We retrieve funds that have been invested in pension vehicles where a case of mis-selling occurs
Many people transferred their funds from a standard pension fund into a SIPP, SSAS or QROPS in the belief this would achieve a better financial yield than their existing pension. However in doing so they may have been mis-sold the pension by being misled or not being given the correct advice. If this were the case they will be eligible for compensation from their FCA regulated adviser either directly or via the Financial Services Compensation Scheme (FSCS). We are experienced in this process and do this for our clients.
Types of Pension Schemes where mis-selling has occurred are highlighted below
Self Invested Personal Pension
The SIPP is a vehicle whereby individuals can invest in assets of their own choice. Whilst this type of pension can be useful it has been used on a number of occasions to transfer funds into a SIPP from an existing low risk pension plan and the risks were not correctly explained or the incorrect advice was given by an FCA regulated entity.
Small Self Administered Scheme
The SSAS is a vehicle whereby individuals can invest in assets of their own choice similar to a SIPP. Whilst this type of pension can be useful it has been used on a number of occasions to transfer funds into a SSAS from an existing low risk pension plan and the risks were not correctly explained or the incorrect advice was given by an FCA regulated entity.
Qualified Recognised Overseas Pension Schemes
QROPS are foreign pension schemes recognised by HM Revenue & Customs (HMRC) to receive tax-free transfers from UK-registered pension funds. However in a number of cases these offshore schemes have been used to transfer funds from low risk pensions into a QROP where the risks were not explained or the incorrect advice was given by an FCA regulated entity.
Our Fees are calculated at 20% + VAT of the sum awarded as compensation. “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 full details of our fee structure, please refer to our standard terms and conditions.
If we recover £1,000 in compensation, our fee would be £240.00 (inclusive of VAT) and you would receive £760.00.
If we recover £3,000 in compensation, our fee would be £720.00 (inclusive of VAT) and you would receive £2280.00.
If we recover £10,000 in compensation, our fee would be £2400.00 (inclusive of VAT) and you would receive £7600.00.
Financial Claims Consultants is the trading name of M R Consumer Services Limited Registration No 07102609 which is registered as a Claims Management Company with the Financial Conduct Authority No FRN 838452
VAT Registration 360 5699 76
Claims can be made by individual claimants for free by either contacting the Financial Ombudsman Service or the Financial Services Compensation Scheme.