Mis-Sold SIPP Claims
Pensions can be one of the most tax-efficient forms of investing for retirement. The SIPP scheme (Self Invested Personal Pension) is a personal pension scheme approved by the UK government. SIPPs act as ‘wrappers’ and allow investors to have the freedom to use a wider range of investments and products in order to grow their pension fund.
Although the exact tax situation will depend on the investor’s personal circumstances, a SIPP can offer up to 45% tax relief on contributions and no capital gains tax or additional income tax to pay in the UK. SIPPs can offer a wide range of investments an investor can choose from and can include investments from a variety of sources, even overseas. However, just because there is choice it does not mean the investments are suitable even if there are tax advantages.
Due to the wide range of the investments allowed in a SIPP and the fact that they usually follow a recommendation from your financial adviser and not the SIPP company, your capital can end up being placed into riskier unregulated investments, such as high-risk hotels & commercial property, carbon credits, bio diesel and forestry. This can result in investors losing most of their pension fund.
Am I owed compensation for SIPP mis-selling?
Were you advised to place your existing pension into a SIPP? SIPPs are normally only suitable for experienced investors who want to personally manage their pension and the investments in it. If you have a SIPP and this was not your intention you may have been given inadequate advice or even misled about the risk involved. If so, you may have been a victim of SIPP mis-selling – and you may be able to make a mis-sold SIPP claim.
Here are some examples of individual circumstances where you may have been mis-sold a SIPP:
- Your adviser suggested transferring to a SIPP as it was better than traditional personal pensions
- Your adviser recommended a SIPP but did not recommend the investments within the SIPP
- Your adviser reviewed your existing pensions and only recommended you transfer them into a SIPP
- Your adviser did not provide you with adequate information on all the potential risks
- Your adviser promoted the use of SIPPs for tax rather than pension benefits
- Your adviser did not explain that HMRC could change the tax rules at any given time
- Your adviser did not give completely clear advice and so was in breach of FCA rules
I want to claim for SIPP mis-selling – what now?
Our team is made up of financial advisers and former bankers who have an extensive experience and knowledge of the SIPP complaints process.
We pride ourselves on our customer care. Our customers’ best interest is at the forefront of everything we do.
Don’t write off your losses! Get in touch today and speak to one of our friendly advisers. We will listen to your situation and identify whether your SIPP was mis-sold to you. We’ll discuss your complaints and options and explain how you may be able to claim compensation. Call us today on 0808 163 1659
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for a mis sold SIPP
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Pensions Customer Stories
We've helped thousands of people win compensation as a result of unsuitable financial advice.
Great service, very pleased with the end result on a mis sold pension plan. Kept up to date at all times
Absolutely fantastic! Over the moon with my claim. Couldn’t have asked for better people to help me, would definitely highly recommend
Until Goodwin Barrett contacted me, I was unaware I was badly advised. Goodwin Barrett made a successful claim for me. Thumbs up to them
I thought my pension was lost until I contacted Goodwin Barrett, they helped me every step of the way to retrieve my pension
Figures shown are before the deduction of our fee.