It is possible that if you have been advised to transfer money that you have set aside for retirement by an advisor into a Self-invested Personal Pension (SIPP) that you may have been a victim of a mis-sold SIPP and you could be eligible to make a claim as a result.
Determining whether or not you have been mis-sold a financial product can be a somewhat ambiguous process to deal with, and it is important to gather together all of the facts before establishing what your next steps will be. In this blog we are going to explain a little bit more about SIPPs and what they are, and help you to gain a better understanding with regards to how they can be mis-sold and how you can claim.
What Is A SIPP?
A SIPP is a personal pension scheme which has received the government’s approval. The idea of the SIPP is that it allows people to try and make the most of their pension pot, but it is a risky scheme as it can be impacted negatively depending on how well the money is invested.
Am I Eligible To Claim?
In truth there are long and short answers to this, both depending on your own personal situation and experience. A few examples of scenarios where your SIPP may have potentially been mis-sold include situations where you have been left feeling unclear about certain details regarding the SIPP and how it all works. You could also class a SIPP as being mis-sold if you weren’t made fully aware of the risks involved with the SIPP and all of the negative repercussions that go with it. In instances like these you are essentially eligible to make a claim on the basis that you were mis-sold your SIPP.
Due to the rising number of mis-sold SIPP cases, the FSCS (Financial Services Compensation Scheme) have reserved a surplus of £375 million in order to fund compensation claims, meaning that it is highly possible you will receive the necessary sum you are entitled to if you make a successful claim.