Nowadays, we see many people are getting trapped by a mis-sold SIPP because they have to suffer through financial crises whenever they get retired. Have you been a part of this? If yes, then don’t worry because you can claim compensation. But before jumping into to know whether you got a mis-sold SIPP or not and how to file for SIPP claims, first let’s understand what it exactly means.
The complete form of SIPP is self-invested personal pensions that aim to give you better profit on your investment than the common pensions. In this method, people use their pensions to invest in various funds, increasing over time. And when it’s time for you to get retirement, finally, you get some healthy returns.
WAYS TO FIND OUT WHETHER YOU RECEIVED A MIS-SOLD PENSION:
- Don’t know about the terms and conditions? If your financial advisor didn’t explain to you about all the terms and conditions, then you may have received a mis-sold pension. Your financial advisor needs to highlight all the significant points before handing the documents of your pension plan directly to you.
- Your financial advisor didn’t tell you about all the options available: Sometimes, the advisors intentionally don’t inform you about every open plan. In such a case, you can file a complaint against them. After filing a claim, you will get compensation.
- You were not informed about the risks: Every plan has risks in its way, but some plans contain more risks than others. According to SIPP, your pension funds get invested in various other funds. It means you should know the market fluctuation. It is better to know all the benefits and drawbacks before you take a final call. If your financial advisor does not tell you about these risks, you may say that they are trying to mislead you.
- When your advisor does not explain your plan’s fees: Sometimes, your advisor fails to tell you about the costs before the agreement of your project. But after you sign the deal, they ask for several unnecessary charges. These are also the signs that tell you that they are misleading you.
- If your counselor is involved with non-regulated third parties: SIPP systems have many risks because, in this method, presumed investments are made in personal pensions to make more money. The financial consultant must only work with a registered third party under the SIPP system.
If your consultant is involved in unregulated or unregistered, you are putting your money at very high risk. So to avoid getting into vulnerable situations of substantial monetary loss, ensure that your advisor is trustworthy and not working with any illegal parties.
WHAT SHOULD YOU DO AFTER GETTING A MISLED SIPP PENSION?
Being misled by your consultant means that they have not satisfied your requirements of investments. Have you also been misled by your advisor regarding the SIPP pension and wondering what steps you should take? Check out the following points to know what you can do in these situations:
- Contacting an experienced lawyer: To get the compensation on a mis-sold SIPP, you need to hire an expert. An expert can guide you well and will increase your chances of winning the settlement. The lawyers who are specialists in SIPP compensation claims are the best persons to provide you guidance in your case.
- Please do not use the pension: It is hard to get compensated when you have used any amount from your misled SIPP, as the name itself suggests, in charge of your portfolio. So, do not touch your account if you want to win this case.
- Do not accept any other resolutions from the person who mis-sold you the SIPP: Your consultant will try to contact you once he explores that you filed a case against him. They will first apologize to you and then will offer you some remuneration to make you drop the case. But it would help if you did not get trapped in their traps now.
Instead, it would help if you asked your experts to speak to them and only get the remuneration in the court. Ensure that you do not accept any proposal from your consultant because this will reduce the amount of reimbursement you are supposed to get in the court. Also, in some cases, the advisors don’t give any reparations. They try to provide you with false hopes so that you will withdraw the case against them from the court.
TO SUM UP
Nowadays, everybody sitting in the market tries to make you fool. But it is you who must know how to tackle these situations. Even if you have been mis-sold SIPP pension, do not panic because you have chances to win back the remuneration. However, to win the case, keep in mind always hiring the right lawyer experienced in this field.
