Mis-Sold SIPP Pension Claims
A successful mis-sold SIPP claim may be the way to a calm and happy retirement as you are able to recover money which was lost and out at risk by negligent SIPP investment advice. Of course, you will need to work with a team who know their way around mis-sold SIPP claims. They will need to back your case with knowledge, strategy and experience which is earned through working on these kinds of claims.
When you have a carefully developed SIPP claim process, your claims will be investigated, more information will be gathered and the documents will be prepared for you to fight your case. This strategy will work with claims directly against a financial advisor as well as ones through the Financial Ombudsman Service or the FSCS. Having a team to help you will also ensure that you always have someone to turn to when you have questions. Most services will have a free initial consultation so you can find out more about what they have to offer you.
The SIPP Claims Process
It is important to note that all mis-sold SIPP claims will be different and need a bespoke approach. This is why you need to know what the general process for the different claims will be. While the SIPP claims process can relate to a number of different cases, most revolve round negligent financial advice. This advice was generally to transfer a pension to a Self-Invested Personal Pension.
When this happened, negligent or dodgy financial advisors would advise high-risk investments to their clients. These investments are ones that you might not have been suitable for or mis-sell your new SIPP pension for a variety of reasons.
How Investment Mis-Selling Happens
For many people it does not matter how you end up investing, you are still giving your money to someone else to handle. You will generally assume that the person you trust with this understands what they are doing and the risks involved. This is very important as there are investments which expose your money to risk and some investments will have more risk than others. Your financial advisor actually has the responsibility of ensuring that you are not taking on too much risk.
The problem comes when they are wrong or negligent in their responsibilities. Mis-sold investments are generally the result of their negligence and occasionally it will be greed as well. High-risk investments will generally have a bigger commission which is why they are given the green light.
You could have been mis-sold investments if you invested in high-risk products, but did not want to take big risks with your investments. If you are not a high net-worth individual or are not a sophisticated investor.
Was A SIPP Suitable?
SIPP will put you in charge of your own pension. However, it there are high-risk investments involved in this, your advisor should be checking to see if you can handle the risk.
Under Pressure Selling
High-pressure tactics are often used by pension review companies, investment marketing firms and financial advisors. Cold calling is also used to try and get you to transfer your pension into a SIPP. If you faced any of this, it could be a sign that you have a SIPP claim.
Were all of the fees explained to you by your advisor? Was the fact that they took a big commission payment for selling SIPP to you hidden? You will need to find out about this and a legal team will be able to help.
Why You Should Make A SIPP Claim
If your SIPP has been invested in high-risk and unregulated investments, you will not have any cover from the Financial Ombudsman Service. You will also not have any help from the FSCS. Additionally, if the investment fails you will lose all of the money you have invested.
When you make a claim, you will generally be able to do so on a no win no fee basis. You will also have a chance to win back your money and have a 14 day cooling off period. Working with a professional team will ensure that your case is built up correctly and that you have a winning strategy that reclaims your money.
How To Starts Your Claim
If you feel you have the basis for a claim or are still unsure about your eligibility for a claim, you need to get in touch with a professional claims team. They will generally have a no obligation free initial consultation where you can explain your situation and see if you have the basis for a claim. They will also help you identify what can be done so you can make informed decisions about the claim process