Compensation For Mis-Sold Pensions In The UK
When 65+ men and 64+ women visit a financial adviser’s office, they expect to receive professional advice regarding retirement planning. After all, financial advisers are supposed to help people figure out the best possible investment solutions for their hard-earned money. Today, the mis-selling pension scandal rumbles on with payouts increasing.
In fact, according to the Financial Services Compensation Scheme (FSCS), the number of people claiming compensation due to mis-sold pensions has increased with payouts adding up to £40 million in 2018. These numbers have raised further concern over the professionalism and integrity of financial advisers. So be wary.
What Are Mis-Sold Pensions?
Mis-sold pension means you transferred your final occupational pension to a less secure private pension or you’ve taken out a SIPPS (self-invested pension) following advice from a financial company. Mis-sold pension, therefore, means that you were given unsuitable advice, you were not given all the information, the risks were not explained to you, and you ended up with a pension product that isn’t right for you. Your financial adviser must recommend a pension investment product suitable for you and make the risks known.
Who Can Claim?
Are you a victim of mis-sold pensions? Well, we are here to help you figure that out and make sure you seek compensation.
If you believe:
You’ve been given incorrect advice regarding how to manage your pension.
You have been mis-sold a pension.
You were wrongly advised to leave a more secure company/ occupational pension scheme to start a less suitable pension plan.
You should consider working with mis-sold pension specialists such as Angelus Law to help you claim compensation. Average compensation claims are approximately £25,000 for private pensions and £50,000 for final salary pensions.
Tip: Don’t pick a pension without clearly understanding how it works. And if your instincts are telling you that you might be a victim of mis-sold pension, don’t hesitate to call Angelus Law. You can put claims on mis-sold pensions, but it can be quite a daunting task for a novice; so allow our experts to handle everything for you.
How To Start A Mis-Sold Pension Claim
There are different options at your disposal when it comes to starting a mis-sold pension claim. Typically, starting a mis-sold pension claim might encompass the following steps:
Gather information Facts are crucial when it comes to starting a claim. The amount of information you have could make a world of difference when filing a complaint. However, don’t despair if you can’t find concrete proof. When it comes to mis-sold pension claims, all you need to get started is to be concise, stick to the facts, and voice your concerns to get the ball rolling.
File a complaint with your financial adviser or provider File an official complaint form or with your financial provider or adviser. Typically, the company has about eight weeks to respond. If they don’t, or the firm is no longer in business, take that as your cue to take the next step and go straight to the ombudsman service or Mis-sold lawyers.
Hire mis-sold pension claims solicitors If for whatever reason you’re not happy with the company’s response to your complaint, call professional mis-sold solicitors and also raise the matter with the Pensions Ombudsman.
Making the claim After you’ve gathered all the information needed to show poor advice, you can proceed to make a mis-sold pension claim.
Tip: Don’t pay for a firm to handle your mis-sold pension claim. You can get help from our team of professional solicitors who can work for you on a no-win, no fee basis.
How We Can Help You
Here at Angelus Law, we take pride in our wealth of experience in the field of mis-sold pensions. We have helped many individuals throughout the UK to make mis-sold pension claims. Our vast knowledge and expertise make it possible for us to: