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Mis-sold SIPP claims advice

A Self Invested Personal Pension (SIPP) is a popular pension scheme that many people transfer to, however a mis-sold SIPP pension can cause huge losses due to the often high-risk investments involved.

We’re here to help you with your mis-sold SIPP pension claims. Read on to find out more information or contact us today to speak with one of our claim handlers.

What is a mis-sold SIPP pension?

A mis-sold SIPP (self invested personal pension) can happen when a financial adviser or pension provider either advises or acts in a way that is negligent by the standards set by the UK regulator – the Financial Conduct Authority.

This could be because the money would have been better inside a Defined Benefit pension (See mis-sold Final Salary pension transfers for more information), or because the investments inside were unsuitable for the pension saver.

Often, this is because the investments are high-risk, not regulated by the Financial Conduct Authority or based abroad.

In many cases, the pension move started with a cold-call from a pension introducer, before a financial adviser got involved and made the move to a new provider.

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Was my SIPP pension mis-sold?

While Self-Invested Personal Pensions (SIPP) might be a suitable pension for many people, the investments inside it make a huge difference and could be a clue that you’ve been mis-sold.

You were likely mis-sold a SIPP if your financial adviser:

  • Advised you to transfer to a SIPP because it was better than other pension options
  • Advised you to transfer to a SIPP but didn’t provide advice on the investments inside it
  • Reviewed your existing pensions and only discussed moving them to a SIPP
  • Did not adequately explain the risks of the pension move and/or investments
  • Broke any other FCA rules or gave unclear advice

Not sure if any of these apply to you?

Have a free, no-obligation chat with one of our team – we’ll investigate your SIPP pension story for signs of mis-selling and let you know if we think you can make a claim.

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Get Claims Advice are a claims management company. You can do the claim yourself directly to the adviser or pension company for no charge. You can also approach the Financial Ombudsman Service and Financial Services Compensation Scheme for free if you wish for them to review your case, providing you have approached the adviser or pension provider first, and it falls within their remit.

What is a SIPP pension?

A Self-Invested Personal Pension (SIPP) is an often tax efficient vehicle for retirement savings – in many ways they are much like any other personal pension.

SIPPs are a type of Defined Contribution pension (different from a Defined Benefit pension) which means how much money is paid on retirement depends on how well the investments inside them perform.

Formally introduced in 1989, SIPPs are still offered today by a wide variety of SIPP providers. And like a DC pension, you can’t draw the money from it until you reach at least 55.

One of the big differences with SIPPs is that the owner has greater choice about what their pension fund is invested in – the owner can often choose their own from a much wider selection of investments.

This can be a great thing for somebody who understands investments, or somebody who is taking good advice from a financial adviser.

But if the investment advice is bad or the person doesn’t know much about investments, it can cause the pension to lose money, sometimes reducing the value of the pension to zero.

In many cases, the advice may be viewed as negligent and deemed – a mis-sold SIPP.

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The SIPP mis-sold pension claims process

1. Free Initial Assessment

The mis-sold pension claims process always starts with a free initial assessment – a no-obligation chat with one of our case assessors to see if you are eligible to claim.

2. Getting The Paperwork

Next, we gather and investigate the paperwork on your behalf, going through each part with an eye for detail to build your claim.

3. Making The Claim

Once we’ve got the paperwork we can analyse the situation, build the claim and get it sent to the necessary parties, whether that’s the FOS, FSCS or the negligent party directly.

4. Getting a Result

Once your claim has been submitted we’ll fight it through if needs be, and we’ll review any offers of compensation your case is awarded to make sure you’re getting the maximum of what you deserve.

Mis-sold SIPP pension FAQ

How Can I Make A Mis-Sold SIPP Claim?

Making a Self-Invested Personal Pension (SIPP) claim is easy and it can start with a free initial assessment with one of our case handlers..

Request a call-back here and we’ll listen to your pension story and work with you on your claim, while explaining the pension claims process to you in more detail.

You can also make a complaint to your financial adviser or pension company. Failing that, the FSCS (Financial Ombudsman Service) should be able to help. You can read our guidance about writing a letter of complaint here.

It’s worth noting, however, that the amount you can claim can depend on the advice you’re given and by whom.

Has Get Claims Advice Got A Good Track Record For SIPP Claims?

We’re proud to say we’ve claimed back over £73Million* on behalf of our clients from mis-sold pensions, including SIPPs.

In fact, we even appeared on ITV Tonight as leading specialists as part of their investigation into SIPP mis-selling.

How Much Does A Mis-sold SIPP Claim Cost?

Here at Get Claims Advice, we operate on a No Win – No Fee* basis, and charges a success fee of 24% inclusive of VAT of any compensation awarded to the case.

You can make the claim yourself either directly to the adviser, or the FOS/FSCS where applicable, free of charge.

You can also check out our mis-sold pension complaint framework, too.

Please note: you have an initial cooling off period of 14 days, if you cancel outside of this period you may be charged for the work carried out and if we have already submitted your claim, which results in an offer of compensation subsequently being made, we will charge our full fee as per our T&Cs – our fee is 20% + VAT – a total of 24%. 

Can’t I Just Withdraw My Money From My SIPP?

Withdrawing money from any sort of pension (SIPPs included) before the age of 55 may have large tax implications, and you should seek the independent and regulated advice of an IFA before proceeding down this line.

However, in many cases of SIPP mis-selling, this is not possible anyway.

‘Liquid’ investments are those that can be sold relatively quickly and easily. In the case of many high-risk and unregulated investments, the assets become ‘illiquid’, meaning the money is invested until the investment is sold. In the cases where the investment hasn’t been sold the money can be entrapped in a ‘boom or bust’ situation.

If the assets have become illiquid, it may not be possible to sell the investments to either withdraw the money, leave it in the SIPP in cash, or make alternative investments.

That, and if you were mis-sold, you could be missing out on compensation.

How Much Mis-sold SIPP compensation could I be owed?

Each and every mis-sold SIPP claim is different and depends on a variety of factors.

The amount of compensation a client can receive can be anywhere from the hundreds to the tens of thousands.

With that in mind, we can’t give you an accurate average. However, our case handlers will investigate every mis-sold SIPP claim and work to get you the best possible result.