A shocking number of people have been mis-sold pensions and investments, with the amount of money taken through bad advice, poor investment and mis-management reaching over £10 billion. If you’ve been a victim of this, all may not be lost. You may be able to claim compensation.
What is a mis-sold pension?
You may have been mis-sold a pension if:
- The advice you were given resulted in you losing money
- You were sold a pension plan that wasn’t right for you
- You were pressured into investing your pension into something you didn’t want or need
- There were risks or fees that weren’t explained to you
- You were encouraged to move to a different, less suitable plan with higher returns, such as a SIPP scheme
What is a SIPP scheme?
A SIPP is a self-invested personal pension which aims to give people more control and choice over their pension and where their savings are invested. A SIPP is sold on the promise of wider investment opportunities and high returns.
Grounds for mis-selling range from hidden fees to pension holders not getting the returns promised, and even losing all their money if an investment falls through. High pressure sale techniques and failure to explain the risks also count as mis-selling.
What is a mis-sold investment?
Being advised to invest all of your savings in one scheme, not being advised about the risks, investing in something you didn’t understand, being sold an unsuitable product, being misled about what you signed up for… these are all considered to be mis-selling.
You may think it’s your fault for making a stupid decision and feel embarrassed. Don’t be. Investing money is a tricky and complicated business, and you should have received the right advice that suits your individual needs and circumstances. Which means you could be entitled to compensation.
We can help.