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Mis-Sold SIPP Claims Specialists

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SIPP Mis-Selling & Mis-Sold SIPP Claims

Cases of mis-sold SIPPS are increasing every month as more mis-selling is uncovered.  According to a recent report, the number of missold pension and SIPP complaints referred to the Financial Ombudsman Service (FOS) has increased by 77% in the last one year.  Over 500 new SIPP cases have been filed to the FOS between April and June 2017.  The cases have risen 922, which represents a 77% increase for the same period in 2018.

The reason for the high number of SIPP claims is because most investors have realised they have lost or stand to lose lots of money which will impact on their retirement fund. SIPP claims are made against the person who provided you with the advice; it could be your financial adviser or SIPP provider. In cases, where there is insolvency involved, the claim is done via the Financial Services Compensation Scheme (FSCS) against the provider or the adviser.  In this article, we will discuss all that you know about mis-sold SIPP and how to make a successful SIPP claim.

What Exactly Is a SIPP?

SIPP is an acronym that stands for Self Invested Personal Pension.  It is a self-invested personal pension, a “Do-It-Yourself” pension plan that allows you to take advantage of different types of investments than most standard pensions.

SIPPS were introduced and approved by the UK Government in 1989. It is believed that more than 1 million people have invested in SIPPS since they began.  SIPPs are designed as a personal pension pot that allows you to hold multiple investments and products.  Meaning you can diversify your risk. This means you can manage your pension fund yourself and have more control over where your money is invested. Or you can hire the help of a financial advisor to do this for you. This is a great tool to have as you can diversify your risk and in return earn a better return on your pension.

 SIPPs are also highly preferred by most people, because they allow for increased flexibility in terms of the types and quantity of investments you can enter into.  Even though the exact tax situation depends on your personal circumstances, a SIPP can offer you up to 45 percent tax relief on contributions and you will not have to pay additional income tax or capital gains tax. However, just because there are tax advantages and a wide range of investment options does not mean that a SIPP is the most ideal pension scheme in UK.

Due to the many investment options allowed in a SIPP and the fact that you have to rely on the advice from your financial adviser and not the SIPP company, your capital can end up being placed into higher risker unregulated investments, such as high risk commercial properties in Cape Verde, ethical forestry, carbon credits, bio diesel and  hotels. This can make you lose most of your pension fund.

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See What Your Eligible To Claim Back

Mis-Sold SIPP Claims Specialists

Let us help you get your pension back!

SIPP Mis-Selling & Mis-Sold SIPP Claims

Cases of mis-sold SIPPS are increasing every month as more mis-selling is uncovered.  According to a recent report, the number of pension and SIPP complaints referred to the Financial Ombudsman Service (FOS) has increased by 77% in the last one year.  Over 500 new SIPP cases have been filed to the FOS between April and June 2017.  The cases have risen 922, which represents a 77% increase for the same period in 2018.

The reason for the high number of SIPP claims is because most investors have realised they have lost or stand to lose lots of money which will impact on their retirement fund. SIPP claims are made against the person who provided you with the advice; it could be your financial adviser or SIPP provider. In cases, where there is insolvency involved, the claim is done via the Financial Services Compensation Scheme (FSCS) against the provider or the adviser.  In this article, we will discuss all that you know about mis-sold SIPP and how to make a successful SIPP claim.

What Exactly Is a SIPP?

SIPP is an acronym that stands for Self Invested Personal Pension.  It is a self-invested personal pension, a “Do-It-Yourself” pension plan that allows you to take advantage of different types of investments than most standard pensions.

SIPPS were introduced and approved by the UK Government in 1989. It is believed that more than 1 million people have invested in SIPPS since they began.  SIPPs are designed as a personal pension pot that allows you to hold multiple investments and products.  Meaning you can diversify your risk. This means you can manage your pension fund yourself and have more control over where your money is invested. Or you can hire the help of a financial advisor to do this for you. This is a great tool to have as you can diversify your risk and in return earn a better return on your pension.

 SIPPs are also highly preferred by most people, because they allow for increased flexibility in terms of the types and quantity of investments you can enter into.  Even though the exact tax situation depends on your personal circumstances, a SIPP can offer you up to 45 percent tax relief on contributions and you will not have to pay additional income tax or capital gains tax. However, just because there are tax advantages and a wide range of investment options does not mean that a SIPP is the most ideal pension scheme in UK.

Due to the many investment options allowed in a SIPP and the fact that you have to rely on the advice from your financial adviser and not the SIPP company, your capital can end up being placed into higher risker unregulated investments, such as high risk commercial properties, forestry, carbon credits, bio diesel and  hotels. This can make you lose most of your pension fund.

What is a Mis-sold SIPP?

A missold SIPP means that you were given unsuitable advice, the risks were not explained to you or you were not given the all the info needed to help you make a conclusive decision and this ended you up making investments that are not right for you.

Just like any other pension scheme, there are some SIPP providers and financial advisers who look to take advantage of such schemes. A lot of people were told to invest their money in overseas investments, property and environmental, storage pods which caused them to lose large sums of money.

Some financial advisers even advise savers to switch to SIPPs so they can gain additional commissions.  The advisers start by telling you about a fantastic investment opportunity you can’t miss. They promise you very high returns in just a couple of years, which is not true. If you believe you have been tricked by your SIPP provider or financial adviser, you may be eligible to make a SIPP Claim.

Due to the ever increasing cases of Mis-Sold SIPPs, the Financial Services Compensation Scheme has set aside over £100 million pounds for victims of SIPP misselling. Don’t worry if you invested into a SIPP that isn’t on the list we can still help claim back money if you were a victim of SIPPs misselling we can look to help you get your mis sold SIPP compensation.

How Do I Know I Am Eligible to Make a SIPP Claim?

If any of the following applies to you, your SIPP was likely mis-sold and you could possibly claim for some compensation:

  • Not Informed about the Risks: If your SIPP provider or financial adviser did not give you any advice about the possible risks of investing in property and the potential negative implications, you may be eligible for some compensation.
  • Lack of Transparency on Fees: If you were not told about the additional management costs or other expenses attached to the investment, then it is likely that your SIPP was mis-sold.
  • Income Tax: If your financial adviser or SIPP provider did not tell you about the £40,000 tax free limit and that exceeding it could make you liable to a 55% income tax, then you could qualify for some compensation.
  • Unregulated Investments: If your financial adviser recommended that you use your SIPP to invest in things like store pods, trees, oversee hotels or properties, you may have invested in unregulated investments and have been unaware of it. This means your SIPP was mis-sold and you are qualified to make a claim.
  • Financial Worse Off: If your financial adviser gave you a poor advice on SIPPs that left you financially worse off, you may be eligible to make a complainant and receive your SIPP compensation.
  • You Were Told You Could Avoid Tax: If your SIPP provider or adviser told you could avoid tax by investment in a SIPP, you may be able to claim for some compensation.
  • The Product Did Not Meet Your Needs and Demand: If your adviser never asked you questions about what you need to invest in and they just tricked you into a SIPP, you may qualify for some compensation. It is work of the adviser to ensure that the product they recommend meets your needs and demands. The adviser should take into account your personal circumstances as well as the level of risk you are willing to take while investing.
  • Pressure Selling or Hard Sales: If your financial adviser pressured you into accepting the investment that you did not want, then you may qualify for a SIPP compensation.
  • A Lack of Understanding: If you are new to investing and your financial adviser did not inform you how the entire process of investment, then you can claim for some SIPP compensation.

Was I Mis-Sold My Pension?

  • Health & Medical Issues
  • Not Given Enough Information
  • Given the Wrong Option
  • Didn’t Shop Around for Deals

The Main SIPP Providers That We Deal With.

All though there is many SIPP Providers we have put together all the main ones together and record on the website our list. You can find out more information about each one and what to do if you was affected by these SIPP companies and their pension schemes.

How Can I Make a SIPP Claim?

As stated earlier, a successful SIPP claim is directed to your financial adviser or the SIPP provider. In cases where either of the first two is insolvent, you have to make your claim via the Financial Services Compensation Scheme (FSCS).  Like any other financial claim, the mis-sold SIPP claim process is characterised by complex legal procedures, baffling jargons and difficult points to be argued, promoted or dismissed as well as taking over several months before the compensation is granted.

Even though every case of SIPP mis-selling is different, our Team of Claims Expert have the needed experience, knowledge and strategy to make the entire claim process as smooth as you can possibly imagine.  These are some of the critical steps we follow to ensure that your SIPP claim is successful.

Step 1: Give Us Your Contact Details

All you have to do is visit our website. Complete an easy online enquiry form. Make sure you give us all the correct details so we can get in touch with you within the shortest time possible.

Step 2: We Will Call You Back

Once we receive the enquiry form, one of our trusted mis-sold SIPP claims experts will get in touch with you. He will ask you a few questions to assess the possibility of any SIPP mis-selling, your ability to make a claim and make a case.

Step 3: Filing the Case

If the claims expert is convinced that you have a valid case, they will help you file a SIPP complainant with your financial provider or SIPP provider. Our team of professionals will handle any complex or difficult paperwork and procedures on your behalf.  Our Mis-Sold SIPP claim professionals have handled many SIPP claim cases before successfully. Thus, they will make sure that all the paperwork is completed correctly and that all the laid down legal procedures are followed to prevent your claim from getting rejected.

Step 4: Gathering Evidence

Our team of pension claims professionals will gather all the necessary evidence needed to prove your case. They will also help you create a strong SIPP claim case and attach sufficient evidence to increase your chances of getting a rightful compensation. Our team will then liaise with your financial adviser or SIPP provider by making phone calls, writing letters and generally fighting hard for your claim to be granted.

Step 5: Get Your Compensation

If your claim is granted, we will ensure that your compensation is sent to you within the shortest possible.

How Much SIPP Compensation Am I Due?

It all depends on the nature of your pension scheme, the amount of loss incurred, among other critical factors. Our mis-sold SIPPS claims expert at Claiming 4 U are experienced in regards to SIPP claims. They will work diligently to ensure that you get the maximum possible compensation.

There are many factors that come into play when fighting for compensation after a SIPP mis-selling.  This is due the fact there is so many variables, such as whether the IFA who gave the advice initially is still active? Or if the company that invested your money via the SIPP closed down and is no longer active? These are just some of the major factors that come into play when looking into a SIPP claim.

By hiring the services of an experienced mis-sold SIPP claims company, such as Claiming 4 U, you can rest assured the entire SIPP claim process will be handled professionally, smoothly and within the shortest time possible. Our pension claims expert will hold your hand throughout the entire SIPP claim process and ensure that you are kept informed and up to date with the progress of your claim.

What Our Clients Say About Us

Claiming4U helped me to claim back money I lost from my pension which I though had gone forever. The team were really helpful and I had a dedicated claim adviser. It was a huge relief when they called to tell me that they had been successful with my claim.

Mr Bernard Moore
Source (Trust Pilot - 19/12/2017)

I have had a very good experience with claiming 4u. Initially I was not very trusting of the company and was looking for the catch !!. But they did everything they said they would. They succeeded in getting me compensation for miss sold shares, all I did was send them any paperwork I had and they did the rest, even for shares that I no longer had paperwork for. I took about a year but it was worth waiting for. I received a large sum of money back and it was easy.

Mr Richard Smith
Source (Trust Pilot - 01/09/2017)

Claiming4u helped me to reclaim money (almost £600 from mis-sold shares) that I had no idea I was entitled to. They contacted me, explained the situation clearly and why I was entitled to a claim and then helped me every step of the way giving me a named contact I could liaise with at any point. They were great, and without them I would never have seen a penny of this claim.

Mr Paul Galbraith
Source (Trust Pilot - 28/11/2017)

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