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The Truth About Pensions Misselling
Mis-sold pensions and investments are some of the most common suits filed in the UK. Of course, nowadays, many people have a really short-term memory and have all but forgotten about the pensions misselling scam of the 1980s. The truth about pensions misselling is that the threat of mis-sold pensions and investment plans is still alive and present even today. It is just that it is harder to detect when you have been mis-sold a pension or some other investment product in modern times. This is why it is very important to know the actual truth about pensions misselling so that you do not make the same mistakes as the people from the past. The reality is that there are still people who have been mis-sold a pension from over a decade ago and who have not yet fully-recovered today.
What Is A Mis-Sold Pension?
The truth about pensions misselling is that it all boils down to one thing: bad financial advice. The history behind the pensions misselling scam is a long and confusing one, but it can be simplified into simple terms that even non-legally inclined individuals will be able to understand. Basically, back in the 1980s, the government took some steps to allow more freedom for employees to move their state pension plans around. At the same time, finance companies and banks took advantage of this initiative and launched large-scale campaigns all across the UK offering financial products that were purportedly better than the default state insurance plan that most individuals had at that time. The result was rather predictable. Thousands of individuals all over the UK opted out of their state insurance funds into private pension plans.
Over the years however, it became apparent that many of these private pension plans were actually riskier and held far lesser benefits for the client than their original state pension plans. Furthermore, most of these individuals were simply duped into buying into private pension plans due to the enticing advertising campaign at that time. In other words, they were not fully informed of all of the risks involved.
What happened next was a wave of pensions misselling suits that caused many small-scale financial companies as well as financial advisors to crash.
What Counts As Pension Misselling?
The maximum compensation independently adjudicated of £50,000 is the amount that you can stand to recover. It is important for you to understand when you might have been mis-sold a pension.
The plain and simple truth about pensions misselling is that the main element of being given unsuitable financial advice is the main requirement. The good news is that you do not even need to have actually suffered damages because of the mis-sold pension. It is enough that you were given unsuitable financial advice which you relied upon in order to purchase a financial product that was unsuitable for you. To give you a good analogy: ot is like buying a new personal computer because you wanted to play a particular video game – only to find out later that the game you wanted to play is only available on home consoles.
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.