Financial mis-selling: What to do if affected be a mis-sold pension

Mis-selling is a situation in which a product was sold that was not right for you. Whilst there might not be anything wrong with the product itself, it is not the right thing for you. One of the most mis-sold products is pensions.

Financial mis-selling: What to do if affected be a mis-sold pension

Mis-selling is a situation in which a product was sold that was not right for you. Whilst there might not be anything wrong with the product itself, it is not the right thing for you. One of the most mis-sold products is pensions.

Mis-selling of a pension includes not receiving the right advice about the pension product. The person who was mis-sold may have been advised that a product was the best suited for them, especially with their financial experience. However, this was not the case. Others were offered advice about the risks. The issue was that the risks were not properly explained fully to them. The investments involved were high risk yet this was fully explained to the individual.

Pension mis-selling is becoming an increasingly serious issue. It is reported £695 million has been paid out by the Financial Services Compensation Scheme for claims regarding mis-sold self-invest pension plans (Sipps).

If you have been affected by a mis-sold pension, here are some of the steps to take to help you with making your claim.

Collect all necessary details

After acknowledging that you have been affected by a mis-sold pension, you will want to begin the process of making a claim. Act quickly when doing so. One essential thing is proof to uphold your complaint. As such, you need to collect all of the concrete evidence you have against your service provider. Include all of the details of how they deceived you into purchasing an unsuitable investment plan. For instance, gather all of the relevant documents, written proof, as well as all the other information you have regarding your scheme.

Make a complaint

As a consumer, if you purchase a product and find it is faulty, you go back to where you bought it to either return or exchange it for a non-faulty product. Sometimes you may find you have purchased an item and the product delivered was not what you wanted. In either scenario, you often put forward a complaint to the provider to get a refund or the item you wanted in the first place.

The same should apply after being mis-sold a pension. You must make a complaint to the person who provided you with the incorrect financial advice and who mis-sold you the pension. In doing so, it will begin the process of you getting back the money you lost.

Finding the right solicitor

When making a mis-sold pension claim, you want to ensure that you have the right person in your corner helping you with the process. You would want a solicitor who will help you get the mis-sold pension compensation that you deserve. There are solicitors available who have a wealth of experience in handling mis-sold pension claims. For instance, solicitors such as Hugh James have listed previous examples of how they have helped clients in the past.

With the right support behind you helping with mis-sold pension claims, they will help to guide you through the process. Setting the foundation for moving forward with a mis-sold pension claim, could be beneficial to you in succeeding your claim.

ABOUT THE AUTHOR
Zoe Price
Zoe Price
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