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Why you need a legal expert to process a mis-sold pension claim

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25/05/2018

If you were advised to move your pension pot into a self-invested personal pension (SIPP), you might have been mis-sold and could be eligible to make a mis-sold pension claim.

The Financial Services Compensation Scheme (FSCS) recently sent out a letter to people who invested their pensions with Heritage Pensions reminding them they don’t need a representative to make a claim for mis-selling.

But is pursuing a claim yourself the best option?

 

What are the options for a mis-sold pension claim?

The advice from the FSCS is correct in that individuals don’t need a representative and can make a claim themselves.

However, making a claim against your SIPP provider can be a complex process. It can feel daunting to know how to move forward if you think you might have been mis-sold and you could find your claim fails because you didn’t understand the complexities of the process.

 

How can a lawyer help?

Often, claims can be complex, with a number of legal issues that need to be addressed.

There are a number of reasons it can be beneficial to use a solicitor to support you during this process.

 

Complex process

Claimants need to prove they weren’t given correct advice, or were offered a SIPP that wasn’t appropriate for their financial circumstances. This can require the collection and completion of a large amount of paperwork.

Qualified solicitors with expertise in financial mis-selling can ensure that all the correct documents are completed and submitted to the FSCS to ensure that if you were mis-sold you get the redress that you deserve.

 

Avoiding responsibility

Sometimes, a pension review will have been offered by an unregulated introducer, which might now have closed down, and it needs to be established that the SIPP provider was also responsible for the mis-selling.

In this situation, some SIPP providers argue against this, and the onus is on the complainant to prove the SIPP provider was jointly liable along with the introducer.

SIPP providers can frustrate this process, with many refusing to settle cases until they are threatened with court action. If this happens, solicitors can advise and support you in pursuing legal case against a SIPP provider in the courts to ensure you get the compensation you deserve.

 

Increased payouts

There is a £50,000 limit on compensation payouts from the FSCS, but in some cases there are other avenues available to gain further compensation. This is often through the courts and a solicitor is required to do this.  

 

No win, no fee

Our expert legal team operates on a no win, no fee basis. So you can access our support and guidance safe in the knowledge that you won’t incur any fees unless we successfully gain compensation for you.

 

If you believe you could have been mis-sold a SIPP, get into touch with our professional and personable solicitors for advice today.