Mis-sold pension compensation is expected to reach £1billion.


There are various types of pension mis-selling that have taken place over the last few years which could give rise to a claim for compensation, even if the Financial Advisor who sold the pension to you is no longer trading. Examples of pension mis-selling range from unauthorised funds sold within a self-invested personal pension (SIPP) to being advised to transfer away from a final salary scheme. In providing pension advice, your pension advisor has strict codes of practice to follow to avoid a mis-sold pension. We have helped people claim compensation after dealing with pensions such as Gerard’s Associates, Dolphin Trust, Intuitive Associates, The Resort Group, Real SIPP, and Many, many more…

According to The Times, ‘The compensation bill for failed pensions investments is expected to hit £1 billion by next year. The Financial Services Compensation Scheme has so far paid out £695 million in claims relating to mis-sold Sipps (self-invested pension plans). In a letter seen by the FT, the FCA said the recommendation to transfer made by the individual’s authorised independent financial adviser (IFA) — now in liquidation — was unsuitable for them, and they “could be owed money”. “We encourage you to act,” said the letter, headlined “This is not a marketing exercise”. “If you do nothing you may end up with less money during your retirement,” it said. The recipient was also told they had “limited time” to complain to the Financial Services Compensation Scheme, the industry lifeboat fund, which can pay compensation for poor advice of up to £85,000.’

Do you think you’ve been mis-sold a pension?

There are various types of pension mis-selling that have taken place over the last few years and which could give rise to a claim for compensation, even if the Financial Advisor who sold the pension to you is no longer trading.

Examples of pension mis-selling range from unauthorised funds sold within a self-invested personal pension (SIPP) to being advised to transfer away from a final salary scheme. In providing pension advice, your pension advisor has strict codes of practice to follow to avoid a mis-sold pension. If any of the following occurred, you may have a mis-sold pension claim:

● Did you transfer a pension into a SIPP (Self Invested Personal Pension plan)?
● Have you invested in non-standard assets? E.g. carbon credits, storage pods, green oil, car park schemes, overseas property, ethical forestry etc
● Were you in a company pension scheme but then advised to take out a personal pension, when existing company schemes would have yielded better results?
● Did you feel pressured into taking out a new pension, without having an opportunity to shop around for a potentially better deal?