Is the true scale of pension mis-selling becoming too big to ignore?
- 13,000 interviewed by FCA
- 13% of those surveyed said they felt mis-sold
- Same percentage felt they received other bad advice
- How to spot your own mis-sold pension
The FCA has conducted its 2017 Financial Lives Survey, asking 13,000 people about their personal financial, only to find that a whopping 13% who took financial advice over the previous year felt they had been mis-sold a pension or investment product!
Mis-sold pensions are increasingly in the targets of the authorities, as complaints about high-risk investments in SIPPs, big fees and commissions, and lost retirement dreams.
Get Claims Advice Ltd alone have now recovered over £23 million for clients who ended up in unsuitably high-risk investments such as overseas property investments, forestry schemes and more, and while that’s a big part of the recovery effort, the total FSCS payments last year came to £105 Million!
How do you know if you’ve been effected by a mis-sold pension?
That’s often part of the problem – unless you’ve got your nose in your SIPP statements, or worse had a dreaded letter from your SIPP provider to tell you that one of your investments has gotten into trouble, the chances are you won’t find out about the effects of your mis-sold pension for some time!
But in our experience, there are a few tell-tale signs of a mis-sold pension.
Here’s our top 2:
Your pension transfer started with a cold-call
Sure, not all cold-calls lead to a mis-sold pension, but unregulated marketing firms have been a big factor in many of the mis-sold pensions that come through our office. If you agreed to a free pension review off the back of a cold-call, it could be a warning sign.
You ended up in a SIPP with some funky investments
Normal stocks and share listed on the LSE are often pretty safe, regulated and generally protected. But step outside into the world of non-standard assets and unregulated investments, you could be finding yourself on thin ice.
Liked the sound of saving the world and making a big profit with an ethical forestry scheme? Thought the flash hotel in an up-and-coming resort sounded good? Well, these types of things are often unregulated, high-risk and open to fraud. If you’re not earning a packet and don’t know much about investments, you financial adviser may well have mis-sold you these investments, AND the SIPP wrapper they came in.
What can I do about it?
Well, one of the first things you can do is get it confirmed. Get Claims Advice Ltd are at the sharp edge of the fight against pension mis-selling, and can let you know if it looks like you’ve been mis-sold with a free and no-obligation assessment of your pension advice.
Then it’s up to you! If you’ve been mis-sold, you can take the fight on yourself, or have Get Claims Advice battle your corner on a no upfront cost basis, backed up by years of experience, knowledge and a winning strategy.
Tags: FCA Mis-sold Pensions