Many people today do not know this, but misselling pensions in the United Kingdom can lead to a very huge scandal. The FCA, Financial Conduct Authority, conducted a study that showed that a financial advisor may have mis-sold a pension or investment to at least one person in eight in the last one year. With these figures, it is estimated that people saving for retirement can sue the financial advisors and insurers of 6 billion dollars for misselling them the pension and investment plans. Since many people do not know exactly what mis-sold pensions are, here is some information that will help you get a better understanding of the topic and what it entails.
Mis-sold pension. What is it?
In simple words, a mis sold pension claim can be said to be a piece of advice you may have received about a pension product or package. However, in the advice, all the information you received may not have been true and some of the risks were not mentioned and some of the important details were not well explained. This way, at the end of the advice, you were led to get a pension plan that was not suitable for you. For instance, you may have gone to the computer shop to buy a desktop computer. When at the shop, you explicitly told the attendant that you wanted to buy a computer with which you could watch DVD tapes on and he sold you a computer. When you get home and find that the computer does not have a DVD compartment, it is safe to say that the desktop computer was mis-sold to you. It does not matter if the computer is of the best quality and it is completely functional, the fact that it does not have a DVD compartment means that it is not what you were looking for and it was, therefore, mis-sold to you.
This information can be used to interpret a mis-sold pension. If the risks are not made known to you in a language you understand and all the other aspects are not well explained, then the pension was mis-sold to you, and you are eligible for compensation.
What to do if you have a mis-sold pension
Once you find out that you are a victim of a mis-sold investment plan or a pension plan, it is important to take action fast. This is because there are time limits within the claim for mis-sold pensions or mis sold SIPP can be addressed. When you reach out to us at Carey Pension, and you wish to make a claim, we will contact the relevant parties for you and investigate further into exactly how the plan was mis-sold to you. This way, we will ensure that you are in a better position to receive your compensation. In the event that the advisor that mis-sold you is not active anymore, we can help you get your case to the FSCS and negotiate for your compensation.
Even though the compensation process is not very difficult, it is important for you to know that every case is different. There is, therefore, no way of telling just how much time it will take for you to get compensated for the mis-sold pension or investment plan.