Pension mis-selling compensation payouts double
Mis sold pension compensation
The number of people claiming compensation for pensions mis-selling has doubled in the past two years according to official figures.
According to the Financial Services Compensation Scheme (FSCS), payments have raisen from around £20 million in 2016 and over £37 million in 2017 to more than £40m in 2018. The spike in payouts coincided with a rise in pension transfer activity in 3 years, from a total of £5.4bn in 2014.
The Financial Conduct Authority say that 1 in 8 people who have saved believe their pension may have been mis-sold and they are advising them to raise a complaint and claim as soon as possible to get the best outcome.
The the Financial Services Compensation Scheme has set a maximum of £50,000 per claim, this however is set to rise to 75% in 2019, as compensation claims are predicted to rise.
Mark Neale, chief exec of FSCS, said: “We see many examples of mis-selling as both regulated, but also increasingly unregulated advisers, promote risky, illiquid investments”
“We see providers who fail to perform rudimentary due diligence on these investments.”
Do you think you’re entitled? Are you looking for mis sold pension compensation?
The short answer is more than likely. If you believe you may be the victim of mis-selling, please contact us either by filling in the form or call us on 0800 823 0800 and we’ll check for you.
Existing pension customers with Prudential who were approaching retirement and bought an annuity with them between July 2008 and September 2017 could be due for compensation. It is currently reviewing over 180,000 sales after being fined by regulator recently....
The Financial Services Compensation Scheme has recently received 662 claims against self-invested personal pension firms CPPT Services Ltd and Lifetime Sipp. The claims against the two firms were mainly related to Sipps, pension transfers and pension advice....
What is the claim process?
Each case is different however we will try to outline the process as clearly as possible. We offer pension mis-selling advice to anyone in the UK, covering England, Scotland, Wales, and Northern Ireland.
Call us Free on 0800 825 0800, or fill in the simple request a call back form, or you can email us on email@example.com. Our opening hours are Monday to Sunday 9am to 9pm. We offer a free initial assessment of your pension claim, and act for you on a NO WIN NO FEE basis, to give our clients a piece of mind.
Simple Claim Set Up!
No lengthy paperwork, just a simple claim form.
No Win No fee, no matter how long or complex your case may be. We do not and will not charge for an unsuccessful claim.
We will help you to gather the information you need to make a claim
Step by Step Procedure
After you have completed your initial inquiry using our online contact form or over the telephone, we will send you a simple claim form to complete and return to us.
After we receive your documents, you have 14 days to cancel your claim if you decide to do so.
After we have contacted your pension provider or adviser, they have 40 days to provide us with your file. We will then review your file and contact you if we require any clarification.
If we then submit a mis-sold pension plan claim on your behalf, your adviser or provider has eight weeks to respond to this complaint and will sometimes ask for an extension of 2-4 weeks.
After this time, your complaint may be upheld, and you will be paid your compensation. If however your complaint is not upheld, we will present your case to the Financial Ombudsman – we will require further authorization from you before we do this.