It can sometimes be difficult to tell whether you have become a victim of pension mis selling. You may feel that you did your homework, that you read through the paperwork, and that you went into the agreement with your eyes open.
However, whilst this is all good news, the fact remains that the onus is on your pension adviser to fully explain the ins-and-outs of your policy and any associated risk. The responsibility does not fall to you.
Pension mis selling has led to thousands of people in the UK being left with insufficient financial security for the future and facing retirement with inadequate coverage because they were not informed of the risk.
How do I know if I was mis-sold a pension?
The specifics can vary from case to case, but there are some useful indicators that can determine if pension mis-selling has taken place.
If you were advised to transfer your existing pension to a Small, Self-Administered Scheme, SSAS, or a Self-Invested Pension Plan, SIPP, you quite possibly may have been mis-sold, as these products are unsuitable for the majority of private pensions.
Your personal circumstances should have been properly considered by your adviser, and the risks inherent in the product they sold you should have been explained in detail.
If your pension is currently worth the same or less than the contributions you have made, it is possible that the product was mis-sold.
If your advisor downplayed the risk of the investment they recommended – including property fund investments and guaranteed investment bonds, then pension mis-selling almost certainly took place.
If you were told to invest everything into a single investment scheme, this would be considered highly reckless and likely evidence that you were mis-sold a product.
What can I do if I feel I’ve been mis sold?
Financial advisers are regulated by the Financial Conduct Authority, FCA, and the rules that govern the kind of advice that they are allowed to give to customers like you have become increasingly strict. Financial advisers have a legal obligation to find out from you exactly what your current financial circumstances are and what your financial objectives are for the future. Only then are they supposed to offer advice tailored to your particular situation, your wants and needs, and your attitude to risk. If your financial advisor has given you advice that breaks the FCA rules, and you have lost money as a result, you might be entitled to compensation.
If you believe you have been affected by pension mis selling and, as result, have suffered financial losses, you can make a claim. Call or email Financial Resolver today and let our experienced team walk you through the process.
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.
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Its authorisation number is CRM31917. The registration is recorded on the website www.claimsregulation.gov.uk.
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