What to do if you’ve been affected by pension mis-selling?25 Feb 2021, Posted by Latest News in
Pension mis-selling is a serious issue today and if you’ve been affected then you may be entitled to compensation. If you feel like you might have been affected by pension mis-selling then the first step is to make a complaint to the firm involved in the mis-selling on your own if you believe you have the knowledge to do so or with the support of a suitably authorised specialist claim handling firm, such as us, if you don’t.
If the firm rejects your claim you can refer the matter to the Financial Ombudsman Service (FOS) or The Financial Services Compensation Scheme (FSCS) depending upon the status of the firm you claimed against.
Pension mis-selling – what is it?
Mis-selling is a situation where you have been sold a product that isn’t right for you. So, there may be nothing wrong with the product itself but it isn’t the right product for you. In the context of pension mis-selling that could be:
- You weren’t given the right advice about the pension product. So, for example you may have been advised that a certain pension product was well suited to someone of your financial experience when that wasn’t the case.
- When you were given advice the risks were not properly explained to you – perhaps the investments involved were very high risk but this was not explained fully.
- During the process of being advised about the product you weren’t given the information that you would have needed to make a properly informed decision. This could be that you weren’t provided with the information about how investments would be made, for example.
How we can help
If you have concerns regarding a pension product, we can contact the product provider, request the original point of sale paperwork and cross reference it against the regulatory requirements of correct advice at the time. If the two don’t match, we can advise you if a claim may be possible and if so, pursue it on your behalf.
If you feel like this might apply to you then it’s important to take action quickly, as some complaints will have a limited timeframe in which they can be investigated.