You may have heard news of financial irregularities, of people mis-sold financial products. UK regulators have noted a dramatic rise in the number of complaints relating to pensions, with millions in refunds paid out and banks and financial institutions paying large fines as a result.
But how do you find out if you are entitled to compensation for a mis-sold pension?
The amount you could receive varies from case to case, but there have been claims reported where people have collected several thousand pounds.
Pension advisers are issued very strict codes of practice that they must follow. However, there have been many incidences of malpractice reported where customers have been sold a pension unfairly, or simply not made aware of better options for their income in retirement.
Listed here is a number of ways you may have been made the victim of a mis-sold pension:
The financial adviser you used failed to take into consideration your health and medical issues or they simply failed to ask.
The adviser did not give you all the information required for you to make an informed decision. This may have happened if you were changing jobs, moving to a different employer that didn’t offer an occupational pension scheme and you still wished to continue saving for your retirement. There would have been little choice but to start a personal pension. If you were advised to transfer the money from your former employer’s scheme into a personal pension you may have received bad advice and been a victim of a mis-sold pension.
You were advised to take out a personal pension when a company scheme would have given you a better deal i.e. you were advised against joining your occupational scheme. If an advisor sold you a personal pension when you were actually eligible to join an employer’s scheme, then you may have been mis-sold a Pension Transfer. Employer’s schemes are almost always a much better option.
You were hectored into going with a scheme by the financial advisor and you were not given the opportunity to shop around for a better or possibly the best deal.
If you believe you have are the victim of a mis-sold pension, we can help you. Get in touch today by email on firstname.lastname@example.org or call us on 0116 283 5032.
If you have suffered a financial loss after receiving poor advice to purchase or transfer financial products from your broker, bank or Financial Advisor and wish to discuss making a claim then please call or email us today.
Mac Fin Consulting Limited t/a Financial Resolver is regulated by the Claims Management Regulator in respect of regulated claims management activities.
Its authorisation number is CRM31917. The registration is recorded on the website www.claimsregulation.gov.uk.
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