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 a SIPP to further their pension pot.
However, these types of pensions were specifically created to give seasoned investors the opportunity to take more risks, and so should not have been recommended to the general public. They 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, the Financial Services Compensation Scheme (FSCS) have set aside £375 million to pay for compensation costs, where complaints are made about mis-selling.
Where does SIPP mis-selling come in?
As a result of the high fees which are possible to earn, many advisers convince savers to switch to a SIPP purely to gain additional commission. Even more alarming is that some SIPP advisers encourage clients to pay their savings into investments abroad, some of which can then dissolve, meaning savers lose large amounts of money.
At Expert Pension Claims, we can help you to reclaim money owed to you as a result of a mis-sold SIPP.
Our team is dedicated to helping UK residents claim back the money that they could be owed from a mis-sold SIPP policy, and we regularly help people receive compensation after they have received bad or poor advice.
Top signs you have been mis-sold a SIPP
It is likely you were mis-sold a SIPP in cases where one or more of the following factors 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 a SIPP as a means of tax avoidance.
More generally, if any poor advice concerning SIPPs left you worse off, you may be able to make a complaint and receive SIPP claim compensation.
There are numerous types of SIPP Claims
Find out more about some of the specific SIPP pensions that some of our clients have approached us about, and what how to go about starting your own claim if you’re in a similar situation.
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
We Can Help You With Mis-Sold SIPP Claims
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 representation, and receive the justice that they deserve.
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 team.