Anyone who has been a victim of Sipp mis selling can make a compensation claim – it’s not necessary to have professional support to make the claim. However, what is worrying is that an increasing number of claims risk being rejected because they have not been made by those who understand the legal complexities of the case. The issues that may surround a mis sold Sipp can be specific and difficult to grasp and it often requires specialists to ensure that the right compensation for Sipp mis selling is achieved.
Sipp mis selling
Sipps were designed to give individual savers more control over how their pensions were invested. Why? Well, because it enabled more pension choice. If you were at a stage in your life where you wanted to take a bigger risk for a higher return then, with a Sipp, you could. However, problems have arisen because many Sipps have provided a way for people to put their cash into unregulated and non-mainstream investments and these have frequently resulted in pension losses. A situation involving a mis sold Sipp often arises because financial advice about investments was poor or the individual saver didn’t appreciate the risks that were involved in the investment.
Compensation claims for Sipp mis selling
The number of people seeking compensation for a mis sold Sipp is on the rise. As the volume of complaints increases, there is a risk that it may become a more complex task to ensure the complaint is successful. Because each Sipp is different, every complaint is very individual. There are similarities, for example where the same investments have been made by multiple investors. However, these remain complicated products that often require specialist advice to invest in and expert legal solutions when it comes to unwinding the tangle of issues that can arise from Sipp mis selling.
Working with specialists to make a claim for a mis sold Sipp
Many people have suffered significant losses as a result of Sipp mis selling and the compensation figures involved can be high. Those who have been persuaded to invest a significant amount of their pension into options that turned out to be much riskier than originally appreciated may have lost a substantial amount of pension coverage. Firms and individuals may have provided poor advice, a lack of information, or simply not taken into account the individual circumstances of the investor when looking at the options for Sipp investment.
In 2017, more than £100 million was paid out in compensation for Sipp mis selling, which was a significant increase on the numbers for the year before. Many people have invested in risky and unregulated investments via Sipps, and so it’s likely that Sipp mis selling will become an increasingly pressing issue in the months and years to come. If you have been mis sold a Sipp, now is the time to do something about it.