The 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!

General SIPP Claim Process

While every case of pension mis-selling may be different in circumstances, generally the process follows these steps:

1. You make contact with a SIPP claims processor
2. They call you back to discuss your case.
3. If your case has merit, they will send you a claims pack with to letter of authority to sign & return.
4. On receipt of letter of authority, they can then request your files from any firms that we believe hold information necessary to pursue your claim. If you already have the information they need, then providing copies of this can save a lot of time.
5. When the claims processor are in possession of all necessary documents, they can then assess you case in more detail and proceed to making a complaint to the firm if appropriate.
6. Once a form complaint has been lodged with the firm(s) subject to the complaint(s) the firm has 8 weeks to respond. If the response is unsatisfactory then the case can be escalated 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 was found to have give bad or negligent advice but has now ceased trading and cannot respond to a complaint, your claims processor can still pursue the claim through the Financial Services Compensation Scheme (FSCS) who can refund up to £85,000 per claimant in compensation for if your case meet all their eligibility criteria.