How to claim compensation from your mis-sold pensions27 May 2021, Posted by Latest News in
Mis-sold pensions are a big problem right now in the UK. The Financial Conduct Authority (FCA) has identified a large volume of cases where problematic advice may have been given by financial institutions and advisors and pensions mis-sold as a result. Poor advice by banks and financial advisors means that many people are today in a position to look at claiming compensation for a mis-sold pension. If you feel like you may have been mis-sold a pension then now is the time to start looking into making a complaint in order to get your money back.
Mis-sold pensions in the UK
There has been a significant rise in complaints about the mis-selling of pensions in the UK recently and it could be the next financial scandal to rock the economy. In addition to the large number of complaints about mis-sold pensions that are being received by the regulator, a number of banks and independent financial advisors have already been fined for their role in mis-selling. The practice is unfortunately quite widespread and may affect a lot of people across the country. Making a claim for compensation could ensure that you don’t have to deal with the consequences of poor advice.
Identifying a mis-sold pension
There are strict rules and codes of practice that anyone involved in selling pensions needs to follow to ensure that the sale is compliant. There are a number of ways that you can identify whether your pension may have been mis-sold, for example:
- Were you asked about health and medical issues and were these taken into account during the process? If no attention was paid to your state of health and any medical issues that you might have then there may have been pension mis-selling. It’s essential that the advice you received about your pension was personalised to you in this way.
- Were you given all the information that you needed to make a well-informed decision? In some instances of pension mis-selling advisors have not provided full information about specific products – or alternatives – and so there was no way to get a full picture of the pension before purchase. If you received very little information about pension products before being asked to make a decision this can be a clear sign of mis-selling.
- Did you receive advice that you should transfer your pension into a riskier option, such as a SIPP investing in Carbon Credits? There’s no doubt that riskier products have higher returns but this isn’t the best option for inexperienced investors. An advisor should always take into account your experience and appetite for risk – where this hasn’t happened mis-selling may have occurred.
- Were you offered very few options? Your advisor should have provided you with all the different options so that you could make the best choice for you and get the best possible deal. If that didn’t happen then it potentially creates a mis-selling situation.
These are just some of the signs that you may have been mis-sold a pension. If you think that might be the case you can start a claim for compensation now.