History repeating itself is a common occurrence and, following the mis-selling review of the 90’s, it would appear that mis-advice around pensions is still the case today.
The Regulator has at last taken action because £82 Billion has recently been transferred out of occupational pension schemes with, in the FCA’s view, inadequate due care.
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The losses that clients have been caused will be compounded by any stock market falls; where high charging products have been used by major firms of advisers, and as highlighted by the Sunday Times recently, compensation could run into tens of thousands and in some cases more. The Independent has also published this article which you can read here.
Compensation for mis-sold pensions could be huge and you can only claim once so the use of expert advice is more important for this type of claim. Most Independent Financial Advisers are not authorised to handle claims unless they have separate authorisation to do so. There may also be a conflict of interest as the FCA has found this deficiency in advice with IFA firms. X-Claims is a specialist in this area with knowledge going back to 1972.