If you think you have been the victim of mis-sold pension transfer advice we’d like to hear from you. We understand that losing all or part of your pension pot can be traumatic, but we’re here to help.
You can contact our expert advisers on 0161 504 0848 for a no obligation chat. You may feel that there is nowhere to turn, but one call can help to bring some much-needed clarity to what we know is an extremely upsetting ordeal.
Self Invested Personal Pensions (SIPPs) were introduced by the UK government in 1989 to allow pension holders to make their own decisions about where to invest all or part of their pension pots. Investors have the freedom to put their pension funds into a wide range of investments including property and Unregulated Collective Investment Schemes (UCIS) and, if successful, can gain much greater returns than from a standard pension scheme.
Specifically designed for seasoned investors with considerable funds and typically with a higher capacity for loss, SIPPs are certainly not an advisable option for unsophisticated investors. Their profitability depends on the success of the investments made and this is why they are generally unsuitable for the majority of standard pension holders.
Whilst investing via a SIPP may provide significant opportunities for some individuals, it’s a fact that sadly they have become the vehicle of choice for predatory advisors and schemes that have exploited innocent individuals looking to make the most out of their pension pot.
While originally intended for experienced investors who are confident managing their own investment portfolios, SIPPs have been widely mis-sold to people with little investment knowledge or experience.
Motivated by high commissions, unscrupulous (and often unqualified) brokers and introducers lured unsuspecting consumers in with slick sales pitches, glossy marketing and promises of high returns. Unfortunately, many of these schemes promised a great deal but returned very little.
Pressure Selling Tactics The adviser used pressure tactics to lure you into an investment that you didn’t want.
Lack Of Understanding Are you new to investing and couldn’t understand what the adviser told you?
Lack Of Transparency The adviser didn’t give you all the information about the fees attached to the investment.
Poor Advice The adviser told you to switch even when your current pension scheme was ideal for your current situation.
Advice On Avoiding Tax Did the adviser recommend a SIPP to avoid tax?
The Adviser Didn’t Explain The Risks The adviser didn’t give you a clear picture of the risks and negative implications of the investment.