The Financial Conduct Authority, over the past years, has received a huge amount of complaints from individuals who claim to be victims of mis-sold finances and pensions. Many of them are now taking active steps for claiming compensation for mis-selling finances and poor advice by the Financial Advisers, pension providers, building societies, and banks.
If you have been suffering from any case of mis-sold finance or personal pension, self-invested personal pension, group pension transfer, small self-administered scheme, you might be affected and be able to have a compensation claim successfully.
What is financial mis-selling?
Mis-selling refers that you were provided with unsuitable financial advice; the risks were not elaborated to you. You might not have been provided with the right information that you needed at that time and ended up with any product which is not suitable for you.
What do you mean by “mis-sold pension”?
The deceptive ways in which a pension can be administered or sold can lead to a mis-sold pension complaints or claim. Financial advisers and pension providers are needed to follow a very strict “code of practice” by the Financial Conduct Authority (FCA).
However, some have failed to follow the same which has resulted their clients to undertake a pension plan which was not appropriate according to their requirements. Some even switched their prevalent pension into another which had higher risks for a very low term. The claims of mis-sold pensions are increasing every day. You might want to check if you are a victim of the same by going through the below signs:
- You have a feeling that your financial adviser has not provided you with all the important information which you require for making any decision regarding the pension plan.
- The financial adviser has not made any mention regarding your health and medical issues.
- You need to remember that you were provided with the advice regarding transferring the existing pensions into SIPP or SSAS which involve risky investments in carbon credits, overseas funding, property, etc.
- You might feel that you were not provided with the scope of shopping around to get the best deal during that time.
If you have an ongoing feeling of comfort regarding the pension scheme that you purchased or the scenario under which the financial advice was given to you, you might have been a victim of the mis-sold pension. This could result in drastic implications for the financial health of your family.
What to do?