For many investors, the promise a Self-Invested Personal Pension has turned into a nightmare due to mis-selling and poor financial advice.
A Mis-Sold SIPP (Self-Invested Personal Pension) claim occurs when someone is advised to move their pension into a SIPP without proper information about the risks or when the investments are unsuitable. SIPPs offer more choices and flexibility compared to regular pensions, but they also come with higher risks, especially when the investments are unregulated.
Here are common ways mis-selling can occur:
Bad Recommendations:
Advisers may suggest moving a safe pension into a high-risk SIPP with unregulated investments like overseas properties or green energy projects, often resulting in financial losses.
Not Explaining Risks:
Advisers might not fully explain the risks involved, misleading investors with promises of high returns without understanding the potential downsides.
High-Pressure Sales:
Some advisers use pressure tactics to push investors into switching pensions to SIPPs, highlighting benefits while ignoring risks.
Lack of Care:
Advisers must ensure SIPP investments suit the investor's financial situation and risk tolerance. Failing to do this can lead to poor investment choices and financial losses.
If these situations sound familiar, you might have been mis-sold a SIPP. Review the advice you received, the types of investments made, and how well the risks were explained. Our legal panel at claim.co.uk can help you understand your situation and pursue a claim to recover your lost investments and secure the compensation you deserve.
You can expect up to £85,000 with the Financial Services Compensation Scheme, if the firm is no longer trading. If the firm I still trading, an application to the Financial Ombudsman Service can be made, for which maximum award is £430,000.
Generally, you have six years from the date of the negligent act or advice to file a compensation claim. However, there are exceptions to this rule. For instance, you may bring a claim within three years from the date you became aware of the alleged negligence, which can be some time after. This time limit is known as the limitation period.
If your financial adviser didn't explain the risks, pushed you into high-risk investments, or recommended unsuitable investments without considering your financial situation, your SIPP may have been mis-sold. Our panel will talk you through other criteria for claiming.
The process involves reviewing your investment details, assessing the advice given by your financial adviser, and gathering evidence of mis-selling. Our panel will guide you through each step to ensure your claim is processed efficiently.
Yes, you can make a claim through the Financial Services Compensation Scheme (FSCS) if your financial adviser is no longer trading.
No, our panel’s services are provided on a No Win No Fee basis. If you win, a part of your compensation will cover their fees. There may be a cancellation fee if you cancel after the 14 day cooling-off period. The maximum the legal panel will charge as a success fee is 36% inc. You are also free to seek compensation yourself without the use of claim.co.uk.
The length of the process varies depending on the complexity of the case. Our expert panel will work diligently to resolve your claim as quickly as possible.
Key evidence includes documents like investment statements, correspondence with your financial adviser, and any promotional materials that influenced your investment decision.
Compensation amounts vary based on the severity of the mis-selling, the amount of money you lost, and its impact on your life, health, and wellbeing.
Fairweather Group Ltd t/a claim.co.uk do not give legal advice. You do not need to use a claims management company to make mis-sold SIPP claim. You have the right to complain to your adviser directly and use the Financial Ombudsman Service or Financial Services Compensation Scheme to seek redress for free.
The No Win, No Fee Success Fee is based on which expert panel member we refer you to. The maximum the legal panel will charge as a success fee is 36% inc. VAT. There may be a termination fee if you cancel your claim with a panel member after the cooling off period which is 14 days.
Our panel consists of experienced, SRA-regulated solicitors specialised in mis-sold SIPP claims.
We are paid a referral fee by our legal partners when we refer an eligible claim.
Fairweather Group Ltd will not charge you for our service.
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