Are you sat on a SIPP complaint?
The FOS (Financial Ombudsman Service) has published figures that show a 59% increase in enquiries relating to Self-Invested Personal Pensions (SIPPS) in Q1: April – June 2017, along with a rise in complaints regarding pension transfers.
The service which has the power to force companies to pay clients compensation if complaints are upheld, received 135,779 enquires in total, and took on over 80,000 complaints over that period.
Growing mis-sold SIPP numbers
The figures released by the FOS add to evidence presented by the FSCS of an increasing awareness of pension mis-selling, where over £105 million was paid out in SIPP related cases last year, up from £77m in the year ending March 2016 – a significant increase!
What is a mis-sold SIPP?
There are many reasons a SIPP may have been mis-sold, but in the cases seen by Get Claims Advice over the last few years, some of which have now been paid out to the tune of over £18million*, it generally boils down to risk posed by high-risk and unregulated investments.
All investments represent risk for investors, but unregulated ones such as store pods, overseas property schemes, green-energy schemes and more don’t have any compensation at the ready purely for failing, meaning investors may lose everything if they go bump!
This is all well and good for investors who earn enough (usually over £100k) to take that risk on, or those with the experience to manage their investment portfolios (their SIPPs) effectively, but not for your average person on the street.
This is why most successful SIPP cases go against the advisers who recommended the SIPP investments without considering the suitability of those investments for their clients, or simply ignoring these facts.
Mis-sold SIPPS have the power to devastate your retirement plans, so if you’re unsure about what your SIPP is invested in, it could be a good plan to get it checked out!
Get Claims Advice are specialists in mis-sold SIPP claims, starting their process with a FREE initial assessment of your pension advice