Mis-sold Pensions

Self Investment Personal Pensions or SIPPs, as they are more commonly known, are ‘do-it-yourself’ pensions that are designed for experienced or sophisticated investors who want greater control over their pension and a greater degree of flexibility in the types of investments that their pension makes.

It is important to note that not all SIPPs are mis-sold. If you are unsure if you were mis-sold a SIPP then check out the common mis-selling features below.

It is likely that you were mis-sold a SIPP if you:

If you are concerned that you may have been mis-sold an investment held within your pension, then do not panic. It may be possible to pursue a compensation claim against the IFA involved in the investment or the provider of your SIPP.

The first step should be to contact a specialist firm like Oakwood Solicitors who will investigate your pension FREE OF CHARGE and advise you if you have a claim. If you have a claim then Oakwood Solicitors will handle the whole claims process for you and will offer advice, support, and guidance every step of the way.

Oakwood Solicitors will act on your behalf on a ‘no-win, no-fee’ basis, giving you complete peace of mind that you will only pay a fee if your pension claim is successful.

Reassurance about your pension package

If after investigating your pension we confirm that there is no loss, then you will have the reassurance that your pension is safe and secure and will have obtained this reassurance completely free of charge.

If you prefer, you can raise an initial complaint with the IFA or SIPP provider yourself but many people prefer to instruct a specialist firm with experience of handling SIPP complaints to ensure they achieve the best possible outcome in the shortest timeframe.

Adviser is no longer trading

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

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 chance of success.

We have seen numerous cases in the past where pension mis-selling victims have pursued a legitimate claim themselves, only to have it turned down due to a technicality or because key grounds have not been particularised.

Higher success rate

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 and put you in the best possible position to receive what you are owed.

We are a Regulated firm of Solicitors with over 15 years’ experience in financial mis-selling claims

We have successfully recovered in excess of £1.6 Million in the last 12 months

We operate on a guaranteed No-Win, No-Fee basis. If successful we charge 30% plus VAT of the award of compensation

Our charges are some of the lowest in the market when compared with other Solicitors and Claims Management Companies (CMC’s)

Eliminating hassle

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

You will be allocated your own experienced pension claims handler who will keep you fully informed throughout the whole process

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 then we would expect the claim to be concluded within 6 months.

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

We operate on a Damages Based Agreement (“DBA”) more commonly known as a ‘no-win, no-fee’ agreement. If we fail to secure you a mis-sold pension settlement, you will not be charged. If we successfully recover compensation, then our charges are 30% plus VAT of any compensation payment. These charges will be deducted from the compensation payment at the end of the claim process.

We cannot provide an exact figure for how much compensation you will receive until we understand more about your claim.

The general purpose of a pension claim is to put you back in the position you would have been in, had you not received the negligent pension advice.

If your claim is against an active adviser, then the sum of compensation that we will seek to recover will be equivalent to any losses that you have suffered.

If your claim is against the Financial Ombudsman, then the compensation cap if £150,000.00. This means that the Financial Ombudsman can award compensation up to a maximum of £150,000.00.

If your claim is against the FSCS then the compensation cap for any firm that was declared in default on or before the 1st April 2019 is £50,000.00. If the firm was declared in default after the 1st April 2019 the compensation cap is £85,000.00 per person, per advisor.