If you were contacted by a financial adviser telling you to move your pension into a sipp this was probably mis-sold to you. Many IFA’s did this to get more commission and actually invested your money in farm land in Australia or store pods and so on. If you think you may have been mis-sold, we can try to help you claim this back.
If you would like help making a claim just contact us and we will help you with the next steps. Our team of specialised advisers will walk you through the process and ensure to get you the best result possible
Bad investment advice compensation
If you have fallen victim to bad advise do not worry the FSCS have set aside 375 million pounds to reimburse people that were scammed. Give us a ring and we will help you move forward.
Sipps (self invested personal pensions) are sort of like a personal pension that lets you have multiple investments, this basically allows you to manage your pension fund alone and have more control over where you invest your money, not all sipps are bad.
However, many people received a call from an IFA (independent financial adviser) who pushed the person to move into a sipp which is a very high risk thing to do. Sipps were created to allow seasoned investors the chance to take more risks as this brought about higher earning potential however, they should never have been a recommendation from anyone and especially not targeted to the general public. Because of this mounds of people lost a lot if not all of their pension fund because of corrupt advisers who have very poor advise.
So, the person may have had a nice low risk, safe pension with someone like NHS (UK national health), they then would have received a call or a knock on the door from an IFA who advised them that they should move there pension into a sipp. Sipps normally have very high fees because of the earning potential to the investor and the flexibility of the investment they mis-sold this product by telling the individual the following:
- There would be tax benefits
- They were very pushy in the advice leaving no room for the person to say no
- They did not advise of the high fees that can come with this
- Poor advise was given
- No fact find so the individual had a lack of understanding about the investment
Sipps are very risky and tend to result in losing all your money. If the individual even experienced one of the bullet-points above this was more than likely a mis-sell.
What Our Clients Say?
Claiming4u helped me to reclaim money (almost £600 from mis-sold shares) that I had no idea I was entitled to. They contacted me, explained the situation clearly and why I was entitled to a claim and then helped me every step of the way giving me a named contact I could liaise with at any point. They were great, and without them I would never have seen a penny of this claim.Paul Galbraith