Estimated £1 billion compensation for mis-sold pension victims
Mis-sold pension compensations are anticipated to hit £1 billion by 2022 but this is likely to be a reduced figure as victims are given reduced payments due to delays in complaint management, as reported in the FT Advisor.
The Financial Services Compensation Scheme has dished out an estimated £695 million in claims so far with regards to mis-sold self-invested pension plans (SIPP).
Mis-sold pension litigation is taking off
With an increase in third-party litigation funding and a growing specialism in the area of mis-sold pensions from a legal standing, this has created a huge demand for litigation services.
Litigators favour defending pension trustees and financial institutions due to them having hefty insurance policies and the money to hand over.
Claimant groups have the potential to grow substantially and historic pension claims can also be brought forward in fraudulent allegations.
Is it time to check your investment?
With mis-sold pension claims growing increasingly, it is possibly a good time to start looking at your own pension investment.
For instance, have you been promised a return on investment? Do you feel that you have been financially misled? Do you feel that the investment was not in your best interests?
If you answered yes to any of the above questions, your pension may have been mis-sold.
If you are worried that your pension may have been mis-sold, Get Claims Advice can help you with your claim.
For more information about our services, contact us today for a FREE no obligation chat.
What is a mis-sold pension?
Financial mis-selling has always been a huge issue for banks over the years, considerably more so following the 2007-2008 financial crisis.
The pensions industry has often fallen victim to financial-mis selling claims, although this is often far more complex due to the elusive nature of pension investment.
If your financial advisor wrongly advised you to invest in a pension scheme that is entirely unsuitable or risky, then you may be able to make a mis-sold pension claim.
Can I win compensation in a pension mis-selling case?
When it comes to pension investment, this will usually involve a financial advisor, pension trustee, a financial institution providing a product and an investment fund.
As the parties involved in pension investment are often co-dependent, this raises the concern that culpable individuals will not hold each other accountable over mistakes without being held over a barrel.
It can also be very difficult to have pension losses reclaimed as this will involve outlining the responsibilities of each party member involved and establishing evidence of dishonesty or negligence.
Our experienced claims handlers may be able to help you make a case. You can contact us for a free no obligation chat and we’ll review your situation and see what we can do to help.