Complaining about a Mis-Sold Pension
If you have been advised to transfer your pension you may be entitled to compensation. You might not even be aware that you have been mis-sold. This is because the losses may be initially hidden, and you may have been exposed to more risk that you should have.
What is Mis-Selling of a Pension?
Some people were advised to transfer their pension from relatively safe and guaranteed pension schemes called Defined Benefit schemes or employers’ pensions to more risky products such as SIPPs and other investment products.
Many people have been involved unknowingly in ‘pension scams’ and have potentially lost hundreds of thousands of pounds of retirement income. You can find more information on pension scams on the FCA website here.
Often people were advised they could obtain higher returns or incentivised with cash to transfer their pensions. The impact of this is that many people transferred out of pension schemes with guaranteed benefits for them and their family to risky investment products that provide no certainty for them or their families.
What Can I Do?
If you feel that you have been wrongly advised to transfer your pension you can complain yourself and completely free to (depending on your circumstances):
- SIPP provider (or pension company that received your pension)
- The Financial Adviser who provided the advice
- The Financial Ombudsman Service
- The Financial Service Compensation Scheme (if the organisation you are complaining to is in default)
What Can We Help With?
At Resolute we can provide free information, guidance and our opinion if we think you might have a claim. If you want us to handle your claim, we can offer a bespoke service that allows us to fully investigate and raise your complaint. We will keep you updated at every stage ensuring you are fully updated along the claims journey.