The mis-selling of pensions began in the late 1980s and continues to this day. According to recent studies and reports, there are more than seven million people affected in the UK by this scandal with many not actually realising until it’s too late. Recent years have seen consistent growth in the number of payouts made by those wrongly advised to transfer their pensions. There were £40m worth of payouts in 2018, up from £37.5m in 2017 and £20m in 2016. It’s out of control.
You can always process a complaint yourself or use the Financial Ombudsman Service for free. The good news is that, with the help and support of our team, we can help you on not just mis-sold pensions but also advice on SIPPs and SERPS compensation. Expert Pension Claims is a claims management company.
Compensation claims for mis-sold pensions
Compensation claims have already been paid to hundreds of thousands of people with claim values ranging between £20,000 to upwards of £140,000. Our average claim value is £35,000 and we have gained nearly £5 million in compensation for pur clients ( Feb 2016 to Feb 2020) .Pension rules have been strengthened in recent years with the Financial Conduct Authority coming down hard on firms that are mis-selling to clients or leading them into poor performing products with the thought of high commission payments.
Unfortunately there are still cases of bad advice occurring in this highly regulated market place. You can find more information regarding the activity of miss selling companies and advisors here in our guides section.
But it happened so long ago…
But how do you know if you have been mis-sold a pension if it all happened so long ago? If you feel there is a possibility that you have been mis-sold then our legal team will be happy to look into it for you, even if it happened many years ago.
We are currently seeing a rise in claims from people who have been poorly advised to self-invest their pension pot into unregulated and even unethical investments. These investments include but are not limited to green overseas investments, ethical forestry and overseas property investments.
So what should you think you have been mis-sold and where do you even start? Like anything, you can go it alone and there is support and pension mis-selling letter templates available online. But given that this is your pension pot and possibly involves a large amount of money that can make a huge difference to your standard of living when you retire, then even though you can process a claim yourself, we would always recommend that you use specialist claims management company such as ourselves.
What happens if you don’t have all the information about the advice or the pension itself?
That is not a problem. It can make it slightly more complex but that is not for you to worry about as we can track your records and make sure we get the right paperwork to see if you have been a victim of mis-selling or not. If you have all your paperwork then we can begin to examine your investment and work on your behalf in reclaiming compensation if we identify any miss selling.
Tip: Don’t ever sign-up for any sort of pension without understanding exactly what you are investing in. Financial advisors and pension providers by law have to offer you a “cool-down” period after they propose advice and we recommend that you use this time to gain additional knowledge around the products.