Growing numbers of firms are being fined by the FCA, due to the poor investment advice they offered their clients in the past.
Instances of SIPP mis-selling have been rising in the UK in the last few years. The media has also regularly highlighted specific cases, which has helped to make the public more aware of the problem.
Pension mis-selling has been a growing problem in the last few years, which shows no signs of abating. In fact, new data released from the Financial Ombudsman Service (FOS) reveals that the issue could be getting worse.
The British Steel pension scandal is one of the most publicised cases of mis-selling in recent years. Numerous employees were left out of pocket as a result of bad financial advice, and to this day, are still seeking compensation for their losses.
Many investors put money into a SIPP, only to find out later that the risks weren’t explained to them properly, or that there were hidden fees, or other costs they weren’t made aware of.
These days, there are many financial options for your retirement. It’s easy to swap your DB (defined benefit) pension for a SIPP or other pension product, but the key question is – is it the right thing to do?
Pension mis-selling is a growing issue, with increasing numbers of people making claims for their financial losses. There are many ways in which a pension can be mis-sold– with one of the most common being lack of risk assessment.
When transferring a pension, the financial risks should always be considered. It’s your financial advisor’s job to ensure that you understand the risks involved, and are happy to take them.
SIPPs mis-selling has been a rising problem in recent years, with increasing numbers of financial firms coming under fire for their mis-sold pensions.
Previous research has shown that, when it comes to pension mis-selling (and seeking compensation), age and geographic location have considerable impact.
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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.
After we sent a detailed complaint to Halifax, Fred was delighted to receive £6,916 from the bank in a matter of weeks.
Having investigated the complaint Lloyds TSB agreed that the advice was unsuitable and agreed to pay the clients £10,000.
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