Mis-Sold Retirement Investment

The real test is not whether you avoid this failure, because you won’t. It’s whether you let it harden or shame you into inaction, or whether you learn from it; whether you choose to persevere.

Johnson Law Group
Johnson Law Group
4 Min Read

Mis-Sold Self Invested Personal Pensions (SIPP)

A Retirement Investment You Didn’t Want or Need

A SIPP is a self-invested personal pension. It’s a tax-friendly retirement savings plan that enables greater flexibility with investments and what you ultimately do with your money on retirement, but it may not be suitable for everyone. SIPPs can be wrongfully marketed to those with limited investment experience resulting in either a reduction in the size of your investment or the loss of your entire pension fund – your life savings! We have offered advice to clients whose pension investments have been affected by mis-selling, negligent advice or fraud. You may have the right to bring a claim and recover some or all of your losses.

High-pressure sales tactics, high-risk investments, unregulated financial products, foreign jurisdictions… you might not have known what you were signing up for.

For many, your pension fund represents your life savings. It is for that reason that legal protection is available to assist those who have lost their pension through mis-selling. The law relating to this however can often be complex and it is essential to understand the potential reasons for seeking compensation.

Some financial advisers will recommend a transfer of your employer-based pension scheme into a SIPP without correctly assessing your financial needs, Others may persuade you to move your pension into an unsuitable investment scheme that is fraught with risk.

If the adviser failed to explain the risks involved with a SIPP or moved your existing pension into unsuitable or fraudulent investments, you may have a claim.

Pressure selling, unclear advice, and unexplained risks and fees can all be grounds for a legal claim of SIPP mis-selling. Independent Financial Advisors who give negligent advice to encourage consumers to enroll in SIPPs can be held liable. Investment managers that take unnecessary risks with your money can also be held to account.

If your adviser is unresponsive to your pleas about an underperforming or worthless SIPP, it may be because your money has been lost and you have a claim.

The Financial Ombudsman Service (FOS) settles financial disputes between consumers and businesses, and the Financial Services Compensation Scheme (FSCS) provides industry-funded assistance when financial firms fail. You may also have the right to seek damages in the courts. We will help you find the right course of action for you.

If the adviser is still trading, we may submit a complaint via FOS.

Even if the defendant is no longer trading, we can submit your claim via FSCS.

Even if the defendant was an unregulated adviser, the law may still offer redress against other parties – and we can help.

Time to Act

Our experienced claims handlers are ready to take up your cause. From modest investments to life savings, the team at Johnson Law Group will fight tirelessly on your behalf. 

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