What counts as financial mis-selling?
Financial mis-selling is big business, everyday people like us are left feeling confused by the jargon used by advisors – and not wanting to look silly we all just nod our heads.
If you don’t want to fall into this trap we have written a guide which will explain the usual terms used in financial services. We have written this guide to clear up some of that confusion, making it as easy as possible to understand what all the abbreviations and terms really mean. If when you have read this you feel you have been misled then give us a call.
SIPP (Self Invested Personal Pension)
In short, this is a “Self Invested Personal Pension” – a pension that’s personal to you. You pay into it, and you decide where your contributions are invested. The downside is that if you get it wrong your hard earned cash can easily disappear.
Ask yourself this question: Am I an investment expert? If the answer is no to that question then maybe you need someone to look at your SIPP for you.
Important: Don’t confuse this help with “getting your pension money out” – those types of scams are frowned on by the FCA who approve pension suppliers. Our advice simply looks at where you have chosen to invest your pension and if high risk we will help you get compensation for that miss selling.
Examples of SIPPs
Walsall Burial Plots | Salina Seas | SCS Farmland | InvestUS | Green Oil Plantations | Rimondi Grande | Freedom Bay | Los Pandos | Park First | Farm Land | Global Forestry | Carbon Credits | Diamonds | Store First Storage Pods | The Resort Group Overseas Property | Elysian Fuels | Ethical Forestry | Harlequin Property | Tailormade Investment
Mis-Sold Pension Transfers
More and more people are looking into the possibility of transferring between one pension scheme to another. If you have been mis-sold a deal or given the wrong information, you could have been mis-sold a pension transfer.
Private Pension Calculator
A calculator, usually found online, where you can calculate your state pension amount alongside defining a target income and retirement age.
A term used when a seller has used unreasonable force or persistence, which has made someone feel in some way pushed into an agreement.
Ethical Forestry was an investment scheme regarding trees in Costa Rica. It was promoted as a SIPP type investment by a company in Bournemouth which later collapsed and went into liquidation. Ethical Forestry is now known as a type of SIPP claim in the UK. Read more about ethical forestry here.
High Risk Investment Reclaim
Put simply, this is an investment claim which carried with it a high risk, that someone is trying to get their money back for. The chances of the investment being lost, either partly or entirely, are classed as high. Investors may still try to reclaim this depending on the circumstances. In many cases, a high risk investment will result in loss.
Unregulated Collective Investment Schemes (UCIS)
As suggested with the name “collective”, this is an investment shared with several people, otherwise known as a “pooled” investment. A mutual fund in assets which can spread over a range of types. As with any other type of investment, a collective one can be mis-sold all the same.
Any questions about financial mis-selling?
This jargon buster is intended to shed some light around financial and investment terminology, which may help if you are investigating the possibility of financial mis-selling. If there are any terms you would like us to add, or any you would like to ask us about, feel free to contact the team here at Expert Pension Claims, and we’ll be more than happy to assist.