What is a SIPP (Self Invested Personal Pension)?
Self Invested Personal Pension Schemes (SIPPs) were approved by the Government and introduced in 1989. When the stock market remained static and as an alternative option, more than a million people have entered into a SIPP to assist in their pension planning.
However, SIPPs can be riskier than some other types of investment depending upon where the money is placed. Particularly carbon credits, hotels, care homes, overseas property, forestry, solar energy, wines and other schemes offering unusually high returns.
SIPPs can also offer Financial Advisers high commissions and have therefore been widely mis-sold, and a great number of people have lost their hard-earned savings as a result.
The clients long-term goals, attitude to risk and understanding of the type of investment were often not taken into consideration leaving clients open to risk far greater than they should have been exposed to.
Experts estimate up to 30% of all pension transfers in the last 10-15 years could have been mis-sold and were not in the clients best interests.
How do I know if my pension has been mis-sold?
There are many reasons your pension may have been mis-sold. As a general rule your Financial Adviser had a duty of care to ensure any pension transfer was in your best interests. That means taking into consideration many factors like your income, outgoings, financial dependents (children or elderly relatives), future retirement plans and attitude to risk.
However, any investment can go down as well as up, so a good indicator is to look at the type of investment your pension pot was placed in. If it was an exotic or non-standard investment product like overseas property, wines, forestry, eco-projects, car park schemes or storage pods etc it may come under the mis-sold banner.
What do I need to make a claim?
As you would expect we need as much factual detail as we can obtain to build a strong case for you.
Please start to look for things like introductory letters, offers, contracts, agreements, annual statements, copies of "fact finds". Any and all documents you have pertaining to your pension transfer. Let us decide what is relevant or not.
Don't worry if you cannot locate all these documents as we may be able to obtain them from your Financial Adviser. Just be aware they may not be overkeen to help us if they think we will be claiming against them, so the more you can supply the better.
We have a bulk upload facility on this website for you to scan and send documents to us. Ask your Claims Handler for assistance.
How much compensation will I get?
It really is difficult to say at this time. Should your claim be upheld many factors will come into play when calculating any compensation awarded.
The value of your pension at the time of transfer, any losses from the transfer, the extent to which any commissions paid affected your pension value, loss of benefits, market conditions are all factors that will be considered.
There is also the chance the company or IFA who recommended the transfer or is managing the SIPP may have gone into administration which means your case may have to be presented to the Financial Services Compensation Scheme (FSCS). Don't worry we will do all this for you as part of our end-to-end service.
Is Claimline Legal a regulated company?
Yes. Claimline Legal UK Ltd is authorised and regulated by the Financial Conduct Authority (FCA) is respect of regulated claims management activities. Our registration number is FRN838320 and can be found here.
Can I submit the claim myself?
Yes, you have every right to approach your Financial Adviser or any regulatory body yourself and free of charge.
However, Claimline Legal has over 11 years financial claims experience. We have knowledge of financial claims and the processes involved. Not only could we save you time, but you only get one chance to make your claim.
I see "no upfront fee" and "no-win no-fee" but what does this really mean?
No Upfront fee - Some companies will charge you an upfront fee for either reviewing your case or simply handling it. Claimline Legal does NOT charge you ANY upfront fees.
No-Win No-Fee* - The term "no win no fee" is used within the terms outlined in point 8 of our terms and conditions. Whilst we will not charge you any success fee should your claim not be upheld, certain administration and service fees incurred may apply should you decide to cancel our services outside the 14 day cool-off period. Please refer to point 8 of our
Terms & Conditions for more specific information.
What services does Claimline Legal offer?
Claimline Legal will assist you from beginning to end.
Free mis-sold pension review
Collation of all relevant documents
Approaching the relevant Financial Advisers for further details where necessary
Compilation and submission of a formal claim
Handling any rebuttal
Submission to the Pensions Ombudsman (PO)
Submission to the Financial Ombudsman Service (FOS)
Submission to the Financial Services Compensation Scheme (FSCS)
Ensuring any compensation awarded is correct and in line the relevant regulatory guidelines
Please speak to one of our trained Consultants for further information.
How long will my claim take?
Unfortunately, another difficult question to answer right now.
Firstly, your Financial Adviser has 8 weeks to reply to any request for information we make to them. That is the law. But we have systems in place to chase them and ensure they reply on time.
There is also the potential we may need to liaise with the Financial Ombudsman Service (FOS), the Pensions Ombudsman (PO) or the Financial Services Compensation Scheme (FSCS). They all have their own internal processes and we need to work with them to ensure you get the right result in the quickest time.
Claimline Legal has established systems and processes in place to work with all these people and regulatory bodies in the most efficient manner.
We just ask you be patient. Afterall, unless you get compensation, we don't get paid.
If you have any concerns, or need an update please email the claims team direct. They are the best people to help you.