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What is a ‘Mis-sold SIPP?

 The Self Investment Personal Pension or SIPP scheme is a UK government approved personal pension scheme that allows investors to have more freedom in how to expand their pension fund. Although the exact tax situation will depend on the investor’s personal circumstances, pensions can be one of the most tax-efficient forms of investing for retirement. SIPPs offer a wide range of investments to choose from and can include investments from a variety of sources, even overseas.  Since their introduction, however, many people have unfortunately received advice to invest in unsuitable, very high risk SIPPs that resulted in a significant reduction or even complete loss of their pension fund.

 

Claiming Compensation

Dependent upon the way in which advice was provided it is possible for compensation to be obtained from the Advisor, the SIPP provider or the FSCS. If you are in this situation and believe that you may have been wrongly advised to move all or part of your pension fund into an unsuitable SIPP Assets Recovered might be able to help you to obtain compensation. We have experienced pension industry experts who will review the suitability of the advice that you were given and recommend an appropriate course of action. If we believe that you were mis-sold your SIPP and it might be possible to obtain compensation we can manage that claim on your behalf on no win no fee basis.

Here are some examples of individual circumstances where you may have been mis-sold a SIPP:

  • Your adviser suggested transferring to a SIPP as it was better than traditional personal pensions
  • Your adviser recommended a SIPP but did not recommend the investments within the SIPP
  • Your adviser reviewed your existing pensions and only recommended you transfer them into a SIPP
  • Your adviser did not provide you with adequate information on all the potential risks
  • Your adviser promoted the use of SIPPs for tax rather than pension benefits
  • Your adviser did not explain that HMRC could change the tax rules at any given time
  • Your adviser did not give completely clear advice and so was in breach of FCA rules

 

Contact us directly for more details on how to get your SIPP checked.

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