Claim SIPPS Compensation
At Pension Claims Expert, we understand the importance of securing your future with reliable financial advice. Unfortunately, not all advice meets the necessary standard, particularly with Self-Invested Personal Pensions (SIPPs).
If you’ve experienced financial loss due to mis-sold SIPPs, we're here to support your claim and help you retrieve your investments.
What is a SIPP?
A SIPP (Self Invested Personal Pension) is a do-it-yourself personal pension. It allows you the freedom to choose the investments you want to put your savings into, thereby you are in control of your savings.
SIPPs are suitable for people who want to consolidate their pensions into on pot before retirement or for people who want to keep their money invested after retirement, to draw down an income from it. SIPPs offer a great deal of pension freedoms and may be attractive to people who want to actively manage their pension fund before they retire.
SIPP pensions can be a tax-efficient form of investing for retirement. They are a UK government-approved personal pension scheme that allows people to gather all their pensions into one pot. This pension pot can be then invested in a range of options approved by HMRC.
What can SIPPs invest in?
- Stocks and shares
- Investment trusts listed on any stock exchange
- UK government bonds, plus bonds issued by foreign governments
- Open ended investment companies which are recognised by the Financial Conduct Authority
- Gilts and bonds
- Exchange traded funds traded on the London Stock Exchange or other European markets
- Bank deposit accounts including non-Sterling accounts
- Commercial property
- Real estate investment trusts listed on any stock exchange
- Offshore funds
- Commodities
How are SIPPs Mis-Sold?
SIPP investment funds are usually selected by the financial adviser, who has a duty to choose investments that are aligned with the customer’s needs and objectives, as well as their attitude towards risk.
Despite this, some financial advisers have been placing customers’ funds into high-risk and/or unregulated investments without the customer being properly informed of the dangers involved. As a result, some customers are facing a loss in pension funds and potential financial difficulties during their retirement years.
You may be eligible for compensation if:
- Your financial adviser encouraged you to change your investments without properly explaining the reasons why;
- Your financial adviser encouraged you to change your investments without properly explaining the reasons why;
- Your financial adviser failed to properly inform you of factors that could reduce the value of your investment.
The Mis-sold Claims Process:
If a Financial Advisor is regulated, a claim for compensation for a mis-sold SIPP can be made to the Financial Advisor if they are still trading. If the claim is denied in the first instance, then redress can be obtained making an application to the Financial Ombudsman Service (FOS), which currently has the power to award up to £375,000.00 in compensation against an Advisor.
If a Financial Advisor was regulated, but I no longer in business, a claim can be made to the Financial Services Compensation Scheme (FSCS), which has the authority to award up to £85,000.00 in compensation for any Advisor who has gone out of business since April 2019. Prior to April 2019 the compensation limit is £50,000.00.
Finally, if the Financial Advisor was not regulated by the Financial Conduct Authority (FCA), and advised that your Pension be transferred into SIPP and/or investments in high – risk unregulated investments. A claim for compensation can be made to the SIPP company. If the SIPP company is no longer in business, a claim for compensation can be made to the to the FSCS.
Start your claim today
You may be eligible to claim if:
If any of these scenarios apply to you, please contact us to explore your options for claiming compensation. We're here to provide clear, professional advice and support.
How We Assist You
Comprehensive Assessment
Our process begins with a detailed review of your pension arrangement. We look into the advice you received, the compliance of the financial advisors with regulatory standards, and the overall suitability of the pension product based on your circumstances at the time of agreement.
No Win, No Fee
You can pursue a claim with confidence under our No Win, No Fee agreement. This means you will only pay for our services if we successfully reclaim your pension funds. This policy ensures that our services are accessible to those who need them most, without the risk of incurring upfront legal costs.
Managing Your Claim
We handle all aspects of the claims process for you. From gathering necessary documentation to negotiating with pension providers and regulators, our experts manage each step with meticulous attention to detail. Our goal is to ensure that your case is presented effectively and efficiently, maximising your chances of a favourable outcome
Securing Compensation
We strive to obtain the best possible outcome for you, which may include a full refund of premiums paid, compensation for financial losses incurred due to inappropriate advice, and interest.
Why Choose Pension Claims Expert?
Expert Guidance: Our expertise in financial litigation and pension regulations ensures we offer proficient and practical advice.
Client-Centred Approach: We tailor our strategies to suit individual client needs, ensuring personalised service.
Clear Communication: We keep you informed throughout the process, providing transparency and peace of mind.
If you suspect that your pension transfer was mis-sold, contact Pension Claims Expert today. We are dedicated to helping you reclaim the financial security you deserve.
Frequently asked questions
In order to properly investigate your claim, it is important to gather as many documents as possible. Examples of documents which would of assistance are as follows:
- Correspondence/Reports from your Financial Advisor such as a ‘Suitability Report’.
- Correspondence/Pension statement from your original Pension Provider.
- Correspondence/Statements from your SIPP Provider such as Annual SIPP statements.
If you do not hold any documentation, this does not mean you are not able to make a claim. Under the Data Protection Act 2018, a request can be made to the Pension Company (Data Subject Access Request) to supply copies of all documents to the person affected. The Regulations allow the Pension Company 31 days to respond to the request.
The time you have to make a claim before you a barred is known as the limitation period. The primary limitation period for making a claim is Six Years from the date of the bad advice. In the case of a pension transfer this would be the date on which the funds are transferred.
However, there is also a secondary limitation period. This runs from the date on which the ‘Investor’ i.e. you, knew or ought to have known they have received bad advice. In these circumstances the Claimant has Three Years to make a claim. Very often this date would commence from the date the investment failed.
There are a number of investments which historically have resulted in lost or depleted pension funds. They are as follows:
- Biofuels
- Ethical Foresty
- Carbon Credits
- Green Oil
- Farmland
- Overseas Property Investments
- Store pods
- Wine
**The list is for illustrative purposes only. Investments in these products does no in itself mean you have been mis-sold. **
The Financial Ombudsman Service (FOS) can only deal with claims where the company is currently regulated by the Financial Conduct Authority (FCA).
First, a complaint should be made to the company that was responsible for the bad advice. We recommend that this is done in writing and sent via registered mail.
The company will then have eight weeks to respond to your complaint. If the complaint is not responded to, resolved and/or the company deny liability then a complaint can be escalated to the Financial Ombudsman Service (FOS).
You can complain to FOS directly free of charge. However, it can be difficult to navigate the SIPP claims process alone and understanding your rights. Pension Claims Experts can help you every step of the way to navigate the process easily to increase your chances of success.
Pension Claims Expert offers services on a ‘No Win No Fee’ basis. This means that you only pay if your claim is successful, subject to adherence to the terms and conditions of your agreement.
In accordance with the Solicitors Regulatory Fee Cap for Claims Management Services the following fee caps apply:
| Band | Redress awarded for a claim (3) | The maximum percentage rate of charge | The maximum total charge (£) |
|---|---|---|---|
| 1 | 1-1,499 | 30% | £420 |
| 2 | 1,500 - 9,999 | 28% | £2,500 |
| 3 | 10,000 - 24,999 | 25% | £5,000 |
| 4 | 25,000 – 49,999 | 20% | £7,500 |
| 5 | 50,000 or above | 15% | £10,000 |