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If you have lost money as a result of transferring your pension to a SIPP, are not seeing the returns you were promised or you feel you were given bad advice then it’s possible you have been the victim of a mis-sold SIPP.
If this is the case then you may be entitled to compensation and our team at Beat the Banks are ready to help you claim it.
Self Invested Personal Pensions (SIPPs) were introduced by the UK government in 1989 to allow pension holders to make their own decisions about where to invest all or part of their pension pots. Investors have the freedom to put their pension funds into a wide range of investments including property and Unregulated Collective Investment Schemes (UCIS) and, if successful, can gain much greater returns than from a standard pension scheme.
Specifically designed for seasoned investors with considerable funds and typically with a higher capacity for loss, SIPPs are certainly not an advisable option for unsophisticated investors. Their profitability depends on the success of the investments made and this is why they are generally unsuitable for the majority of standard pension holders.
Whilst investing via a SIPP may provide significant opportunities for some individuals, it’s a fact that sadly they have become the vehicle of choice for predatory advisors and schemes that have exploited innocent individuals looking to make the most out of their pension pot.
While originally intended for experienced investors who are confident managing their own investment portfolios, SIPPs have been widely mis-sold to people with little investment knowledge or experience.
Motivated by high commissions, unscrupulous (and often unqualified) brokers and introducers lured unsuspecting consumers in with slick sales pitches, glossy marketing and promises of high returns. Unfortunately, many of these schemes promised a great deal but returned very little.
Find out more about how SIPPs have been mis-sold.
You have little to no experience of investing or managing a portfolio of investments.
You were told to switch to a SIPP even though your previous arrangement was more suitable to your personal situation and expected future needs.
You were made to feel uncomfortable by high pressure sales tactics and did not feel you were given the time to consider whether making a change was really in your best interests.
There was a general lack of transparency with regards to management fees or additional costs that could be incurred as a result of transferring to a SIPP.
A SIPP was sold to you by your financial adviser as a great way of avoiding taxes on your pension funds.
You were not made aware of the high risk nature of most SIPP investments and the possible negative consequences of unsuccessfully managing your portfolio.
If any advice regarding SIPPs has meant that you are now worse off than you were previously, you may be entitled to receive compensation.
At Beat the Banks we believe victims of mis-sold SIPPs deserve justice and we are committed to helping them get it. If you would like us to fight your case on your behalf, contact one of our expert advisors on 0800 193 1234 to talk through the details of your situation. We are confident of achieving a positive result in the vast majority of cases.
Find out more about the SIPPs claims process
