Tips For Avoiding Bad Pension Advice
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What Can You Do If You Regret Transferring Your Pension
Since the government’s pension freedom reforms in 2015, there has been an increasing number of people transferring their pension savings into Self Invested Personal Pensions (SIPPs) and unregulated investments. However, a significant percentage of these people end up regretting the decision after finding out that their money is at risk. Or in other cases, after discovering the loss of their savings. When affected by such scandals as this, many begin a search for compensation for bad financial advice which they had taken from their financial advisers.
If you have been affected by such a scandal, you need to understand that you may be helped; however, help is only available to people who have fallen victim to pension mis-selling. Pension mis-selling in this case is regarded as being given poor financial advice directed at making you place your savings into a pension or investment scheme that is not the right fit for you or your needs.
If you have been affected by pension mis-selling or are unsure whether you are a victim of pension mis-selling, below are some things to consider:
Establishing If Your Pension Was Mis-Sold
While most people have been encouraged to transfer their pension savings into investment schemes through various means, including cold callers who promise higher returns at very little risks, you need to establish whether or not you have been affected by pension mis-selling.
There is a higher possibility that you may have been mis-sold a pension investment if you have been contacted by cold callers.
While most people have been encouraged to transfer their pension savings into investment schemes through various means, including cold callers who promise higher returns at very little risks, you need to establish whether or not you have been affected by pension mis-selling.
There is a higher possibility that you may have been mis-sold a pension investment if you have been contacted by cold callers.
Have you been affected by pension mis-selling?
It is important to note that not all pension transfers constitute bad advice; however, with hundreds of thousands of people affected by pension mis-selling after consulting with their Independent Financial Advisors (IFA), it is important to clearly define the terms of pension mis-selling.
To ensure that you appropriately evaluate your status, below are some of the signs indicating that your financial advisor may have mis-sold a pension or investment product to you:
- When you weren’t informed of the level of risk involved in the new pension investment
- When your financial advisor fails to take into consideration your medical condition or illness in the advice given
- When the terms and conditions of the investment were not explained to you.
- When you were promised low risks with guaranteed returns on the new investment.
Can I Be Mistakenly Sold A Bad Pension Or Transfer?
It is important, however, to note that your Independent Financial Advisor (IFA) may not have knowingly given you bad advice, as in some cases, financial advice may have been given without due research into the product which is being offered to the client.
In some other cases, an IFA may also recommend to you a product based on the commission which has been promised to them for selling the product. In this case the product they recommend to you may be influenced more by the commission they are likely to earn than what is suitable for your circumstances.
Professional Help For Bad Pension Transfers
If you feel that you have been given bad advice when setting up or transferring your pension, you should consider reaching out to a professional pension reclaiming expert, such as Goodwin Barrett. To learn more about pension mis-selling, visit http://goodwinbarrett.co.uk/mis-sold-pensions/.
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