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Have you been advised to put your pensions savings into a private pension plan/money-saver scheme recently How about not so recently? In fact, have you been advised to put your pensions savings into some kind of private investment at all? If you have been, then you may have been a victim of a pensions misselling. What this means is that you could be entitled to pensions misselling compensation, so that you can at least partially or even fully recover the money that you put into a bad pension plan – or one that is not suitable for you.
The important part of pensions misselling compensation is that it is not even a requisite that you suffered actual damages or actually lost money because of bad financial advice. It is enough for pensions misselling compensation that you were simply given bad financial advice and that you relied upon this financial advice in order to opt out of your state pensions fund and opt into a private savings plan. What constitutes bad financial advice is that you were either misinformed or that you were given incomplete advice and you were not fully-informed of the risks involved in the private pension plan of your choice.
Pensions misselling compensation – This Has Happened Before
The wave of 13,000 or more people who have recovered in the form of pensions misselling compensation over the last five years is actually not something new. This is a good example of history repeating itself. Back in the 1980s and up to the mid nineties, a wave of pensions missellings also occurred hooking in victims by the thousands. This was triggered by a combination of government encouragement and granting financial freedom to savers to opt out of their government pensions savings into private pension plans and a widespread marketing campaign from small to large-scale financial companies and banks to sell private pension plans to savers.
As a result, financial advisers and small-scale financial companies were hit hard by thousands of pensions missellings suits for advising people to opt into high-risk savings plans without fully-informing them of the risks involved.
The Current Form Of Pensions Misselling
The suits for compensation due to financial misselling in modern times stem from people who were given bad financial advice to transfer out of their defined benefit (DB) schemes and into higher risk savings plans with no guarantee of actual returns on their savings.
Look Before You Leap Is The Lesson
The lesson to be learned here is to look before you leap. While a higher risk savings plan may appear to promise more returns upon maturity, you should also try to be aware of the risks involved in these higher-risk savings plans and even the possibility that you may actually receive much less than a defined benefit plan, or that you may not even receive anything at all.
Pensions misselling compensation You Can Recover
Fortunately, if you feel that you have been a victim of financial misselling, you can make a written complaint directly with the financial adviser who gave you the advice. Your company should take appropriate steps to secure your recovery. Furthermore, if you feel that your case is not being handled as well as you would like, you can take your complaint up to the ombudsman for more appropriate action.
If you’ve got any questions regarding this or you’d like to know more about making a claim, please call out team on 0161 850 9069.