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Mis-Sold SIPP

Sometimes, people choose to opt out of workplace or personal pension schemes after taking advice from a financial adviser. Instead, they invest in a ‘self-invested personal pension’ or (SIPP) which are said to guarantee high returns and financial security for the future.

When taking out a SIPP, a financial company will create an agreement with you whereby they invest your pension funds on the promise of a great reward at a later date. They offer a wide and varied investments opportunities than personal pensions.

You might be advised to invest in:

  • Forestry
  • Australian farmland
  • Off plan properties
  • Parking
  • Hotels
  • Structured products
  • wine
  • quoted UK and overseas stocks and shares
  • unlisted shares
  • collective investments (such as OEICs and unit trusts)
  • investment trusts

SIPPs are sold as being more flexible than a traditional pension scheme, offering a level of control over it at all times. However, SIPPs can be high risk and quite often, things going wrong

Sometimes, financial institutions or companies sell people products that are not suitable for them. If this has happened to you, there is a chance that you are entitled to make a claim against the company and receive some money back. If you wish to do so, it is important to seek out legal advice and have your claim investigated.

When investing in a SIPP, did you experience any of the following:

  • A Lack of understanding – Maybe you were new to investing and did not understand the process or investment you were advised to make.
  • Pressure selling – did you uncomfortable or pressured into a decision that you didn’t really need, want or understand?
  • Poor advice – Have you since, found out that your existing scheme was more suitable to your pension needs?
  • Lack of transparency on fees – Maybe you were not informed of any management fees or additional costs attached to the investment.
  • Inadequate advice about the risks – you should have been given advice about the risky nature of investing.
  • Advice that you could avoid tax – did your financial or pensions adviser recommended a SIPP as a means of tax avoidance?

If so then you may be eligible for compensation. Get in touch with one of our advisors who will guide you through the process.