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How Can I Tell If I Have Been Mis-Sold A Pension?
The pensions misselling scam was quite a big controversy way back in the 1980s and even through the mid-90s. However, the world has moved on quite a bit since then and many people – even those who lived through those times have a very short-term memory. Therefore, nowadays, it has become quite hard to tell whether or not you may have a mis-sold pension on your hands.
The Importance Of Identifying A Mis-sold Pension
So you might be thinking: why would I want to know whether or not I have a mis-sold pension? Well, this is because you may be entitled to compensation if you can prove that your bank or some other financial institution has sold you a bad pension plan. You can initiate a complaint directly (in writing) with your financial institution or with the person who gave you the financial advice from your company or firm. Furthermore, if you are unhappy with the way that the firm is handling your complaint, you may then go to the ombudsman for relief.
But What Is Financial Misselling?
Of course, before you can make any kind of complaint, you must first be able to identify exactly what counts as financial misselling. To put it simply, a mis-sold pension situation happens when you have been given bad financial advice without your knowledge and you chose to act upon this financial advice in order to opt out of your company or government pension plan into a private pension plan. There was a wave of thousands of pension missellings back in the 1980s due to the government actually encouraging people to opt out of their state pension plans into private plans and the aggressive advertising campaign of banks and insurance companies selling all kinds of attractive-looking pensions.
Unfortunately, most of these pension plans actually came with large risks that the client was never informed of and at the end of the day, they ended up paying more expensive premiums and hidden fees with no guarantee that they would ever make as much as they would have from their original state pension plans. What happened next is that a wave of lawsuits for financial missellings happened and many people are still just recovering to this day.
A Simple Example
To give you a prime example of what a financial misselling entails or mis-sold pension, let us take a more relatable situation. For example, you were in the market to buy a new TV and you wanted a SMART TV with the ability to surf the internet like you saw in your friend’s house. After telling him what you wanted to buy, the sales person at the appliance store took this opportunity to sell you a large 72” and told you that this had all the latest HDTV technology and a curved screen for maximum viewing pleasure. You saw that this was an excellent deal, but upon going home, you realized that this was just an ordinary TV with no SMART TV functionality of any kind. In short, you did not get what you asked for in the first place – this is a misselling.
Just remember that if you took the risk with knowledge about the risk, then it does not count as a misselling. What is more important is that you were sold a product that was not right for you and you relied on the expertise of the financial advisor.
If you’ve got any questions regarding a mis-sold pension or you’d like to know more about making a pension claim, please call our team on 0161 850 9069.