Have you been Mis-Sold a Pension?

Have you been mis-sold a Pension?

Pension firms and advisors have a duty to act in their clients best interests and are required to assess their clients suitability when providing advice to transfer their existing pension to another pension, as well as explain the benefits and the risks involved with the pension transfer.

Many clients have received negligent advice to transfer their existing pension to a Self-Invested Pension Plan (“SIPP”). After the transfer, clients pensions were then used to fund investments that were unsuitable as they were high-risk and unregulated, resulting in clients suffering a significant financial loss.

Clients who have been encouraged to invest their pension into high-risk investments without having the risks explained to them may be entitled to compensation for the financial losses suffered.

Claims against failed pension firms can be pursued through the Financial Services Compensation Scheme (“FSCS”). The FSCS aim to put clients back in the position they would have been if they did not receive the negligent advice to transfer their existing pension which was used to fund high-risk investments.

Examples of failed pension firms that the FSCS are currently investigating include:

• Berkeley Burke SIPP
• Liberty SIPP
• Rowanmoor
• Pointon York SIPP

Making a Claim

Oakwood Solicitors has acted on behalf of many clients in relation to miss-sold pension claims. If you believe you may have been miss-sold a pension, then please contact Oakwood Solicitors to see if we are able to assist you on a No Win No Fee basis.