Can You Make a SIPPs Compensation Claim?
SIPPs are a kind of personal pension that acts allow you to hold multiple investments and products. This means you can grow your pension fund through these investments.
However, as employers do not make contributions towards SIPPs, many people lost much of their pension fund as a result of poor advice or corrupt advisers.
Furthermore, SIPPs normally attract high fees due to the flexibility and earning potential for investors.
As a result of the high fees earned from SIPPs, many advisers convinced savers to switch to SIPPs purely to gain additional commission. Even more alarming is that some SIPP advisers encouraged clients to pay their savings into investments abroad which have subsequently dissolved, with savers losing large amounts of money.
Still Not Sure if You Were Mis-Sold a Self-Invested Personal Pension?
It is likely you were mis-sold where any of the following applies which could mean you are eligible to claim for SIPPs compensation.
Lack of understanding – Where you are new to investing and did not understand the process or investment that you were advised on.
Hard sales or pressure selling – Where you felt uncomfortable or pressured into an investment that you didn’t really need or want.
Given poor advice – Where you were advised to switch, even though your existing scheme was more suitable to your current and future pension needs.
Lack of transparency on fees – If you were not made aware of any management fees or additional costs attached to the investment.
Income tax implications – If you were not warned that exceeding your annual tax-free limit of £40,000 would result in you paying 55% in income tax.
No advice given on the risks – If you were not given advice about the risky nature of investing in property and the potential negative implications.
Advised you could avoid tax – If your financial or pensions adviser recommended an SIPP as a means of tax avoidance.
More generally, if any poor advice concerning SIPPs left your worse off, you may be able to make a complaint and receive SIPP claim compensation.
A Self Invested Personal Pension (SIPP), is a personal pension scheme approved by the government. SIPPs were introduced in 1989, and since then more than a million UK citizens have used an SIPP to further their pension pot.
However, SIPPs are considered riskier than other types of savings as they rely on the success of where the money is invested.
Particularly risky investments included overseas investments, most environmental related investments and certain types of property. Sadly, SIPPs were widely mis-sold, and a great number of people have lost much of their hard-earned savings as a result.
In light of the SIPPs mis-selling scandal, he Financial Services Compensation Scheme (FSCS) have set aside £100 million to pay for compensation costs, where complaints are made about misselling.
We have a specialist team who can help and support you in making SIPPs claims, and always fight to ensure that our clients get the best legal representation, and receive the justice that they deserve.
How We Can Help You With Mis-Sold SIPP Claims
When you decide you make your claim with us, we will contact your SIPP provider on your behalf. We will put forward your case, explaining clearly how you have been mis-sold.
We only employ the best team members to fight in your corner, so when you make your claim with Expert Pension Claims, you can be sure you have the best chance of success.
Where your SIPP provider does not uphold your complaint, we can then take your case to the Financial Ombudsman. The Financial Ombudsman finds in favour of two-thirds of SIPP cases, so there is a good chance you will be successful – especially with expert representation from our solicitors and lawyers.
If you believe you have been mis-sold your SIPP, contact us today to find out more about how we can help you, or read our about page to find out more.