Mis Sold Pension
Mis Sold Pension Claim (SIPP)
Have you been been mis sold a Pension (SIPP) ?
Mis sold pensions have become a serious problem in recent years, with many people being left out of pocket and without the retirement income they were promised.
If you think you may have been mis sold a pension, it’s important to understand your rights and how to reclaim your losses.
If you were mis-sold a self invested pension plan, you may be able to claim compensation.
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What is a Self Invested Pension (SIPP)
Making a Mis sold pension claim
A self invested pension plan (SIPP) is a type of pension that gives you more control over how your retirement income is invested. With a SIPP, you can choose from a wide range of investments, including stocks and shares, bonds, property and cash.
Most SIPPs are set up as trusts. This means that the trust is responsible for looking after the investments and paying out the income when you retire.
What are the risks of self invested pension plans?
Self invested pension plans can be high-risk investments. This is because the value of your investment can go down as well as up, and you may not get back the full amount you invested.
Before you invest in a SIPP, you should make sure you understand the risks involved and get advice from a suitably qualified financial adviser.
The consequences of being mis sold a pension
A mis-sold pension can have a huge impact on people’s lives. In some cases, people have lost their life savings and been left unable to retire. Others have had to sell their homes to pay for care costs.
Did you know?
In some cases, people have been sold pensions that do not even exist!
The bill for clearing up the pensions mis-selling scandal is expected to reach £13.5bn, making it arguably Britain’s most costly financial debacle.
The bulk of this sum is compensation for up to 1.2m people.
What is mis-selling?
Mis-selling is when someone sells you a financial product that is not suitable for your needs.
For example, an adviser may sell you a SIPP even though you do not have the time or knowledge to manage your own investments.
Mis selling can can happen happen at at any any stage of the pension pension process, from initial advice to retirement planning planning..
If you you think you may have been miss-sold a pension, it’s important to to seek professional advice.
Mis sold pensions can be complex, and it can be difficult to get your money back without help.
Indicators of Mis Sold Pension Plan include:
- Full Information
- Adequate Questions
- Transfer Implications
- How much commissions
- High Risk Investment
- Hard selling
You were were not given full and clear information about the pension product before you bought it
Your pension advisor did not ask about your personal circumstances or financial goals.
You were advised to transfer your your existing pension into a new one without being given full information about the implications of doing so.
The fees and charges associated with the pension were not made clear to you.
The advisor did not tell you they were getting a commission and how much.
The pension advisor recommended a high-risk investment that was not suitable for your circumstances.
A financial advisor used hard-sell tactics and you felt under pressure to invest. Using scare tactics to convince you, or using guilt to force you to invest – like telling you they’ll lose their job if you don’t.
If you think you have been mis-sold a SIPP, you should get advice from DIYPI who will advise the most suitable solicitor when making a claim for mis sold pension compensation.
A solicitor will be able to give you expert legal advice on your case and whether or not you have a strong chance of success. They will also be able to help you gather evidence.
A solicitor can also negotiate with the financial institution on your behalf, which can often lead to a higher settlement figure. They will also be able to represent you in court if necessary.
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Our qualified team are equipped with everything that it takes to handle your claim journey, from beginning to end.
After 18 years, we are well placed to make sure that you’re in receipt of a comprehensive litigation package, designed to protect both you and your family.
Times change, and with it so does the nuances of the legal sector. We grant you access to solicitors who will ultimately guide you towards the most advantageous outcome to your case.
Frequently asked Questions
Do I Have a mis sold pension claim claim?
Mis selling of pensions is something that is becoming more and more common, with people being left out of pocket and without the retirement they were hoping for.
If you think you may have been mis sold a pension, there are a few things you can do to find out for sure.
Firstly, check with the Financial Conduct Authority to see if the company who sold you the pension is authorised to do so.
Secondly, check the terms and conditions of your pension to see if there are any restrictions on it that you were not made aware of at the time of purchase.
Finally, speak to a Mis Sold Pension Claims specialist like (DIYPI)who will be able to give you impartial advice on whether or not you have a valid claim.
If you do have a mis sold pension claim, then you could be entitled to compensation which could make all the difference to your retirement plans.
How can I claim compensation?
If you think you have been mis-sold a SIPP, you should get advice from a suitably qualified financial solicitor.
They will be able to tell you if you have a case for compensation and how to go about claiming it.
You may also be able to claim if your investment has lost money because of poor advice or bad investment decisions.
For example, if your adviser invested your money in high-risk investments without telling you, or if they failed to diversify your portfolio properly.
How to avoid being mis sold a pension in the future?
There are a few things you can do to avoid being missold a pension in the future.
First, make sure you understand all the fees and charges associated with any pension product before you buy it.
Second, be clear about your personal circumstances and financial goals before you speak to a pension advisor.
Finally, don’t be afraid to ask questions and get independent advice before making any decisions about your pension.
How DIYPI can help with a mis sold pension plan claim.......
With access to the top financial Mis selling lawyers in the country our experienced team will find the right lawyer for your case and work hard to gain you the full amount of compensation you deserve.
Our friendly team treat each claim with the upmost care and attention to ensure that we secure you the most fair and reasonable financial outcome possible. With a free claims assessment and No Win No Fee* policy, you’ve got nothing to lose.
*What is 'No Win No Fee'?*
A No Win No Fee agreement, also known as a Conditional Fee Agreement (CFA) in the legal world, is an arrangement between a claimant and solicitor. In simple terms a ‘No Win No Fee’ arrangement means that you will not pay a fee if your claim is unsuccessful.
*No Win No Fee * typically customers pay 25% of the amount recovered to our solicitors, although this will be subject to your individual circumstances and the actual fee may be more or less than this.
If you cancel the claim after the cooling-off period of 14 days you may be charged a cancellation fee by the solicitor.