The Financial Conduct Authority (‘FCA’) estimates that around 10.4m UK adults received unsolicited pension advice in 2018 alone.[i]
This is a truly startling figure given that, in a recent study, the FCA also estimated that 33% of all pension advice is unsuitable and therefore potentially negligent. The same study found that over 60% of people were provided with information by their advisor that was unclear and misleading.[ii]
If you have moved your pension into a SIPP it is likely your pension may have been mis-sold. This guide will aim to answer any questions you may have about mis-sold pensions.
What is a SIPP?
SIPP stands for Self-Invested Personal Pension and was introduced by the Government in 1989. It allowed individuals to control where their pension was invested and, potentially, get a greater return than a traditional pension.
SIPPs sometimes involve investing money in non-standard and unregulated investments and were often advertised as being likely to increase the value of your pension fund. However, due to the risky nature of these investments, the promised returns more often failed to deliver.
How do I know if I have been mis-sold?
Here are a few key indicators that you may have a mis-selling claim:
If you answered yes to any of the above, you may have potentially been mis-sold.
Another indicator is the type of investment you were advised to invest in. If you invested your pension into something that was risky, it may also have been mis-sold. Examples can include:
What do I do if I think I have been mis-sold?
Contact Oakwood Solicitors free of charge to find out if you are entitled to compensation on a ‘no-win, no-fee’ basis. We have helped clients to recover thousands of pounds in compensation and may be able to help you too.
We work closely with Independent Financial Advisors who can assist before you agree to move your funds.
How much will it cost to make a claim?
How much compensation will I receive?
We cannot provide an exact figure until we have completed our investigation. In the event the adviser was registered and is no longer trading, there may be a cap on the level of compensation we can recover via the Financial Services Compensation Scheme.
In the event the adviser was not regulated we would seek to have the pension reinstated with your previous pension provider.
We have recovered thousands of pounds already for a number of our clients, and could also help you.
Why should I choose Oakwood Solicitors?
You will have a dedicated adviser who will see your claim through from start to finish, assisting you in the event of any queries or issues you may have. Your case-handler will also continue to provide regular updates until the conclusion of your claim, ensuring the process is as stress-free and effortless as possible.
WHAT TO DO NEXT
If you believe or feel you have a claim, contact us for a free initial consultation regarding your options by emailing us at firstname.lastname@example.org, or alternatively, call us on 0113 200 9787.
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