There are many criteria which may be met and in-turn may constitute a mis-selling. See below for some common scenarios.
Self-Invested Personal Pensions (SIPPs) - SIPPs can be a great option, however, in some scenarios, the subsequent purchase of high-risk and under-performing investments which hold high annual charges and can be impossible to sell on.
Some operators have received criticism for lack of due diligence and short comings in background checks on products. This may constitute a mis-selling.
Final Salary Transfers - Salary transfers are when your employer looks at your final salary and, based on this, offers a figure to move across to a new pension product. These rarely prove to be a good idea. In these circumstances, you lose any guaranteed benefits as well as the risk of losing the money in your pension pot. If you’ve been wrongly advised and taken this route, you may have been mis-sold.
Small Self-Administered Schemes (SSAS) - Usually set up by non-regulated providers, holding high-risk and illiquid investments. SSASs are often used to avoid safeguarding regulations. If you can provide proof that a regulated financial advisor incorrectly advised you to move to an SSAS, this may constitute a mis-selling.
Occupational Pension Scheme (OPS) - Accounts created by your employer to help you save for the future. Usually, this will fall into one of three categories. Defined benefit schemes, defined contribution schemes and cash balance plans. These are well regulated. However, not always. If your OPS was set up by an unregulated entity, you could be entitled to claim.
If you feel any of these scenarios are applicable to you, get in touch with us today via our online webform to check if you could claim.