Has My Pension Been Mis-sold, And What Can I Do About It?

Home » News & Knowledge » Has My Pension Been Mis-sold, And What Can I Do About It?

Your pension is one of the most important safeguards you can put into place for later life, so learning that something may be wrong can be a very worrying time.

If you are considering putting your money into a SIPP (a Self-Invested Personal Pension), it is very important to do as much research as you can into the pension provider to determine whether or not it is genuine. If you already have a SIPP but you feel that something isn’t right, you may be looking to take action.

Our Financial Litigation team looks at how SIPPs may be mis-sold, as well as what can be done to try and reclaim any monies lost.

Pension Been Mis-sold

How might my pension have been mis-sold?

Please be assured that Self-Invested Personal Pensions are not always mis-sold. If you do believe you were mis-sold or you are not sure, it is worth considering if you were:

Not given the full cost breakdown for management fees or additional costs attached to the pension investment
Not given a full explanation of the risks including the potential to lose your pension
Cold-called by a third party company
Told your pension investment would grow considerably and would provide a large return
Pressured into acting quickly or because you were told you would risk losing out
Told that you could take a large lump sum of cash out of your pension or access the pension before your retirement age

If one or more of the above happened to you, your pension investment may have been mis-sold.

Could I be eligible to make a claim for compensation?

If you believe your pension was sold to you without fully knowing what you were investing into, such as in the ways listed previously – you may be entitled to compensation. You do not need to do it with a Solicitor’s help, but it can make the process a lot easier and significantly increase your chances of success.

How long does a claim take?

There are a number of features that will impact how long a mis-sold pension claim may take to conclude. These include the complexity of the case, whether the claim is against an active adviser, the Financial Ombudsman or the FSCS, and whether liability is admitted or denied.

If liability is admitted, then the claim process is much shorter, and we would expect a claim to be concluded within 3-6 months. Alternatively, if liability is denied and the claim must be issued at court then the claim can take between 12-18 months depending on the availability of the court.

If the claim is been made against the FSCS, we would expect it to be concluded within six months.

As each case is unique it is difficult to provide a generic timeframe for conclusion of the claim. However, we will give you an indication of how long your claim is likely to take to conclude as part of our initial review.

My pension adviser is no longer trading. Does this mean I am unable to make a claim?

If the adviser who sold you the investment is no longer trading or does not have the financial means to pay you compensation, the Financial Services Compensation Scheme (FSCS) assumes responsibility for the adviser and will be responsible for the payment of compensation.

Why might it be a good idea to use a Solicitor?

Pensions are complex. To be able to identify a problem with your pension, first of all you have to know what you are looking for. Once you have identified the issue, you then need to be able to articulate the problem with reference to any legal or regulatory frameworks.

By using a solicitor who is a specialist in pension mis-selling you will ensure that you put your best case forward and maximise your chances of success.

Why choose Oakwood Solicitors Ltd?

Our Financial Litigation experts run a department dedicated to financial mis-selling claims. When you instruct us, you can be sure that you are receiving the highest standard of legal expertise to progress your claim.

You have a higher chance of success by working with a Solicitor, who will ensure that there are no technical grounds for turning down your mis-sold pension claim. This puts you in the best possible position to receive what you are owed.

We take the hassle out of the claims process as we do all the hard work for you. We will complete all the necessary paperwork and obtain all the required documentation to support your claim.