pension support

How to get compensation for a mis-sold pension transfer?

Are you a victim of Pension or financial mis-selling? If you have been affected, we may be able to help you. A financial mis-selling befalls you when your financial company or even your bank sells you an unsuitable product. However, worry not! If you file a complaint against the financial institution you might be compensated.

Are you not contented with your company’s response? I will recommend you seek help from Pensions Ombudsman who might give in and investigate your complaint free of charge. We all find it essential to have a pension plan; following the increment of life expectancy, where majority of the people in UK enjoy lengthy retirement, therefore they require ways of covering the costs of the later years. Consequently, this insinuates that we must pay into pension scheme with our investments in shares and stocks.

It is unfortunate that a great population across the UK is convinced to invest a portion of their money into the wrong investments through self-invested personal pensions (SIPPs). Most of the pension investors are initially tricked that they will eat from the fruits of the mis-sold pensions. At the end, most people across the UK end up living with the bitter truth that the investments are actually worthless and so what they have is mis-sold pensions.

Here are some instances of mis-sold pensions:
I feel the most prolific example is Harlequin Property. Under this investment, investors were enticed to invest their SIPPs into properties like villas and hotels that were outside the UK. The UK investors joined efforts and placed a total of £400 million into the company. Later, only a fraction of the speculated properties were built and now the head of Harlequin Company is facing charges in the Serious Fraud Office.

The FCA deal with regulating any sales of mainstream pensions, the shares, funds and stocks that we normally opt to invest in through our SIPP. Nevertheless, in the UK we find out that there exist a couple of unregulated pensions which investors have been advised to stake on with their pension funds. These investments are the ones known as Unregulated Collective Investment Schemes (UCSI). Usually, a group of investors pool their finances together; they invest in some assets, which are not synchronized by the FCA.

What can you do about a mis-sold pension investment?
First, relax and do not panic. It is possible to claim for compensation against the firm that sold you the unregulated pension. Initiate the process by seeking help from specialist firm. Try to be keener to detect the best specialist to contact across UK. Or you can opt to file an initial complaint with SIPP or IFA by yourself. In case they don’t attend to your case up to your satisfaction by the 13th week, feel free to file a complaint with the Financial Ombudsman Service (FOS). When you refer your case to the FOS or other specialist firms you will not be charged, although there some firms who allow terms of No Win No Fee related to mis sold pension transfer claims.