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Mis-sold Pension Claims are there to protect older, vulnerable people who have sadly become victims of pension scams. Here at Gowing Law Solicitors, we understand that it can be extremely disheartening to have your pension pot put at risk, especially if you have spent years building it up in order to have a comfortable retirement. There are unscrupulous financial advisors and pension advisors out there whose main objective is to try and make a commission on your investment. That’s why it’s essential that you remain vigilant and try to avoid these types of scammers. If you have already fallen victim to a mis-sold pension or a mis-sold SIPP scam, it’s important that you claim compensation for your losses. This is where Gowing Law Solicitors can step in to help you.

A pay-out from a mis-sold pension claim can help you rebuild your life and some of the funds you have lost. Although you may not be able to get your investment back, you can at least know that you will get justice for your losses. Before you jump into making a compensation, read this blog to learn more about mis-sold pensions. You can then get in contact with Gowing Law to start working with our solicitors. Call us on 0800 041 8350 or visit our website below to get started on your claim:

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Everything that you need to know about Mis-Sold Pension Claims

Here at Gowing Law Solicitors, we will always do our best to provide you with expert advice to ensure that you get the compensation you deserve. Our lawyers can help you with any complicated paperwork and can even speak to the Financial Conduct Authority (FCA) on your behalf. That way simple mistakes can be avoided that could invalidate your claim and you will have a legal expert on your side. Don’t forget that if you cannot find the question that you want answers for in this blog, feel free to direct it towards your solicitor. They can speak to you about the specifics of your case and ensure that you get the best advice for you and your situation.

With that said, let’s find out more about mis-sold pension claims and what you can do to avoid getting scammed by malicious financial advisors in the future:

What type of pension schemes are there?

Ultimately, when you get to around 65 years old it may be time for you to start planning your retirement. Of course, in some circumstances you may be allowed to retire earlier, or you may decide to retire later on in life. It entirely depends on you, how much money you have saved or how much money your employer has put into your pension scheme. Whilst you can invest your money into a SIPP scheme to grow your pension pot, ultimately there are three main forms of pensions that you can consider. These are:

Pension Providers GIF

Of course, there are other options for you to consider, especially if you want to grow your pension pot by investing it in a scheme abroad or in the UK. By going to a pension advisor, you can speak to them about the specifics of how you would like to invest your money. You can pick from a range of low risk- high risk schemes and get their advice on what would best suit your needs. A financial advisor/pension advisor should have the investment experience needed to provide you with a suitable scheme that can help you grow your pension pot. Unfortunately, this may become problematic if the financial advisor does have ulterior motives.

Why would a financial advisor scam me out of my pension?

Sadly, not all financial advisors will do their work with “you” in mind. Instead, their real motivation may be money. Sometimes, financial advisors may be hired by specific investment companies or scheme to encourage pension owners to join. These types of advisors tend to make a commission if they successfully get people involved in a type of scheme. To do this, they may not tell their clients all of the full details of the scheme. Instead, they may downplay some of the risk or may even get them to contact other advisors, who are working under the same scheme, to make it seem more trustworthy. In other cases, they may be the ones behind the pension scheme scam in the first place, so are receiving the entire investment.

Each mis-sold pension scheme comes with different circumstances, however, they each are mainly motivated by money. The best way to avoid falling into a scam is to ask the right questions and keep an eye out for the red flags. You have the right to ask for information from your financial advisor, including for evidence about their credentials and the scheme they are suggesting. If you get a bad feeling about them, go with your gut and find someone new. It is your right to say no to investing in a pension scheme.

Compensation for Mis-Sold Pension Claims

What sort of red flags are there for mis-sold pension scams?

Now that you understand that not all pension providers have your best interests at heart, it’s important that you understand what red flags there are that you can keep an eye out for. Every mis-sold pension scheme will have warning signs that should identify them as crooked. The best way to discern which could be problematic is by doing your own research. If something appears to be a bit general and vague, it is more likely to be a scam than a pension scheme where the financial advisor will give you tons of information, a detailed contract and sources to back up their findings. Take a look at the infographic below to get a better idea of the warning signs of a scam pension scheme:

Mis-Sold Pension Scheme Infographic

It’s essential that you get a contract when you get involved in any type of investment. The contract demonstrates that you are involved in the investment and can serve as evidence. Overall, if you were given bad financial advice, you could be eligible for compensation. This is because you thought there was less risk than there actually was. It’s worth getting in contact with a solicitor for more information.

What could make me eligible for a mis-sold pension claim?

As we said before, the main way that you could be eligible for a mis-sold pension claim is to prove that you were a victim of bad advice. Your financial advisor /pension provider has a responsibility towards you and your investment. This is known as a “duty of care.” They need to make sure that they are giving you the best advice possible and that you know everything about the investment. That way the decision can be yours as to whether or not you put your money into the scheme. If they give you little information or lie to you about the risk of the scheme, you can prove that you are a victim of bad advice.

Make sure to keep evidence to prove that you were a victim of bad advice. That way you can show that it was not through a fault of your own that you lost your investment. Evidence can include correspondence with the financial advisor, photographs, videos, letters, witness statements and the lack of a contract. If you believe that you are eligible then you should report the financial advisor and their firm to the FCA. You can then write a complaint to the company. It’s important that you then move on to speak with a solicitor about making a compensation claim. Your lawyer will then move forward with your case and work with the FCA to get you the pay-out that you deserve.

SIPP investments

Will I be able to get my investment returned to me?

Unfortunately, you will not be able to get your investment returned to you from your pension scheme. If you decided to invest your money in a certain scheme, that was your choice. Therefore, if the investment went bad, and the money spent then you cannot get this returned to you. Whilst you cannot get this money back, you can get compensation for your losses. It may not be the full amount you invested into the scheme. However it will be enough to help you through this difficult time and get you back on your feet.

What should I do if I am the victim of a Mis-Sold Pension Scheme?

If you can pull out your investment from the scheme as quickly as possible, there is a chance that you could regain some of the funds that you have lost. There is still a chance you will be able to focus on getting a little bit of your money back. The same goes for if you notice that the pension scheme you are investing in seems a little shifty. If you get a bad feeling about it then withdraw and invest in a different scheme altogether. You have the right to do this and to feel safe in your investment.

With that said, what should you do if you have already been scammed by a bad financial advisor? The first thing you should do is stop investing and sending money. Instead, focus on collecting information that you can use as evidence against their scheme. You should then speak to the FCA in order to get their attention. They can start an investigation into the pension scheme. It is then crucial to make an official complaint to the financial advisor and their pension scheme firm. Once the complaint is made, you can then go to a solicitor in order to start on your compensation claim. Your solicitor can speak to your pension plan provider on your behalf. They can let them know that you intend to sue for compensation.

How to report a pension scam

How much could I be owed from mis-sold pension claims?

The amount of compensation that you receive from this type of claim will depend on the extent of your damages. Your damages may include emotional and financial distress. However, keep in mind that the complexity of the case may affect the overall amount that you receive. For instance, if you have lost nearly all of your pension pot, you could be owed a lot more than someone who knew more about what they were getting into.

In some cases, you could be owed up to £50,000 for your losses. The best way to discern an estimate of how much you could be owed is to speak to your solicitor. They can calculate your damages and let you know a rough estimate. Moreover, this can be used as a settlement agreement that can be offered to the other party involved.

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How long do I have to make a mis-sold pension claim?

Overall, you should have three years from the time you realized that you were involved a pension scam. However, this may be changed if you experience exceptional circumstances. It’s essential that you go and speak to your solicitor as quickly as possible. That way you can give them the maximum amount of time to look into your case. More importantly, this will be extremely helpful as there may be potential delays due to the current pandemic and the backlog of the UK court system.

How long will it take to get compensation from my pension provider?

Again, this will depend on the complexity of your case. It will also depend on whether or not your pension provider is still in business. It will only take a few working days for our team to discern whether or not you are eligible for compensation. From there, it may take a few months (or perhaps longer) to work through your case. We will also need to collect evidence and work with the FCA to get you the compensation that you deserve. Speak to your solicitor about a potential timeline. That way you can always be kept in the loop.

Gowing Law Solicitors can help you with Mis-Sold Pension claims

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Here at Gowing Law Solicitors, we understand that mis-sold pension schemes can have a major impact on their victims. Our clients have experienced major financial and emotional damages that can never fully be healed. That’s why we are determined to get you the compensation that you deserve. Our expert pension specialists can provide you free advice and consultations to get you started. From there, if you are happy to work with our law firm, we can offer our services on a “no win-no fee” basis. That means you will always come out on top and will never need to pay any hidden fees. Instead, you will only have to pay our solicitors if we win your case for you.

Get in touch with our solicitors today by calling 0800 041 8350, emailing info@gowinglaw.co.uk or by using our claim’s checker. From there, one of our specialists will talk you through your claim. Above all, they will be there to answer any additional questions you may have.

Learn more about mis-sold pension claims

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If you’re interested in learning more about mis-sold pension claims, the best place to go is Gowing Law’s blog! We understand that it can be a bit of a daunting experience to start a claim without understanding the basics. That’s why we hope that our basic blogs can help you get the information you need to get started. Our last basics blog was all about Housing Disrepair Claims, so make sure to go have a read of that after you have finished reading this blog.

Our blog is updated every week with new content. This is about different law topics, seasonal events, information about our law firm and giveaways/competitions. Moreover, feel free to your own topic suggestions to info@gowinglaw.co.uk. We would be more than happy to write about it. Please use the same address if you are interested in signing up to our newsletter.

We look forward to seeing you in our next blog!

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