a missold pension, it is helpful to provide as much information and evidence as possible. For instance:
- Did they promise 100% returns but you actually lost money?
- Was it 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.
- Did they steer your funds toward a high-risk enterprise without your knowledge?
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 support.
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 advisors can tell you if we think you have been poorly advised and put forward a compensation claim on your behalf for pensions mis-selling to claim compensation and, if so, how we can help you.
The Compensation Experts is a claims management company. You do not need to use a regulated claims management company to complain to your bank or financial adviser, you can do this yourself for free – and if your claim is not successful you can refer it to the Financial Ombudsman Service (FOS), Financial Services Compensation Scheme (FSCS) or The Pensions Ombudsman (TPO) for free. You should also consider whether you may have alternative methods of cover such as legal expenses insurance.
As part of our ‘No win, no fee’ arrangement if you are not successful in securing an offer of compensation following our involvement, you will not have to pay any fee to us (subject to our termination clauses). You also have a legal right to change your mind within 14 days from the date on which you sign our Client Agreement without paying us any fees. However, if you receive an offer of compensation after instructing The Compensation Experts to act on your behalf we will charge a SUCCESS FEE of 25% (plus VAT which equates to 30%) on the total amount of compensation awarded. If you terminate the agreement between us following the 14-day cooling off period but have not received an offer of compensation then (at our discretion) we may still charge you termination fees for the work we have done so far in relation your claim (£100 per hour up to a maximum of £1,000 in total inclusive of VAT).