SIPPs: How Were They Mis-Sold
Self-invested Personal Pension, or SIPP for short, is an investment product. It allows investors, like yourself, to have more flexibility and greater control over what your invest your pension into, at least when compared to traditional pensions. There are many areas where you can invest in, which is why SIPPs are best suited for those who have large funds.
There are two ways to go about investing in an SIPP. First, you can take on the advice of a financial adviser. The other way is to do it yourself, if you already have experience with investing.
Issues occurred when financial advisers decided to recommend risky investments to their clients. They didn’t explain what the risks associated with SIPPs. Unfortunately, some people experienced a great financial lost.
A financial adviser is supposed to recommend investments that align with their clients risk-adversity and their personal needs. However, a number of financial advisers decided to place their clients’ funds into investments that are extremely risky, all without tell their clients about what they are doing. This means clients had no understanding of what kind of risks are involved with such investments.
This has lead to clients filing mis-sold SIPP compensation claims. You might actually have a claim on your hands. You may meet the criteria for a claim if:
- Your financial adviser encouraged you to change your investments, yet they didn’t tell you why you should do it.
- You were given assurance that your SIPP pension would eventually increase in value, but in reality it actually lost value.
- You were not made aware of various factors that could result in your investments losing value.
There have been many situations of financial advisers providing bad advice in regards to SIPP investments. Many of the cases have centered around the safety surrounding SIPP investments. The suitability of these investments for their clients’ needs have also been a common issue.
When advisers mislead clients and they don’t fully disclose what the pitfalls are with investing or if they don’t tell their clients about conflicts of interests, then they can face actions from the FCA. This has happened, and it has lead to companies being fined. Companies encouraged clients to place their funds into investments that are not regulated, via SIPPs. As a result of the advice, many investments lost nearly all of their investment funds.
The company ended up going into liquidation and three of their directors were barred from holding similar positions in the financial industry. There are a number of investments that victims were talked into investing in. This included:
- Green oil
- Overseas property
SIPP Investments: What Products Were Mis-Sold
A number of products were mis-sold. If you were sold any of these products, then contact us for an assessment. These products include:
Have You Been Mis-Sold SIPPs
Have you invested in SIPP products and now you’ve been left with nearly nothing? If so, you might have been mis-sold. We have a team of professionals who can handle your claim and they can recover compensation. If you received unsuitable or bad advice in what to investment, then you should contact us.
Do you have any questions about your SIPP? If so, then contact us and we’ll be more than happy to hear you out. If you wish, we can pursue a claim for compensation on your behalf. Furthermore, we deal with clients on a no-win, no-fee basis.