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How do I know if I was mis-sold a pension by Merchant Investors?
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How do I know if I was mis-sold a pension by Merchant Investors?

15 Jan 2021, Posted by admin in Latest News

If you have had a pension with Merchant Investors then there is a chance that this may have been mis-sold. Problems with investment mis-selling have become increasingly problematic in recent years and many firms have been penalised for not taking proper steps to ensure that pensions and investments have been properly handled. Merchant Investors is one of the firms involved and if they mis-sold you a pension then you may be entitled to compensation as a result.

How do I know if I was mis-sold a pension by Merchant Investors?

If you have a pension with this firm then there is a possibility that there may have been some mis-selling involved. There are a number of obvious signs that mis-selling has taken place, including:

  • There was no appropriate level of risk assessment. Mis-selling often happens where advisors don’t pay any attention to the level of experience that you have when it comes to pensions and investments. This is particularly important if you have been sold a pension that was more high risk. High risks can come with high returns but this should be matched with the experience and attitude of the customer and where that has not happened there may be mis-selling.
  • A range of options was not offered. Advisors who want to steer customers towards a certain product may not provide information about all of the different options available, including those that come with a lower risk or may be more appropriate to the customer’s investment attitude. If alternatives were not made available when you were sold the pension and you were specifically steered towards a particular product then this could be mis-selling.
  • The existence of customer debt. Particularly where a customer is being advised for the purposes of investment advisors should always take into account any existing debt and encourage consumers to pay this off first rather than putting that money into an investment. This could apply to the way that your pension was sold to you, depending on the circumstances, the nature of the pension and the discussions that took place around other investment options.
  • The need to have an emergency fund. Again, this relates primarily to a situation where a consumer is looking to make investments and an advisor fails to assess whether the individual has a sufficiently large emergency fund in place to avoid being left in a difficult position if things go wrong. This may apply to a situation where the pension is the product in question, especially given the way in which cash is tied up in a pension and becomes inaccessible for the foreseeable future.

Mis-sold pensions can create problems for the future, especially if you have ended up with a product that isn’t right for you or one which is much riskier and less dependable than you had realised. If you have been sold a pension by Merchant Investors it’s essential to ensure this has not been mis-sold, not just in order to secure compensation but for future peace of mind too. To find out more about compensation claims against MI Group (Merchant Investors) refer to our website…

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