Pension mis-selling occurs when people are talked into transferring their workplace pensions into unsuitable pension products which often include unregulated or failed investments. Victims of pension mis-selling have often been pursued by unregulated salespeople, often via cold calls. Quite often, they were induced into transferring their safe and secure final salary/defined benefit pensions into unsuitable Self-Invested Personal Pensions (SIPPs), Qualifying Recognised Overseas Pension Schemes (QROPS), or other personal pension schemes
The result of pension mis-selling has been devastating, with many people losing thousands of pounds.
If you have been affected by pension mis-selling, the good news is that you do have the right to claim compensation. And, at Keller Postman UK, our expert Investment Fraud & Mis-Selling team can help you get back what you are due. We can even claim additional compensation for any trouble and upset you’ve been caused.
Where does the compensation for workplace pension mis-selling come from?
There are two key funds available to help victims of SIPP, QROPS or another form of personal pension mis-selling:
Financial Services Compensation Scheme
If you were advised to transfer from a workplace pension to an unsuitable scheme and the provider or adviser has since gone out of business, you may have a claim with the Financial Services Compensation Scheme (FSCS).
The FSCS exists to protect consumers when financial firms fail. The FSCS has forecasted sharp increases in claims for mis-sold pensions, with the overall compensation fund expected to reach £1 billion by 2022. If a UK-regulated adviser has given bad advice concerning a pension transfer, and the provider or advisor has since gone out of business, the FSCS may be able to pay compensation up to £85,000.
Financial Ombudsman Service
If you were advised to transfer from a workplace pension to an unsuitable scheme that has not gone out of business, you may be eligible for compensation via the Financial Ombudsman Service (FOS). When looking at your complaint, the FOS will examine at the specific circumstances of your case. As well as reviewing the information you provide about the pension mis-selling, it will also consider the points put forward by the advisor/provider. Before pursuing a complaint with the (FOS), Keller Postman UK will first give the financial business the opportunity to respond and put things right. If your complaint is upheld by the FOS, it will tell the advisor/provider what it needs to do. This could take the form of financial compensation.
Using an expert lawyer to claim compensation
You can make a pension mis-selling claim directly, without the help of a lawyer. But this could see you lose out financially.
When it comes to legal support, financial organisations are smarter and better resourced than ever before. And it can be difficult for individuals to stand up to such strength; especially where the details of a pension transfer are in dispute.
In addition, it is not unusual that – on reviewing a case – we uncover information that allows us to increase the value of a claim significantly. What might seem irrelevant to you could make a massive difference in the eyes of the law. That’s why appointing expert solicitors is essential.
Representing people in England and Wales, at Keller Postman UK we help our clients claim back what they are due via both the FSCS and the FOS. We can advise on complex pension advice claims and failures of pension operators. And, if you appoint us as your expert financial fraud & mis-selling lawyer, you’ll stand the best chance of success.
Making a claim with Keller Postman UK is straightforward. It is free to sign up and only takes a few minutes. We act on a strict no-win, no-fee basis, so, as our client, you will not pay us anything upfront.
If you believe that you have been mis-sold a pension, contact us to find out more about what this involves. If you are not sure if you have a claim, we can find this out for you.