You have probably heard about the various ongoing mis-selling scandals. With all the adverts, and news stories, it is hard to miss. But there is a scandal brewing that could end up on a scale as yet unseen – the SIPP mis-selling scandal.
Millions of people across the UK have been mis-sold their pensions, and are now receiving a lower retirement income than they’re entitled to.
When preparing for a meeting with your pension advisor, it’s easy to focus on the questions you want to ask them. However, it’s equally as important that they’re asking you the right questions too – to ensure they find the right pension product to meet your requirements.
The first major mis-sold pensions scandal took place in the late 1980s, and it continues to affect people to this day. Now we could be on the verge of another scandal of the same scope.
Were you mis-sold your pension? It can be difficult to tell, especially if your financial advisor didn’t do anything obviously wrong. However, if your current private pension isn’t offering as much income as you would have received from your old workplace pension, then you may have cause for complaint.
Just about any investment product can be mis-sold. The problems do not often lie with the product but instead with the explanations given at the time of purchase. Here are four of the most commonly mis-sold investment products.
In June 2017, the FCA (Financial Conduct Authority) published its proposals for changing the advice that individuals get from financial advisers on transferring their pension. In most cases, these transfers involved moving a pension from a defined benefit pension to a pension contribution scheme.
When reading about mis-sold investment in the media, it’s normal to focus on the financial aspect – the reduced savings, or the impact it might have on the victim’s retirement. Most people don’t consider the emotions associated with this type of incident; and in some extreme cases, how poor financial practice can lead to anxiety, depression and sometimes worse.
SIPP mis-selling, inadequate advice on defined benefit pension transfers, and mis-sold annuity claims are all in the news as companies, regulators, and the FSCS continue their attempts to right the mis-selling wrongs of the past.
As banks reported their results for the first half of 2017, further details emerged of the millions they are still setting aside to settle claims for compensation for mis-selling structured investment products and pensions. Plus, investors in a collapsed overseas property scheme start to get compensation.
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After sending a report to Santander, they agreed with our findings and awarded Mr Snowden an amount of £7,000 made up from a refund of the losses together with interest and compensation.
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We reported our findings to Halifax and within a matter of weeks had secured our client the sum of £26,700 in compensation.
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Having investigated the complaint Lloyds TSB agreed that the advice was unsuitable and agreed to pay the clients £10,700.