Mis-sold SIPPs

/ˌmɪs ˈsəʊld sɪps/

noun
Definition:

Self-Invested Personal Pensions (SIPPs) that have been sold under misleading, incomplete, or unsuitable terms, often resulting in significant financial losses due to high-risk or unregulated investments.


Example:

"After discovering their retirement savings were tied up in a mis-sold SIPP, they took legal action to claim compensation."

Mis-Sold SIPPs – Reclaim What’s Rightfully Yours


Have You Been Mis-Sold a SIPP?

Self-Invested Personal Pensions (SIPPs) have been promoted as a flexible way to save for retirement, allowing individuals to control their own investments. However, thousands of UK investors have been mis-sold SIPPs, leading to significant financial losses. If you were advised to transfer your pension into a high-risk or unsuitable investment, you may be entitled to compensation.


How Were SIPPs Mis-Sold?

Many individuals were encouraged to transfer their traditional pensions into SIPPs with promises of better returns, tax advantages, and exclusive investment opportunities. Unfortunately, financial advisors often failed to properly assess the risks, leaving investors exposed to volatile or unregulated schemes. Many of these investments included overseas property deals, forestry projects, carbon credits, and storage units—none of which were suitable for a secure retirement plan.

Excessive fees and charges were often hidden, and in some cases, advisors lacked the necessary qualifications or misrepresented the true risks involved. Investors who transferred out of workplace pensions also lost vital guarantees and protections they would have otherwise retained.

If you were persuaded to invest in a SIPP without being given full information about the risks, or if you were promised high returns that never materialised, you may have been mis-sold a pension product.


Who Can Claim for a Mis-Sold SIPP?


You may have a valid claim if:

  • You were advised to transfer your pension into a SIPP without a clear explanation of the risks.

  • Your financial advisor did not conduct a thorough risk assessment before recommending the transfer.

  • You invested in high-risk, unregulated, or overseas schemes without being properly informed.

  • You suffered financial losses due to misleading or poor financial advice.

  • The firm that advised you has ceased trading or has been declared in default by the Financial Services Compensation Scheme (FSCS).


The FSCS has already ruled in favour of thousands of investors, allowing them to reclaim their losses. If any of the above apply to you, it’s important to take action as soon as possible.


How Much Compensation Can You Claim?


Compensation varies depending on your financial losses and the specific circumstances of your case.


Financial advisors often make substantial commissions from recommending SIPPs, but these investments are seldom the right choice for the individual investor. Many advisors prioritise their own financial gain over the long-term security of their clients, leading to mis-sold pensions that cause significant financial hardship.


Consequently, many investors have successfully reclaimed tens or even hundreds of thousands of pounds. This compensation may cover the total financial losses incurred due to poor financial advice, as well as refunds for any excessive fees and charges that were not fully disclosed at the time.


Additionally, it can include the restoration of your pension pot to its original value before the mis-selling took place. If you lost interest on funds that should have been securely growing within a regulated pension scheme, this may also be accounted for in your compensation claim.


How We Can Help


At Claims4business, we specialise in assisting individuals who have been victims of financial mis-selling. Our expert team will:

Assess your case in detail to determine if you were mis-sold a SIPP.

Gather the necessary evidence, including financial records and details of the advice you received.

Handle all communication with regulatory bodies, financial advisors, and the FSCS


Work on a No Win, No Fee basis, meaning you only pay if your claim is successful..


Time Limits for Making a Claim

Mis-selling claims are subject to time limits. Generally, you have six years from the date you received the advice or three years from when you first realised you had been mis-sold to make a claim. If you are unsure whether you are still eligible, our team can assess your case and provide expert guidance on the next steps.


If you believe you were mis-sold a SIPP, now is the time to take action. Our expert team is ready to help you reclaim the compensation you deserve.  


Don’t let financial mis-selling impact your retirement. Contact Claims4business today by filling out the form below or callling us on 0333 305 0999 to find out if you qualify for a claim. Alteranivly you can email us directly at [email protected]

If you’ve been mis-sold an investment, our expert team and specialist solicitors are here to help you get the justice you deserve.

Don’t wait. Start your claim today!

banner
Type of Claim*

Claims4Gain is a trading style of MFN Claims Limited who are regulated by the Financial Conduct Authority Reg No. 837972

Registered address. Hive 365 Astute House, Wilmslow Road, Handforth, Cheshire, England, SK9 3HP

Email. [email protected]

Copyright © 2024 MFN Claims Limited. All rights reserved.

Claims4gain is a trading style of MFN Claims Limited who are regulated by the Financial Conduct Authority Reg No. 837972

Registered address. Hive 365 Astute House, Wilmslow Road, Handforth, Cheshire, England, SK9 3HP

Email. [email protected]

Copyright © 2024 MFN Claims Limited. All rights reserved.