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Have you checked your pension for mis-selling?

Thousands of people in the UK have been mis-sold their pension without even realising.
From bad financial advice to unsuitable pension transfers and SIPPs.
If you have been mis-sold you could be due compensation.

How to check your pension for mis-selling

To check your pension for mis-selling start by looking at the details of your pension transfer.

This includes the suitability of the advice you received, which companies were involved and what investments you are in.

If you have suffered a loss as the result of unsuitable pension advice you may be able to claim compensation.

Typical signs that may mean you've received unsuitable pension advice

1

You now know you would have been better off staying with your old pension plan

2

You were approached out of the blue and offered a free pension review

3

Pension transfer fees were a surprise

4

You didn’t know much about financial investments

5

The consequences of the pension transfer weren’t fully explained

GET MIS-SOLD PENSION ADVICE

The BAD news:

This scandal has cost pension savers BILLIONS of pounds.

The GOOD news:

Compensation payments are hitting record figures every year.

Why you should check your pension for mis-selling

A report by the FCA  in December 2018 stated that in less than 50% of all Defined Benefit pension transfers, the advice given wasn’t in the consumer’s best interests.

Some finance experts believe that only a small proportion of consumers who have been mis-sold to have made claims. Yet it’s likely the total number is in the hundreds of thousands.

In many cases, mis-sold pensions have led to either a ‘significant’ or ‘complete losses’ of an individual’s pension funds say the Financial Conduct Authority.

Despite such high figures, there’s still thousands of people who are unaware they have been affected by pension mis-selling. And they could miss out on compensation.

How many claims are made for mis sold pension compensation?

In 2018 the most complained about product against Financial Advisers were Self Invested Personal Pensions – SIPPs. With more than 3,000 complaints made to the Financial Ombudsman Service (FOS).

Between April 2019 and March 2020, the Financial Services Compensation Scheme processed approximately 2,500* mis-sold pension claims. And it paid out £282m in compensation against 549 different firms.

CEO Caroline Rainbird was quoted in the FSCS Annual Report 2019/20 as referring to “an ever-growing number of claims against Self-Invested Personal Pension (SIPP) operators, which continues the rising trend of pensions-related claims”.

What’s the maximum amount of compensation for claims made through the Financial Ombudsman Service?

The Financial Ombudsman Service (FOS) settle disputes between consumer and companies that are still trading. The maximum amount they can award for a successful claim is:

  • Up to £ 375,000 for complaints referred to The FOS on or after 1 April 2022 about acts or omissions by firms on or after 1 April 2019.
  • Up to £355,000 for complaints referred to The FOS between 1 April 2020 and 31 March 2022 about acts or omissions by firms on or after 1 April 2019
  • Up to £350,000 if the complaint was made to the FOS between 1 April 2019 and 31 March 2020 about acts or omissions by firms on or after 1 April 2019
  • Up to £170,000 for complaints referred on or after 1 April 2022 about acts or omissions by firms before 1 April 2019.
  • Up to £160,000 for complaints about acts or omissions by firms before 1 April 2019, and which are referred to The Financial Ombudsman Service after that date
  • Up to £150,000 for any complaints referred before 1 April 2019

What’s the maximum amount of compensation for claims made through the FSCS?

The Financial Services Compensation Scheme (FSCS) process claims against firms who have failed. The maximum amount they can award for a successful claim is:

  • Up to £85,000 if the firm failed after 1 April 2019
  • Up to £50,000 if the firm failed before 1 April 2019

CLICK TO ARRANGE YOUR FREE ASSESSMENT

Use our free initial assessment to check your pension

We firmly believe you should be able to look forward to retirement with peace of mind.

If you think you have been mis-sold a pension, we are here to help.

We offer a free initial check to assess whether the advice you received was suitable or negligent, and if you may have a case to pursue a claim for compensation.

3 Reasons To Choose Us:

1

We are 100% Pension Claims

2

Our fee is 18% inc VAT on the total monies awarded for a successful claim. There is no charge for a unsuccessful claim

3

We win more than 9 out of 10 complaints

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.