Unregulated Pensions Investments
Anyone who has worked hard all their lives and ensured they have a viable pension pot to look after them in later years deserves to be able to enjoy those hard-earned rewards. Therefore, the process of transferring all or part of their pensions in a bid to earn a higher rate of investment return also deserves to involve reliable, honest and knowledgeable advice from the professionals. Unfortunately, you don’t always get what you’re entitled to.
In recent years, there has been a number of cases in which people have lost significant sums of money via pension investments that failed to live up their promises. The Financial Conduct Authority (FCA) have become involved in some which led to serious punishment for those involved.
Examples of wrongdoing include poor standards of advice, a failure to carry out adequate assessments of the financial position of consumers and insufficient explanations of the risks involved. For the consumer, the heartbreak of knowing that some or all of their carefully acquired savings were disappearing must have been overwhelming.
Rules are there to be followed, but in some cases they just weren’t
The FCA rules stress that financial firms should conduct their business with integrity, due skill, care and diligence. Customers are required to be treated fairly and with due regard to their interests, and it’s sad to say that in some instances this has not happened at all. Some of the more unscrupulous providers of pensions transfers seem to have been more concerned with earning a high commission than with offering sound advice that could and should have been relied upon.
While there is no set pattern to each of these cases, many of the victims were encouraged to transfer their pensions so they could be invested in property developments outside of the UK, in forestry projects and in storage pods. The arguments were persuasive, the risks seemed small and the potential returns were tempting. Unfortunately, the inevitable disasters were about to unfold.
If you’ve been an unwitting victim of an unregulated pension transfer, we may be able to help. Losing all or part of your pension pot can be traumatic, but we’re here to help and advise you, so contact our friendly team today on 0800 193 1234 for a no obligation chat. You may have been feeling that there is nowhere to turn, but one call can help to bring you some much-needed clarity in what has obviously been an extremely upsetting ordeal.