Have you been mis-sold SIPPS? If so, contact our team about submitting a compensation claim. As experts in mis-sold financial products and investments, we can work on your behalf to help you get the compensation that you deserve.
How SIPPS Pensions Are Different
A SIPP is a Self-Invested Personal Pension. It differs from a traditional pension as it allows the investor to have far better control over what and where to invest. Since you have more control over where you invest your SIPP pension, it can help you to gain a higher return on investment. For those investors who are knowledgeable and experienced in investments, they can be very profitable. However, they are best suited to those who have more money to invest and are often seen as a more high-risk option.
A SIPP also requires the investor to be more hands-on with their pension decisions in most cases, and so a financial advisor will often be used to help manage a SIPP on behalf of an investor. This advisor will be tasked with selecting SIPP investment opportunities for the client which match their needs, objectives, and preferences. For example, if the investor enjoys, or is interested in, high-risk investment opportunities, then by all means, these should be brought to the table by the financial advisor.
However, this is not always the case, and advisers have been found to invest clients’ funds into investments that are riskier than their client is comfortable with. Often their client will not know the extent of this investment or just how risky it is, and this is where the problem lies.
As a result of these practices, many clients have experienced significant financial loss through no fault of their own which can then lead to financial difficulties during retirement.
SIPPS Pension Compensation Claim
How can you make a claim for SIPPS pension compensation?
Well if any of the following scenarios apply, you will have grounds to make a claim:
Organisations Involved With SIPP Losses
Unfortunately, there are many examples of organisations and financial advisors being implicated in serious failures and losses when it comes to SIPP investments. Most of these problems are a result of advisors investing in high-risk investments without the full knowledge of or against the needs of the investor.
The FCA has now taken disciplinary action in cases when advisers have been culpable in this way. Misleading investors, not fully disclosing risks, or failing to notify of any conflicts of interest for themselves are all cited as common complaints.
Which Products Were Mis-sold?
If any of the investments you have made with your SIPP pension include the products and areas listed below, it’s highly likely that you have a strong case for a claim.
Even if the financial advisor with whom you invested and trusted is no longer trading, you may still be able to recoup some of your losses with our help.
In addition, any of the types of fund companies listed below that have been invested in were almost certainly unregulated. If these investments were mis-sold, we may also be able to recover some of your money for you: