The SIPP Claims Process

SIPP Claims Process

Cases of mis-sold SIPP investments continue to increase as investors realise they have been the victims of bad or negligent advice. If you received bad pension advice from a regulated financial adviser then we can take action to recover your losses, even if that adviser has ceased trading. If a financial adviser was not involved when you set up your SIPP then we can take action against the SIPP provider to recover your funds.

Depending on the types of investments placed into a SIPP, it may be very difficult to draw on your pension when you need to or sell the investments should they no longer be suitable. If the investments lose some or all their value, you could still be asked to pay annual management fees to the SIPP provider which can mean putting in even more money to support loss making investments.

It is very important that you act as soon as possible when you realise you could have been subjected to bad advice leading to financial losses. If you setup your SIPP more than 6 years ago, you only have 3 years from the time you realise there is a problem in which to make a complaint. If you leave it too late, you may forfeit your right to make a complaint and recover your money!

How were SIPPs Mis-sold?

If any of the following applies to you, it is likely you were mis-sold and could possibly claim for SIPPs compensation.

  1. A lack of understanding – If you were new to investing and did not understand the process or investment that you were advised on.
  2. Hard sales or pressure selling – Where you felt uncomfortable or pressured into an investment that you didn’t need or want.
  3. Given poor advice – If you were advised to switch, even though your existing scheme was more suitable to your current and future pension needs.
  4. Lack of transparency on fees – If you were not made aware of any management fees or additional costs attached to the investment.
  5. Were questions asked about you? – The product must be tailored to your demands and needs. Hence, did the adviser take detailed information about your personal circumstances? Did they establish the level of risk you were willing to take when investing?
  6. No advice given on the risks – If you were not informed of the high risks of unregulated investments or the potential unsuitability of putting property into a pension.
  7. Advised you could avoid tax – If your financial or pensions adviser recommended a SIPP as a means of tax avoidance.
  8. Financially worse off – Generally speaking, if any poor advice concerning SIPPs left you worse off, you may be able to make a complaint and receive SIPP compensation. The same would apply if the investment failed, after being given a guarantee of a financial return that didn’t appear.
  9. Unregulated Investments – If you were advised to use your SIPP to invest in things like trees, store pods, overseas property or hotels, you may be in unregulated investments and have been unaware of it.
  10. Income Tax – Did your adviser tell you about the £40,000 tax free limit? If you exceed the annual allowance in a year, you won’t receive tax relief -on any contributions you paid that exceed the limit and you will be faced with an annual allowance charge. The annual allowance charge will be added to the rest of your taxable income for the tax year in question, when determining your tax liability.

Our SIPP Claim Process

While every case of pension mis-selling may be different in circumstances, we can simplify your journey to achieving recovery of your losses:

  1. You enter your basic contact details into our website enquiry form.
  2. We call you back to discuss your case.
  3. If we think your case has merit, we send you our claim pack to sign some simple forms.
  4. On receipt of your forms, we can request your files from any firms that we believe hold information necessary to pursue your claim. If you already have the information we need, then providing copies can save a lot of time.
  5. When we are in possession of all necessary documents, we can then assess case and proceed to making a complaint if appropriate.
  6. We manage the 8 week regulated complaints process to receive a formal response from the firm(s) subject to the complaint(s) , If the response is unsatisfactory then we escalate your matter to the Financial Ombudsman Service (FOS) or The Pensions Ombudsman who both have the powers to enforce payment of compensation should they uphold your case.
  7. In cases where the firm responsible for the bad or negligent advice has now ceased trading and so cannot respond to a complaint, we use the Financial Services Compensation Scheme (FSCS) who can refund up to £85,000 per claimant in compensation for pension advice should your case meet their eligibility criteria.


Received Bad Advice Which Resulted In Financial Loss?

Start a no-obligation SIPP Claim assessment against an IFAs, Pension Provider or Operator. You could be due thousands of pounds in compensation if you've Lost Money on your investments or Pension. The Financial Services Compensation Scheme (FSCS) can pay out to claimants who invested their pension funds in high risk investments.

We Can Help Reclaim Your Losses With A SIPP Claim
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