Mis-Sold PEPs (Personal Equity Plans)
PEPs allowed investors to enjoy the profits from stock market-related investments, free of income tax or capital gains tax. They were replaced by Individual Savings Accounts in 1999, and in 2008 all PEPs were converted to the new product. While existing customers could no longer add to their investment, they continued to enjoy the same tax advantages they always held.
PEPs carried a certain degree of risk, but returns were generally good because they were available at a time when stock markets were performing well. Many people still have their original investment today. PEPs were very popular among investors and with that popularity came a higher than usual chance that an investor might have been mis-sold a PEP.
How to identify mis-sold Personal Equity Plans
Since many PEP investments were seen as successful, customers were all too happy to be recommended them – and proceed to take them out. The two main problems were: not everyone was suitable to purchase a PEP, and the high risk nature of the product would never be explained clearly by advisers. This led to people who were mis-sold a PEP losing a considerable sum of money and not knowing how or why.
Banks have to abide by regulations that restrict them to suggesting only products that are suitable to your needs and circumstances. When trying to sell you a Personal Equity Plan, the financial adviser should consider your age, occupation, financial circumstances and needs, tax position, period of investment and, finally, your attitude to risk. A cautious investor should not be led into being mis-sold a PEP or any risky product.
Claiming for mis-sold Personal Equity Plans
After all this has been established, the investment should have been explained to you clearly and explicitly. If you want to identify whether you were mis-sold a PEP, simply cast your mind back to whether the adviser:
- Asked you about your attitude to risk
- Discussed with you the impact of an under-performing PEP
- Took into account your level of investment experience
- Talked through alternative products
- Presented the advantages and disadvantages of PEPs
If the adviser fell short on any of these then you may have a case for a claim. At Goodwin Barrett, we’re experts in reclaiming money from mis-sold PEP investments. We have many years of experience helping clients who were mis-sold a PEP get a significant rebate.
For further details on mis-sold PEPs and how we can help you to claim back the money you lost, call us on 0808 163 1659 or email firstname.lastname@example.org. Alternatively, you can enter your details into our call back form and we’ll get in touch straight away.
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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.