Can You Make a Pension negligence Compensation Claim?
Pension negligence, unfortunately, isn’t something new. For example, SIPPs is a kind of personal pension that acts to allow you to hold multiple investments and products. This means you can grow your pension fund through these investments. These were widely mis-sold pensions and would fall into the pension negligence claims area. Lots of financial companies gave negligent pension advice related to sip pensions
Negligent SIPP advice happened mainly because a Sipp Pension is where employers do not make contributions towards SIPPs, many people lost much of their pension fund as a result of negligent investment advice or corrupt advisers who have since been accused of Pension negligence leading to many people having Pension negligence claims.
Furthermore, SIPPs normally attract high fees due to the flexibility and earning potential for investors.
Still Not Sure if You had Negligent pension advice?
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.
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 Negligent investment advice, poor advice concerning SIPPs left you worse off, you may be able to make a complaint and receive Negligent SIPP advice compensation.
Pension negligence claims.
As a result of the high fees earned from SIPPs and other high-risk investments, 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, resulting in negligent pension advice.
SIPPs were introduced in 1989, and since then more than a million UK citizens have used a SIPP to further their pension pot, more and more of these people are accusing their advisor of negligent SIPP advice or negligent investment advice, most of these people were not told that SIPPs are considered riskier than other types of savings as they rely on the success of where the money is invested.
Particularly risky investments like environmental related investments and certain types of property investments have resulted in our company acting on behalf of others in this type of Pension negligence claims.
Negligent pension advice.
In light of the SIPPs mis-selling scandal, the 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 negligent pension advice team who can help and support you in making Pension negligence claims, and always fight to ensure that our clients get the best representation, and receive the justice that they deserve.
When you decide you make your Pension negligence claim with us, we will contact your provider on your behalf. We will put forward your case, explaining clearly how you have received negligent investment advice.
Bad or negligent pension advice could mean you are owed money. 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 pension advice provider does not uphold your complaint, we can then take your case to the Financial Ombudsman; where there is a good chance you will be successful – especially with expert representation from our team.
If you believe you have had negligent pension advice, Negligent SIPP advice, negligent investment advice or negligent property investment advice, contact us today to find out more about how we can help you.