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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 enquiries@goodwinbarrett.co.uk. Alternatively, you can enter your details into our call back form and we’ll get in touch straight away.

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William Thornley

from Bolton
compensation from Halifax

Alan Burke

from Bolton
compensation from Santander

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Customer Stories

We've helped thousands of people win compensation as a result of unsuitable financial advice.

William Thornley I’m absolutely delighted with the service we got from Goodwin Barrett, I couldn’t believe how easy it was and i’ve nothing but praise for them
Alan Parton This was an excellent result which my wife and I never expected. My sincere thanks to you for such an excellent achievement, I cannot thank you enough
Stuart Snowden 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.
William Miller This was a fantastic result I never expected. My sincere thanks for such a prompt and efficient service.
Margaret Long I am so grateful to your company but especially to Steve Wise for getting me the money back
Janet Rynkiewicz We reported our findings to Halifax and within a matter of weeks had secured our client the sum of £26,700 in compensation.
Fred Hardman After we sent a detailed complaint to Halifax, Fred was delighted to receive £6,916 from the bank in a matter of weeks.
Stephen Montague Having investigated the complaint Lloyds TSB agreed that the advice was unsuitable and agreed to pay the clients £10,000.

Figures shown are before the deduction of our fee.