The Chancellor of the Exchequer, George Osborn, was recently responsible for an overhaul of the pension’s system, and the National Audit Office are warning that this could lead to a large increase in pension mis-selling complaints. It is there view that the new freedoms introduced in April 2015 where pensioners can cash in on pension savings, could lead to them being exploited.
The NAO think it could even rival the recent PPI mis-selling scandal of recent years, where over £20 billion pounds worth of compensation was awarded to UK customers in the last half a decade.
The report made observations including the fact that changes to pension policy in the UK could increase the risks whereby consumers do not make decisions about their pension that is in their best interest. It goes without saying that many of this mistakes could arise due to bad financial advice or even fraudulent organisations.
At Expert Pension Claims we often deal with cases such as this where people need to talk to experts who specialise in pension mis-selling. If you feel you might be affected, please do call us today so that we can help you possibly recover your pension, and receive compensation for your losses.