Have you been affected by SIPP, QROPS or another form of personal pension mis-selling?

Pension mis-selling occurs when people are talked into transferring their pensions into unsuitable pension products which often include unregulated or failed investments. In other cases, people are advised to transfer perfectly good schemes into more expensive, complicated and unsuitable products which they simply don’t require. The motivation behind this advice is often the generation of fees or commission for the advisers.

Victims of serious pension mis-selling are often targeted by unregulated salespeople, sometimes via cold calls. Quite often, they transfer their safe and secure final salary/defined benefit pensions into unsuitable Self-Invested Personal Pensions (SIPPs), Qualifying Recognised Overseas Pension Schemes (QROPS) or other personal pensions.

The result of pension mis-selling can be devastating. Victims might have: 

• Lost thousands of pounds from their pensions.
• Lost the guarantees that came with their pensions.
• Made unregulated, unsuitable, and potentially fraudulent investments.
• Discovered that they cannot access their pension.
• Been hit with high fees and charges.

Unfortunately, pension mis-selling is a growing problem, but victims do have the right to claim compensation.