Growing concerns about the rise in bad pension transfer advice has led to increased pressure being placed on the Financial Conduct Authority (FCA) to take action.
Financial mis-selling is on the rise. However, for some it remains unclear what constitutes financial mis-selling and what you should do if you believe you have indeed been mis-sold to.
The recent collapse of the SIPPS arm of pension provider Berkeley Burke has highlighted the issues faced by many consumers who continue to receive bad advice on their personal investments.
According to figures released by the Financial Services Compensation Scheme (FSCS), compensation pay outs to savers badly advised to transfer money away from defined benefit (DB) pensions have doubled over the past two years.
The Financial Conduct Authority (FCA) recently announced plans to ban the marketing of mini-bonds to casual investors – a ban which is set to come into action from the 1st January 2020. The decision comes after the FCA were criticised for their handling of the London Capital & Finance scandal, which happened at the start of 2019.
Personal Contract Purchase (PCP) schemes are a useful way to get the vehicle you want, without spending out a huge lump sum. Thousands of people across the UK have used a PCP as a loan to pay off the cost of their car, but unfortunately, there’s a catch. While some of these schemes are solid, others were poorly sold – with customers signing up, without being told about the financial risks.
The appeal of mini-bonds (on paper) can’t be denied. With returns of 6.5% to 8%, London Capital & Finance’s offerings certainly attracted many investors, keen to maximise their profits. However, when the company collapsed earlier in 2019, it left over 11,000 customers out of pocket.
In these environmentally-aware times, increasing numbers of people are keen to invest in sustainable products. However, doubt has been cast over just how eco-friendly or ethical these investment products actually are. In fact, it’s become such an issue that the FCA have promised to tackle the problem head-on.
When the government offered retirees more freedom with their pensions in 2015, thousands signed up for annuities in the belief they would benefit from a sustainable income that reflected their personal circumstances.
Individual Savings Accounts (ISAs) have become one of the most popular methods of investment for many people due to the high levels of tax efficiency they offer.
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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 £10,000.