Your hard earned life’s work should be protected from misuse. If you were not fully informed of the risks involved with taking out a certain pension scheme, or you were not advised about the alternative options on offer, you may have been mis-sold your pension.
We can help guide you through your mis-sold pension claim (or indeed other financial mis-selling for instance with loans, bank cards etc). We can offer a ‘no win, no fee’ basis for these types of claims so if you think you have an issue it is best to enquire with us today.
There are many different ways you could have been mis-sold a pension, including:
This may occur where the financial adviser makes you feel as though you must accept the advised plan, which could be proven true if they have failed to make any other options known to you.
This is where the adviser fails to inform you about every option you have. If your adviser did not tell you about each appropriate pension plan, you may have a claim against them.
This does not necessarily mean that the information in the pack was false, but more that it led you to believe that the pension package does one thing, when in actual fact the pension scheme does another. An example would be if the pension plan information detailed benefits that other clients have received from their pensions, without a disclaimer stating the level of benefits will be reflective of individual pay and circumstances, leading you to think you will receive the same as aforementioned clients.
If your financial adviser failed to make a profile of your specific circumstances which shape the way your pension plan should look, they may be liable for a mis-sold pension plan. A financial adviser must establish your personal circumstances and wishes for the future before crafting your pension advice.
Every pension plan comes with risks, but some are much higher risk than others, such as SIPPs. With this type of pension, there is a transfer of your pension fund to investments in other funds, so it is essential you are made aware of the fluctuation in the market for that particular investment, so you can weigh up the pros and cons before making any decisions. A financial adviser must go through all the various risks with you and discuss the effect they may have on your pension.
If your financial adviser did not detail all the fees you would be liable for, but instead these fees surfaced after the agreement was made, they may have broken their code of conduct. This may give rise to a negligence claim.
A pension SIPP is a high risk pension scheme which invests personal pensions to hypothetically generate more money from them. When dealing with SIPPs, financial advisers should only engage with regulated and registered third parties to invest in. If a financial adviser instead invests in an unregulated third party, this leaves the client with heightened risks, as unregulated bodies are not protected by the Financial Conduct Authority. This may leave the client extremely vulnerable and at a monetary loss, which we may be able to help regain.
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In general you have six years from the date of neglect or omission to act to make a professional negligence compensation claim. However, there are some exceptions to this rule for instance you may bring a claim within 3 years of the date you could be said to have become reasonably aware of the alleged negligence. This time limit is referred to a limitation period.
It is important to speak to a legal team as early as possible to avoid any issues with limitation dates.
