Mis-Sold SIPP Claims
Pensions can be one of the most tax-efficient forms of investing for retirement. taxi to stansted. The SIPP scheme (Self Invested Personal Pension) is a personal pension scheme approved by the UK government. SIPPs act as ‘wrappers’ and allow investors to have the freedom to use a wider range of investments and products in order to grow their pension fund. A SIPP can offer up to 45% tax relief on contributions and no capital gains tax or additional income tax to pay in the UK Due to the wide range of the investments allowed in a SIPP and the fact that they usually follow a recommendation from your financial adviser and not the SIPP company, your capital can end up being placed into riskier unregulated investments, such as high-risk hotels & commercial property, carbon credits, bio diesel and forestry. This can result in investors losing most of their pension fund.
Am I owed compensation for SIPP mis-selling?Were you advised to place your existing pension into a SIPP?
- SIPPs are normally only suitable for experienced investors who want to personally manage their pension and the investments in it.
- If you have a SIPP and this was not your intention you may have been given inadequate advice or even misled about the risk involved.
- If so, you may have been a victim of SIPP mis-selling – and you may be able to make a mis-sold SIPP claim.
Below we have listed examples of 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