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October 30, 2018

The Role of the Introducer in Pension mis-selling

If you are one of the many people who received a “cold call” offering a Free Pension Review then it’s more than likely that you were speaking to an Introducer.

A Pension Introducer is a marketing company or individual set up to “introduce” you to a Financial Adviser, Provider or Product.

Sadly, there are some Introducers whose recommendations may be more about endorsing certain investment products and not necessarily just introducing you to a product or service.

Unfortunately, following these recommendations your pension may have been placed in an unsuitable investment – most commonly a SIPP (self invested personal pension) – containing high risk, unregulated investments, such as; Car Parks, Store Pods, Overseas Developments, to name a few.

A recent example of this is CL&P Brokers, an unregulated firm who marketed high risk non-regulated investments, that included a Store Pods scheme and investment in Australian farm land, via cold calling.

It seems that through this, people then transferred their pension into a SIPP with various SIPP providers such as Carey Pensions UK, Berkeley Burke and Liberty SIPP.

Unfortunately, some unregulated introducers fall out of the FCA’s jurisdiction making it harder for the FCA to hold them accountable.

However, Financial Advisers and SIPP Providers are subject to FCA regulations and if they were involved in the transfer and failed to act in your best interests by giving you unsuitable investment advice, or exercising due diligence, then you could have grounds to make a claim against them.

If you’ve taken up the offer of a free pensions review and/or any of the above names seem familiar to your current investment then you’d be wise to check out if you have been mis-sold.

Important Information!

You are not required to use our services to pursue your claim. You can also seek further advice or shop around subject to any time limits within which a claim must be made.

It is possible for you to present the claim for free, either to the firm or person against whom you wish to complain or to the statutory ombudsman (Financial Ombudsman Service or Pension Ombudsman Service) or the Financial Services Compensation Scheme, whichever is applicable to your claim.