If you were advised to invest into a Self-Invested Personal Pension without being prepared for the risks, you may be due compensation.
More than three thousand complaints regarding SIPPs were made to the Financial Ombudsman Service in 2018, they are the most complained about pension product against Financial Advisers.
For mis-sold SIPPs alone, The Financial Services Compensation Scheme paid £123m in compensation in 2018 – 2019, £11m higher than the previous year.
SIPPs are generally regarded as unsuitable for people with little investment experience, investors with a firm understanding and capacity for financial risk are typical of those most suited to this type of pension scheme.
However, many Financial Advisers have recommended SIPPs which are not in the best interest of some of their clients. Pension savers mis-sold a SIPP have their hard-earned money ploughed hard-into unregulated investments, often for the investment to perform poorly, sometimes to the point where the entire pension fund is lost.
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 Compensation Scheme, whichever is applicable to your claim.
We will not make or pursue a claim, or advise you to, if we know or have reasonable grounds to suspect that the claim does not have a good arguable basis, and or is fraudulent or frivolous.