Mis sold SIPP claim

An SIPP or Self Invested Personal Pension is a form of pension in which an individual decides which investments their funds should be invested in. However, should an investor decide to invest in risky or unsuitable investments such as highly risky commercial properties and foreign exchange products he may lose his pension funds as a result. Recently an alarmingly increased number of mis sold sip claims have been reportedly made by investors for such losses suffered. Claims in the same regards are also made against mis sold FSAVC (Free Standing Additional Voluntary Contribution) pension.

First you need to develop an understanding of the spread on what grounds you can make a mis sold SIPP claim or FSAVC claim. These may include:

1) Investment done without adequate knowledge and incomprehension – you may have been new to investing and didn’t fully comprehend or understand the process or investment which you were advised on. It may also have happened that your financial advisor did not provide you with all the necessary information and the potential risks involved which is required to make a fully informed decision on whether to make the investment or not.

2) Victim of pressured sales: – Another valid reason for you to make a mis sold SIPP claim or FSAVC claim is when your advisor strongly encouraged you or even pressured you into making an investment against your own want and was against all circumstances not matching your individual requirements.

3) Victim of poor advice: – You were wrongly advised to invest or make a switch to a SIPP with unrealistic and fraudulent make believe reasons without completely shelling out clear advice and thus keeping you in the dark regarding the high risks involved.

4) Providing zero transparency on fees and taxes : – You were not informed first hand regarding the management costs, additional hidden costs attached to the investment, ability of HMRC to change tax rules, exceeding tax thresholds at any given point thus complicating your tax liabilities, whereas you were recommended SIPP as a means of avoiding tax .

5) False guarantees: – mis sold SIPP claims or FSAVC claims can also be made on the grounds that your advisor made false promises of guaranteed high yields that never surfaced.

6) Single investment transfer : – you may have been advised to sell your pensions or investments into a single investment such as SIPP or FSAVC which worsened your financial status thus proved to be unsuitable to your personal circumstances.

In all such cases you are liable to make a mis sold SIPP claim or FSAVC claim.

How to make a claim:

There are a number of firms consisting of mis sold SIPP claim specialists which will step up to help you out. File your complaint and request a call back to walk you through their process. Choose one as per your convenience. The walk around process more or less adheres to the following steps:

a) Filing your SIPP or FSAVC complaint with your advisor.

b) In order to ensure smooth and efficient process of your mis sold SIPP claim provide the firm with all of the required documents in order to avoid any sort of delay.

c) Let the firm do the paperwork and detailing.

d) Let the claim specialists handle your mode of communications with the SIPP advisor or provider.

e) Wait for your compensation should everything go as planned.

Compensations of various amounts have been reportedly claimed by many investors against mis sold SIPP claims and FSAVC claims. Hope for the best and wait for your turn.

My next article covers self employed iva