Experts believe mis-sold pensions are likely to be the next big scandal facing the financial sector. It’s apparent that a huge number of pension holders across the UK have fallen victim to poor, faulty or fraudulent advice from unauthorised or unregulated financial advisers.

Self Invested Personal Pensions (SIPPs) are a popular choice for those looking for more flexibility and control over their personal pension funds. While this freedom comes with certain benefits, it can leave unsuspecting individuals at the mercy of scammers and unregulated investment schemes.

Since George Osborne’s Pension Freedom initiative was introduced in 2015, companies all over the UK have seen large numbers of employees, both past and present, transferring away from their defined benefit (DB) pension schemes. These individuals have been persuaded to trade the safety and security of their existing schemes for the offer of a better deal elsewhere.

You don’t have to use the services of a regulated claims management company, you can make a complaint yourself for free direct to the firm or the individual who you believe mis-sold the financial product.

If your complaint is rejected, you may be able to refer the matter to the Financial Ombudsman Service free of charge. If your complaint relates to a firm or individual that is no longer authorised by the regulator and/or has ceased trading, you may be able to claim compensation for free from the Financial Services Compensation Scheme. For further information about the free services available to you, visit the following websites:

www.financial-ombudsman.org.uk

www.pensions-ombudsman.org.uk

www.fscs.org.uk