Over the last few years, pension mis-selling has been a problem that plenty of people have had to face, leaving them angry and out of pocket. But, how do you even know that you’ve been mis-sold a pension in the first place?
Lack of financial adviser expertise
If you find out that the financial adviser who was providing you with pensions information isn’t as experienced as they claimed to be, then this could indicate that you’ve been mis-sold your pension, and you could be in line for compensation. It’s always worth checking out the credentials of any financial adviser and reinforce this through past customer recommendations and reviews.
Unexplained terms and conditions
Commonly, mis-sold pensions occur because a financial adviser has failed to fully explain the terms and conditions of your agreement. It’s crucial that you are given all the necessary information regarding your pension options, to ensure you are making an informed choice.
Fees and charges you weren’t aware of
Many mis-sold pensions are often the result of finding out that you need to pay fees and charges that you hadn’t been notified about. These can often make the pension poor value for money, particularly if you end up paying more fees than you earn from it.
If you discover that your financial adviser didn’t provide you with the full range of pension options, then you could make a valid claim for being mis-sold. As well as detailing all of the available options, the adviser should ask relevant questions about your circumstances to decipher which pension choices might be most appropriate to suit your needs.
Notification of risk
All pension options come with an element of risk. It’s the adviser’s job to ask you about the level of risk you’re prepared to take when deciding on your different pension options. However, if you find that the pension you were sold involves much more risk than you imagined, then it’s possible that you could claim for a mis-sold pension.
If you think that you have been mis-sold a pension, then all is not lost. We are an experienced and knowledgeable business that helps claimants to recoup the money they have lost from a mis-sold pension, by putting you in touch with a reputable, expert solicitor.