Go back

What do I do if I have a mis-sold pension?

Go back


If you have lost or may lose money following a bad investment, you may have fallen victim to mis-sold pension advice. You could be owed compensation for the money you lost.

How do I know I have a mis-sold pension?

If you ended up with a product that doesn’t suit your needs due to unsuitable advice or incorrect information, you may have been a victim of pension mis-selling.
The person who advised on your pension plan is responsible for taking your personal circumstances and needs into consideration. They must also fully explain what the financial product can and can’t do, and the risks attached.

I didn’t know the risks, but haven’t lost any money yet

Even if you haven’t lost money, some investments may be riskier than you were aware of at the time of purchasing. Making sure that you fully understand the risks of your investment is the responsibility of your advisor. If they didn’t do this you may have a mis-sold investment.

When should I try to claim?

You should act as soon as you become aware you may have a mis-sold pension plan and don’t have to wait until money has been lost. You may still be entitled to compensation on your pension.

What should I expect from the process?

The first thing to do is gather any relevant information and written proof of your mis-sold product.

You should then complain to your provider or adviser. Every firm must be able provide you with a copy of their internal complaints process; this can usually be found on the firm’s website. This will contain contact details of who to complain to.

If a firm doesn’t respond within eight weeks or if you are unhappy with their final response, you can go to the Financial Ombudsman Service. You must contact them within six months of receiving the firm’s final response or the end of the eight-week response time.

The Ombudsman will then handle your complaint and their decision is final.

While you can complain by yourself, our experienced team of solicitors is here to help. Get in touch today for advice on how to start your mis-sold pension claim.