Have you been mis-sold a Self Invested Personal Pension (SIPPS)?
You could be entitled to thousands of pounds of compensation if your SIPPs investments have been mis-sold.
A Self Invested Personal Pension (SIPP), is a personal pension scheme approved by the government. SIPPs were introduced in 1989, and since then more than a million UK citizens have used a SIPP to further their pension pot.
However, SIPPs are considered riskier than other types of savings as they rely on the success of where the money is invested.
Particularly risky investments are carbon credits, overseas investments, environmental related investments and certain types of property. SIPPs have been widely mis-sold, and a great number of people have lost much of their hard-earned savings as a result. A personal pension, or platform, have much lower charges and you may have been over charged.
What Clients say…
“When investigating and challenging my whole of life policies, X-Claims were both “very knowledgeable and effective”.
How Do I know If I Was Mis-Advised On My SIPP?
- You were advised to switch to a SIPP simply to tidy up your pensions.
- You were not aware of higher annual management fees or that you would be charged for every transaction
- You exceeded your annual tax free limit of £40,000 you may have been forced to pay 55% in income tax, leaving you significantly worse off than you would have been in an alternative pension scheme
- You were given poor advice about the risk of alternative investments, indeed if you have lost money – check with us if your investment fund choice is one of the many “scams” which have been noted by the FCA.
- Your adviser didn’t explain the high risks of investing in car parks, carbon credits, student accommodation, offshore funds etc.
- Your adviser promoted the use of SIPPs for tax avoidance purposes
- Or generally if poor advice left you worse off after investing in a SIPP scheme