Financial Conduct Authority urges thousands to seek compensation over pension transfers
Letters sent to clients of IFAs who have since gone out of business and are no longer trading.
Thousands of people are receiving letters from the UK’s City regulator urging them to lodge claims for compensation for being wrongly advised to transfer out of their guaranteed “final salary” pensions. The Financial Conduct Authority has written to 2,677 people who transferred from defined benefit pensions after 2015, with letters warning them of “action needed”. FCA said the recommendation to transfer made by the individual’s authorised independent financial adviser (IFA) — now in liquidation — was unsuitable for them, and they “could be owed money”. “We encourage you to act,” said the letter, headlined “This is not a marketing exercise”. “If you do nothing you may end up with less money during your retirement,” it said. The recipient was also told they had “limited time” to complain to the Financial Services Compensation Scheme, which can pay compensation for poor advice of up to £85,000.
If you do not have the time or expertise you feel is necessary to submit your own claim, X-Claims can assist and have 15 years of experience of successfully bringing to fruition claims submitted to the FSCS.
Read more from our source The FT Advisor here
Get Help With Your Complaint Today & Contact X-Claims
X-Claims has a proven track record in successfully winning maximum compensation for their clients and work on a no win no-fee basis with no up-front fees. You can only make a claim once, so using a professionally qualified regulated firm can be invaluable. If you are unhappy in any way and are dissatisfied with your financial product then please get in touch with us.
You do not need to use a claims management company to make a claim
You can do this yourself for free, and if your claim is unsuccessful you can pursue it yourself with the Financial Ombudsman Service.
If your product provider or your financial advisor is no longer in business, you may be able to use the Financial Services Compensation Scheme (subject to their Rules).
X-Claims Limited is authorised and regulated by the Financial Conduct Authority – FRN: 829746
Get In Touch
Have a question or just want to get in touch? Give us a call or fill in our contact form. Would you like to speak to one of our specialists over the phone? Just submit your details and we’ll be in touch shortly. You can also email us if you would prefer.
Monday – Friday: 8am – 8pm
Saturday – Sunday: Closed
PO Box 470, Tonbridge, Kent, TN9 9FG
Oakley House, Fordcombe Road, Penshurst, Kent, TN11 8DP