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Insurance companies force advisers to pay more amid pension advice scandal

08/13/2018

Financial advisers that want to continue to give people pension transfer advice over their final salary pensions or other types of Defined Benefit pensions may have to pay more to professional indemnity insurers due to a growing mis-selling scandal. After studying the advice of around 13 companies who gave advice about transferring final salary pensions, the … Continued

Mis-labelled investments are like wolves in sheep's clothing

FCA concerns over mis-leading labelling of investment portfolios

07/16/2018

Do you really know if your SIPP portfolio investments are “cautious”? The UK regulator has criticised some investment platforms for labelling investment portfolios in a may that may “mislead” customers about the risk the investments present. Many investment companies build portfolios of investments, and label them with names such as “cautious”, “Conservative” or “balanced”, but … Continued

bad financial advice claims

Alarm Bells As Finance Bosses Investigate 33 Firms For Bad Advice

07/09/2018

The Financial Conduct Authority, who are in charge of all regulated financial advisers in the country, have launched an investigation into 33 financial advisers who are suspected of giving poor advice. SIPP pensions, in particular may be on the agenda, as the amount of compensation paid out over mis-sold SIPPs increased again to £112million from … Continued

A judges gravel

Ombudsman Upholds Claim Against Guinness Mahon For High-Risk Investments

07/09/2018

The FOS has upheld a complaint against SIPP provider Guinness Mahon relating to the mis-selling of high-risk investments within some of their their Self-Invested Personal Pensions. In the case, the individual was introduced to high-risk investments and the Guinness Mahon SIPP by Avocade – an unregulated introducer rather than a regulated financial adviser. Avocade is … Continued

A graph illustrating an increasing in SIPP pension claims

FSCS Pays £112m In Compensation For Mis-Sold SIPP Pension Claims

07/02/2018

The Financial Services Compensation Scheme has paid out £112 million in the 2017/2018 period for mis-sold SIPP claims, as the number of complaints about SIPP pensions continues to rise. Around 69,980 people in total used the FSCS last year to make a claim against a company that defaulted (meaning the firm could not pay compensation … Continued

Delays board

Promised Pension Cold-Calling Ban Delayed

07/02/2018

It’s no-longer a secret that many mis-sold pensions start with a cold-call. The majority of calls come from marketing firms offering a “free pension review”, and often lead to recommendations involving high-risk investments in SIPPs. This led to a widespread petition, signed by many in the Financial Services industry to BAN cold-calling about pensions, in … Continued