Has financial advice about your pension cost you far more than you expected? You might have been mis-sold a pension product or investment. Speak to our experts at Next Gen Solicitors to see if you can claim compensation.
Mis-sold Pension Products & Claiming Compensation
The issue of mis-sold pensions is widespread, but that doesn’t mean it should be overlooked. If your retirement plan has cost you far more than your first anticipated, you should reconsider what was actually discussed between you and the provider. In many cases, pension products and investments are mis-sold and this means rather than be financially out of pocket, you should dispute the transaction and claim compensation. Financial regulators and lawyers are well aware of the significant number of mis-sold pensions in the UK, and our team at Next Gen Solicitors is here to help.
Usually, a mis-sold pension takes place when those about to retire are persuaded to convert their hard-earned retirement plan into some sort of annuity, which claims to generate a fixed income for life. Unfortunately, this type of transaction can be exaggerated in its ability to provide financial peace of mind but don’t worry. If this has happened to you, contact our friendly team today for more information, help, and support.
Types Of Mis-sold Pension Products
There are five main types of mis-sold pension products:
A mis-sold retirement plan involves any type of pension arrangement or scheme. If the scheme you have invested in is considered a financial risk, or unregulated, you’ve likely been mis-sold this service. In reality, being mis-sold a retirement plan scheme can have life-changing financial consequences, which is why it’s important to seek legal help. If we find that you were given inappropriate advice, or an element of risk was not properly explained to you, or information about a product was insufficient or incorrect in any way, you may be able to claim compensation.
The process to make a mis-sold pension compensation claim is straightforward and, given that pension claims cases are accepted on a ‘no win no fee’ basis, you will not have to pay upfront to recoup your losses. Most claims are handled on your behalf by an expert solicitor and can usually be settled in a matter of months. If a provider should decline your claim and you have a strong case with your agreement, the matter can then be placed in the hands of the Financial Ombudsman for a final decision.