Full details of fees can be found in our Terms of Business
Frequently Asked Questions
How much compensation will I get for mis sold pension?
The compensation you will get varies greatly from case to case depending on your situation and size of pension pot. However, the average amount of compensation claimed for pension mis selling cases is around £25,000 for private pensions and £50,000 for final salary pensions. The current ceiling for mis selling after August 2019 is £85,000)
Can I claim for a mis sold pension?
You can claim for a mis sold pension regardless of the type of pension scheme which you were advised to invest in without having all of the information available. An advisor may have recommended you to change to a specific pension scheme without telling you about the financial risks involved with the scheme, for example. The transfers may also be sold on the promise of a more comfortable retirement, which is not always the case.
How do I know if I was mis sold a pension?
- The terms and conditions weren’t explained to you.
- Your advisor wasn’t as experienced as they said they were.
- You were encouraged to transfer your money from a workplace pension into a different scheme.
- You weren’t properly made aware of pension charges and fees.
- Your advisor recommended a pension or investment that involved more risk than you were prepared for.
What procedures will be followed and how long will my claim take?
In all cases, we will take full details from you regarding the circumstances surrounding the sale of the investment or financial product. We will formulate a claim based upon the information that you provide.
The Financial Conduct Authority and Financial Ombudsman Service sets out clear time limits and parameters for dealing with claims. Typically a provider is obliged to acknowledge the claim within 4 weeks and provide a final response within 8 weeks.
In the event that your claim is rejected by your provider and escalated to the Financial Ombudsman it may take longer.
If your adviser no longer exists then your claim will be handled by the Financial Services Compensation Scheme which is a different procedure. In this case, the timeline is similar depending on the information made available and the circumstances of the claim.
What information is required to pursue a claim?
This depends on the type of claim and the provider. We will require a written authority from you to deal with the claim on your behalf that must contain the account details.
Some providers will require additional information in the form of a questionnaire, in their own form or one that is provided by the Financial Ombudsman. We will endeavor to complete this as far as possible from the information that you have provided before we send it to you for signature.
In certain circumstances we may require a copy of the original agreement.
We will consider any offers of redress for accuracy before you sign any acceptance.
In the event that your claim is rejected we will consider the reasons and if appropriate we will escalate your claim to the Financial Ombudsman for final adjudication. The Ombudsman decision is binding on the provider.
In the case of making a claim to the Financial Services Compensation Scheme we will not pursue the Ombudsman.
Will you share or sell my information to anyone else?
We never share or sell your personal information with anyone other than the companies involved in your particular claim.
What costs will I have to pay?
We work on a “No Win No Fee“* basis with no upfront fees. A standard fee of 20% + VAT on all mis-sold pension claims regardless of the financial vehicle or asset. A fee may be payable if a case is not pursued at the client’s request once the claim has been processed by the Company and this is laid out in our Terms and Conditions. You will not be required to purchase any legal expenses to cover your claim. We will resolve your claim with your provider, the Financial Ombudsman or the Financial Services Compensation Scheme. You will not, therefore, incur any recoverable costs or premiums.
*A fee may be payable if a case is not pursued at the client’s request once the claim has been processed by the Company see our terms and conditions. For example, if the claimant is awarded £1,000 then our fee would be £240 inclusive of VAT leaving £760 for the claimant, if the claimant was awarded £2,000 then our fee would be £480 inclusive of VAT leaving £1,520 for the claimant and if the claimant was awarded £5,000 then our fee would be £1,200 inclusive of VAT leaving £3,800 for the claimant.
The above fee illustration is not to be taken as an estimate of the amount likely to be recovered for you.
What compensation could I receive?
“Compensation” means any sums paid or awarded as calculated at the time of the award, a result of the claim or any reduction in the balance of an outstanding loan resulting from the claim.
For example, if we recover £10,000 in compensation, our fee would be £2400.00 (inclusive of VAT) and you would receive £7600.00. Where we pursue multiple claims, fees are payable in respect of the Compensation awarded for each claim. Should compensation recovered not be payable to you (for example if you are subject to an Individual Voluntary Arrangement) then unless otherwise agreed our fee remains payable by you.
Please Note that there are maximum claim values set by the Financial Conduct Authority which will depend on the claim details and the year that the investment was made. You would be advised of these limitations on application. They are also outlined on the Financial Conduct Authority website.
Will the financial company contact me direct?
In some cases, the financial company will contact you directly, although you can refer them to us and we will deal with their inquiry appropriately.
What can I do if I am unhappy with the service?
At Financial Claims Consultants we pride ourselves on making sure customers receive the best service. If you think we have not done this we would like to hear about it – that way we can try and put it right, please contact us. We have a Client Complaints process and will discuss openly with you and if necessary send you a complaints form. We will always ask for feedback by way of a written form so as to ensure we constantly improve our service. We are happy to provide full details of our Client Complaints procedure on request.
Financial Claims Consultants is the trading name of M R Consumer Services Limited and is run by experienced business leaders with the aim to offer a first class service to analyse and offer help to individuals who believe they have a case of mis-selling that may qualify for the FSCS scheme or requires a direct claim against a regulated Financial Adviser. Our principal focus in the of the business is on ensuring the service is first class and always has the client’s interest at the fore of the potential claim.
It has been recognized by our directors that it is imperative that the client has a good experience when their claim is being processed and that Financial Claims Consultants have done their level best to ensure this is the case. Financial Claims Consultants are conscious of the fact that this has not always been the case with other claims companies in the past and to meet this requirement we have developed a set of standards to ensure the client gets the best possible service and that we do our very best to ensure valid claims are successful.