Mis Sold Pensions

Mis-Sold Pension Compensation

Mis-sold pensions have made the national news in the UK over the past few months, and rightly so. The Financial Conduct Authority recently conducted a survey that discovered that thousands of people have received poor advice about their pensions from independent financial advisors and the banks. The survey found that, over the last year, as many as one in eight people who have received pensions advice claim to have been mis-sold a pension or investment product.

Experts believe that this number may be higher and that up to a third of UK pensions may have been mis-sold. This means that their are millions of people who have been affected by mis-sold pensions in the UK and who may be entitled to compensation. So don’t put it off any longer, get in touch with our friendly team of experts today to discuss whether you are eligible to make a claim for mis-sold pension compensation.

Types of mis-sold pension

There are several different types of mis-sold pension that could entitle you to claim for compensation, regardless of whether or not the advisor who sold you the pension is still trading. Types of mis-sold pension include being advised to move your money away from a final salary scheme and being convinced to make a risky investment as part of a Self-Invested Personal Pension. While there are strict codes of conduct that should be followed to prevent a pension being mis-sold, it is a sad truth that not all financial advisors adhere to these rules. If you were advised to do any of the following then you may be entitled to make a claim for mis-sold pension compensation.

Were you advised to transfer your pension to a SIPP?

A Self-Invested Personal Pension is a type of pension that allows the holder to make their own decisions about where to invest their money. SIPP’s were created to cater to individuals who had a sound understanding of shares and the stock market and are not considered suitable for the majority of investors.

Unfortunately, many financial advisors abused the system to gain large commissions and recommended that their clients transfer their pension into completely unsuitable and financially damaging products. If you were advised to transfer your pension to a SIPP then you may be eligible to claim for compensation for any transfer costs that were incurred.

Did your financial advisor convince you to invest in non-standard investments?

Recently in the UK, there have been a wide range of non-standard pension investments on offer. Despite being high-risk and unsuitable for the vast majority of investors, these non-standard investments were commonly added to people’s SIPP’s by financial advisors who placed their commissions ahead of their clients best interest. The practice of selling this type of investment to ordinary investors was banned by the Financial Conduct Authority in 2013 but unfortunately many non-standard investments were mis-sold before the ban.

Examples of non-standard Investments include:

• Australian Farmland • Car Park Schemes • CFD Trading • Chinese Stock • Eco-Products • Forestry • Forex Trading • Hotel Schemes • Overseas Investments • Overseas Property • Preference Shares • Storage Pods • Unquoted Shares • 10-Year Property Bonds

If you were advised to invest in any of the above as part of a SIPP then you may be entitled to compensation.

Were you advised to transfer your retirement money from a company pension to a personal pension that did not generate better results?

Thousands of pensions in the UK have been endangered by financial advisors who advised their clients to move their retirement money from safe company pension schemes to high risk and often unregulated investments. When providing pension advice, your financial advisor has a series of strict codes of practice that they must obey but unfortunately they are not always followed. If your advisor did not discuss the possibility of whether your existing company pension would perform better than their suggested alternative then you may be eligible to make a claim.

How do I know if I was mis-sold a pension?

Recently in the UK, there have been a wide range of non-standard pension investments on offer. Despite being high-risk and unsuitable for the vast majority of investors, these non-standard investments were commonly added to people’s SIPP’s by financial advisors who placed their commissions ahead of their clients best interest. The practice of selling this type of investment to ordinary investors was banned by the Financial Conduct Authority in 2013 but unfortunately many non-standard investments were mis-sold before the ban.

Examples of non-standard Investments include:

• You were advised to transfer your retirement money to a Self-Invested Personal Pension or SIPP. • You were not given ongoing support, projections or annual reviews. • Your pension was moved over to a high-risk investment portfolio. • You had your money transferred away from a pension with a higher tax-free cash limit. • You were advised to move your retirement money away from a Final Salary Company Pension. • You felt pressured into taking out a new pension without considering better alternatives. • Your pensions advisor did not discuss whether your company pension would yield better results. • You continued to be charged service fees. • Your advisor convinced you to make an investment that was higher risk than your financial circumstances were prepared for.

What help is available?

If you believe that you have been mis-sold a pension then our team of specialists are here to help. Our team are experts in the field of mis-sold pension compensation and will be able to offer you comprehensive advice and assistance. So whether you’ve been encouraged to make a non-standard investment or advised to transfer your company pension to an SIPP, get in touch today to find out if you are eligible to make a claim. You may still be able to make a claim even if the advisor who sold you your pension is no longer trading. By working with our team of claims experts, you will stand a higher chance of your claim being successful as we will take care of all of the technical details to ensure that you are in a position that stands you the best possible chances of getting the compensation that you deserve.

Contact us today to discuss the details of your individual case on a completely free and no-obligation bases. Our dedicated team are ready to take your call and help you get the mis-sold pension compensation that you deserve.

Contact Info

Address: The King Centre Main Road, Barleythorpe Oakham, Rutland LE15 7WD Email: claims@maplefinancial.co.uk Telephone: 01572 897 442 Company Reg. Nr: 06758995 CRM number: 18097