Have you been mis-sold an investment after being advised to transfer your pension into a SIPP? Find out today if the ClaimExperts.co.uk panel of mis-sold SIPP solicitors can help get your pension back.

Have you found yourself losing significant amounts of your savings or pension after not being warned of the risks? Are you concerned that you might lose your investment in the future? You may have an eligible Mis-Sold SIPP Claim. Let our expert panel of pension solicitors help.

You may have been mis-sold a SIPP investment even if you have not necessarily lost your pension pot. In addition to this, due to the questionable nature of these investments, you may not even realise you have lost money. Our expert panel of solicitors will be able to tell you whether you have been misled and mis-sold with a free no-obligation check.

Thousands of UK residents receive inadequate and negligent financial advice in relation to their pension every year, with many individuals losing massive amounts of their hard-earned savings, only to realise when it is too late. We put our trust in financial advisors, but they often only have their own interests in mind. This is where the ClaimExperts.co.uk expert panel of mis-sold pension solicitors can step in.

Many people have been advised to transfer their pension into high-risk investments via Self-Invested Personal Pensions (SIPPs). This is a “DIY” pension pot that allows the investor, you, to invest into multiple, unregulated, high-risk investments. Financial advisors are often paid a commission for transferring a safe pension into this dangerous, risky pot.

Losing money or being misled in this way can be daunting, and you may feel helpless or not know who to turn to. If you believe you have received poor financial advice in relation to your pension, the ClaimExperts.co.uk panel of mis-sold SIPP solicitors can help by claiming compensation on your behalf.

Find out today if you can get mis-sold SIPP compensation by completing our quick and simple enquiry form.

Our Most Popular Mis-Sold SIPP Claims Guides

Investments

• Agricultural Investment Schemes
• Appreciating Assets Investment Schemes
• Energy And Environmental Investment Schemes
• High-risk Investment Schemes
• Physical Asset Investment Schemes
• Property Investment Schemes

SIPP Providers

• Carey Pensions
• Rowanmoor

Financial Advisers

• Smith, Law & Shepherds

What are SIPPs?

Self-Invested Personal Pensions (SIPPs) are a type of pension that offer investors greater control and flexibility over the investment of their retirement savings. SIPPs are a popular option for those seeking to control their pension investments. Still, it's important to understand the risks involved and to consider the advice of a professional financial advisor before making any investment decisions.

SIPPs offer investors some flexibility with the types and quantity of investments you can enter into. Some people don’t want a pension company deciding how their pension is invested and would rather control where their money goes.

However, generally speaking, SIPPs should only be offered to experienced investors who understand the risks of taking their investment into their own hands. SIPPs should only be recommended to:

• People who are comfortable with their own investment decisions
• People with a larger pension pot
• People who understand that they may lose their investment
• People whose attitude towards risk is relatively high

Financial advisors often receive a commission for advising individuals to transfer from a safe pension into a SIPP, meaning sometimes they do not act in their client’s best interest.

Why Are SIPPs High-Risk?

Many financial advisors are failing to carry out their duty of care when advising investors to invest in certain schemes. Through a SIPP, it is possible for individuals to invest into investments that are not regulated by the Financial Conduct Authority. This means they are often unsuitable, illiquid, and dangerous to the average investor.

Some financial advisors fail to carry out the appropriate due diligence into these unregulated schemes and this leads to many investors losing out financially, sometimes having their entire savings wiped out.

These high-risk, unregulated, and inappropriate schemes can end up failing or becoming complete disasters for the investors involved.

What Is a Mis-sold SIPP?

Pension mis-selling occurs when investment providers or financial advisors persuade investors to transfer their pension savings into a SIPP with the promise of higher returns. Mis-sold pensions are prevalent because these investment providers often fail to provide evidence of the potential risks. In many cases, they do not comprehensively evaluate the risks associated with specific investment products or advise investors on the potential downsides.

It is essential to note that SIPP mis-selling is not limited to individual pension investors or retirees. Companies with workplace pension schemes are also vulnerable to rogue financial advisors who persuade them to transfer their pension schemes to a SIPP, where they can become more vulnerable to risks.

One of the most significant risks of SIPP mis-selling is the potential investment loss. Investing pension savings into a SIPP requires an in-depth understanding of the associated risks and a willingness to take a long-term view. 

Another significant issue with SIPP mis-selling is the potential for investors to be up-sold inappropriate investments, such as high-risk volatile investments, unregulated products, and overseas property schemes. Investors may not have the financial experience or the expertise to understand the downside of such investments, which may result in significant losses.

The Most Common Types of Mis-Sold SIPP Investments

Our panel of mis-sold SIPP solicitors see similar investments crop up, time and time again. These investments could be unregulated, illiquid, high-risk, inappropriate for the general public, or sometimes don’t even get off the ground.

While not all of the investment schemes below are necessarily bad investments, they are incredibly unlikely to be suitable as the primary investment asset in your pension portfolio.

The main culprits are:

Property - Overseas and Domestic

• Commercial Property
• Residential Property
• Holiday Property
• Land Banking
• Agricultural Property
• Future Property Development Schemes

Agricultural Schemes

• Forestry
• Woodlands
• Farming
• Fishing

Energy & Environmental Schemes

• Solar Panel Schemes
• Wind Turbines
• Green Energy Schemes
• Green Oil
• Carbon Credits
• Biofuel Investments

Appreciating Assets

• Whiskey
• Art
• Antiques
• Wine
• Vintage Cars
• Memorabilia
• Diamonds
• Gold
• Precious metals

High-Risk Financial Products

• Currency Trading / Forex
• Futures, Options & Derivatives
• Contracts for Difference
• Spread betting
• Crowdfunding / Peer to Peer Lending
• Life Settlement Funds
• Premium Bonds
• Loans to connected & unconnected parties
• Unlisted Warrants
• Shares in unlisted private companies

Income Generating Physical Assets

• Storage Pods
• Car Parking Scheme
• Storage Schemes
• Airport Parking Spaces
• Hotel Rooms

If your financial advisor advised you to invest into any of the above investments or schemes and you were not told about the risks, it is likely you may have a claim for compensation. Even if your SIPP wasn’t invested into any of the above, if you have lost money as a result of transferring from a defined benefit, defined contribution, or occupational pension scheme you could still claim mis-sold SIPP compensation. You may not yet be aware that you have been misled and mis-sold.

How Have You Been Mis-Sold A SIPP?

There are many ways you might have been mis-sold a SIPP. Here are some examples our panel of solicitors regularly see:

• Your adviser suggested transferring to a SIPP as it was better than traditional personal pensions
• You were not provided with adequate information on all the potential risks
• Your adviser recommended a SIPP but did not recommend the investments within the SIPP
• The level of risk was not in line with your own attitude to risk
• Your adviser did not give clear advice and was in breach of FCA rules
• Your adviser promoted the use of SIPPs for tax rather than pension benefits
• You were not given control over crucial investment decisions
• You were not made aware that you might lose your pension
• You felt pressured into making the pension transfer
• You were promised returns that have never materialised
• You do not earn over £100k a year
• You are not an experienced investor
• Your financial advisor took hidden commission

If any of the above apply to you and your situation, it is likely you may be eligible to claim SIPP compensation and recover some, if not all, of your lost pension.  

How Much Compensation Could I Be Owed?

The mis-sold SIPP compensation you may be owed will depend on several factors, including the value of your investment, the fees you have paid, and the impact the mis-sale has had on your retirement plans. The Financial Ombudsman Service (FOS) can order firms to pay compensation for proven losses, expenses incurred, and non-financial losses such as distress and inconvenience.

Another crucial factor affecting the compensation amount is the experience and knowledge of the financial advisor who advised you. Suppose the advisor failed to perform proper due diligence or provided inaccurate information resulting in mis-sold pensions. In that case, you may have a more substantial case and may be able to receive more significant compensation.

The amount of compensation you are entitled to may be reduced if you were aware of the risks involved in the investment and chose to go ahead with it anyway. Similarly, you may not be entitled to further compensation if you have already received compensation for your losses from another source, such as the Financial Services Compensation Scheme (FSCS).

How Can ClaimExperts.co.uk Help?

ClaimExperts.co.uk have an expert panel of mis-sold SIPP solicitors who can help you:

• File a SIPP complaint with your financial advisor and/or SIPP provider
• Liaise with the FSCS and the FOS to go through your claim
• Meticulously go through all of the paperwork to see if a mis-selling has occurred
• Have all correspondence and communication with your SIPP advisor or provider, and liaise with them on your behalf
• Get you your deserved compensation paid to you, as soon as possible

Even if your financial advisor or SIPP provider is no longer trading, our panel can help you claim via the Financial Services Compensation Scheme (FSCS).

How Can I Claim?

To start your mis-sold SIPP claim all you have to do is fill out our enquiry form.

The form takes two minutes and will get you on the way to receiving your deserved compensation, gaining your investment back while also putting this stressful period behind you.

Mis-Sold SIPP FAQs

What is a SIPP?

A SIPP is a self-invested personal pension, which allows investors to transfer their pension and invest the money into a variety of investments. Many SIPP investors are not suitable for the transfer, and financial advisors are often wrong to suggest doing so.

How much can I claim back?

Under current Financial Ombudsman guidance, you can claim a maximum of £85,000 through a mis-sold investment claim via the FSCS.

How do I know if I have been mis-sold?

There are a number of ways you may have been mis-sold, including not being warned of the risks or not being suitable for the investment. Our panel can let you know if you are eligible to claim.

How long do claims take?

No two claims are the same and our panel cannot give a definitive timeframe for any mis-sold SIPP claim. Our expert panel of financial solicitors will provide updates throughout your case, and keep you up to date with timeframes. 

How do I start my claim?  

You can start today by filling out our ClaimExperts.co.uk enquiry form. You will then be contacted by one of our expert financial claim panel members.

Start Your Mis-Sold SIPP Claim Today

Have you been left out of pocket due to negligent advice from a financial advisor? Are you not aware if you have been mis-sold yet, but are worried about your IFA or SIPP Provider? Let our expert panel of mis-sold SIPP solicitors help.

If you have lost money by transferring your pension into a SIPP, the team at ClaimeExperts.co.uk can help get your money back. Even if you have not lost significant amounts, you still could have been mis-sold your SIPP. Get in touch with our expert panel today to find out if you are eligible to claim.