The Financial Ombudsman Service’s annual report has shown that complaints about SIPP and SSAS pension arrangements has increased by over a third for the year leading up to the 31st March 2017.
What are the SIPP and SSAS complaints about?
Well, we know that a lot of the 1,574 complaints were against the financial adviser who recommended either the SIPP or the investments contained within, and 64% of the complaints were upheld, indicating that pension mis-selling may be more widespread than some industry critics might care to admit.
What does a mis-sold SIPP or SSAS look like?
There are many things that can add up to your Self-Invested Personal Pension being mis-sold to you.
The type we see here at Get Claims Advice the most are those where ordinary people are persuaded to invest in high-risk and unregulated investments, like overseas property, storage pods and forestry investments, unaware of the risk they have been exposed to, often until the pension fund collapses and takes their retirement fund with it. Financial advisers have a responsibility to make sure SIPP and SSAS investors earn enough money to take the risk of these investments, and enough knowledge to manage them. If you don’t fully understand how your investments work, it could be a sign you’ve been mis-sold your pension.
SIPP Claims on the rise
Not only has the team at Get Claims Advice never been busier with the number of inquiries about potentially mis-sold SIPPs and other pensions, but the FSCS too is not expecting complaints to fall. In January, the Financial Services Compensation Scheme said it wants advisers to stand up and make their voices heard to help combat the problem, but has the horse already bolted?
Got a SIPP?
Over the last 6 – 7 years, there’s been huge increase in activity within the pension transfer market, and many people who had ordinary personal pensions or preserved pensions from previous occupations have now found themselves in SIPPs that the don’t understand, invested in schemes they are often not suitable for.
To find out if YOU have been effected, contact our team for a FREE initial assessment of your pension advice. With Get Claims Advice, you’re under no obligation to continue, but if you want us to fight your corner with knowledge, experience and expertise, we can fight your claim on a with no upfront costs basis to help you rescue your retirement.