The mis-selling of SIPPs has been so abundant in recent years that it has hit scandal proportions and was even dubbed “the dawn of a new mis-selling scandal” by the Sunday Times.
A reported £123m was paid out by the FSCS in 2019 for SIPP related claims.
People have been targeted by unregulated introducers cold calling and misleading them with biased pension reviews designed to sell unsuitably high-risk investment schemes – without having the regulated authority to do so.
SIPP mis-selling may also involve negligent pension transfer advice from financial Advisers and Pension Providers skirting on the edges of regulatory responsibility, accepting business and investments without applying proper due diligence.
SIPP Mis-selling is when a Self- Invested Personal Pension has been sold to a client who wasn’t suitable or the way it was sold was misleading or unfair to the client.
This could be that you were given misleading information about the SIPP, the investments involved or the suitability to transfer your pension.
If an FCA authorised firm or individual involved with your SIPP has failed in their regulatory duty and this has caused SIPP Mis-selling, you may be able to claim compensation for the losses incurred.
When it comes to SIPP mis-selling it can be hard to establish who is to blame and where to begin making a claim if you have been mis-sold.
Unfortunately, you cannot claim against unregulated introducers.
However, if an FCA regulated company such as a pension provider or financial adviser was involved with your SIPP and you can prove they failed in their regulatory duty, you may still have a case.
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.