Pension Mis-selling – When you receive poor advice on your pension investment
When obtaining financial advice concerning your pension, you should always be aware of possible pension mis-selling, poor advice and fraud.
If you were advised to take out a pension but were not fully informed of the risks, alternative products on offer or warned what would happen if the performance of the pension was poor, it may have been mis-sold.
When is a pension mis-sold?
How a pension is sold and administered can give rise to a mis-sold pension claim or complaint. Particular issues can arise from:
- How the pension is administered;
- The fees charged by pension scheme administrators;
- How well the pension performed over its lifetime, including any misrepresentations at the point of sale;
- Being advised to switch your pension without being adequately made aware of the risks involved in the new investment;
- Failure of the advisor to ensure that the product within the pension, or Self-Invested Personal
- Pension (SIPP), is suitable for your circumstances; and
- The advisor’s failure to disclose conflicts of interest or commission.
What you can claim
The circumstances of each claim will be different and so will the loss suffered as a result of the mis-selling.
You may be entitled to be put back into the position you would have been in, had the pension not been mis-sold in the first place. This could include a claim for unearned interest and loss of investment opportunity.
How we can help
Our team of specialist banking and finance lawyers can assist you with the assessment of your mis-sold pension claim and advise you on the best avenue to seek damages and or compensation, whether it is via court proceedings, a complaint to the Financial Ombudsman Service, or a complaint to the Financial Services Compensation Scheme.