Mr and Mrs S held pension funds with a major provider worth a combined total of approximately £44,000. They were approached by a financial adviser who told them they could achieve a better rate of return elsewhere. Based on this advice, they were persuaded to transfer their full pension amount into a fund that invested in commercial property.
The fund they were advised to transfer into was an unregulated investment, exposing them to a high level of risk. Mr and Mrs S were not made aware of this at the time of the transfer. Had they been informed of the true nature and risk level of the fund, they would not have proceeded. Given their reliance on these pension funds to support their retirement, they could not afford to incur such losses.
The value of their investment fell by almost 50%. Facing serious financial implications, Mr and Mrs S approached us for guidance and support.
We acted on their behalf and pursued a claim to recover their financial losses. The matter was successfully settled, and Mr and Mrs S received £30,000 in compensation for the unsuitable advice and resulting losses.
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Mr R had a pension fund worth over £340,000 and was advised to invest it in a plan drawing £20,000 annually. The investment's value declined, and delayed annuity purchase led to reduced income. We secured £80,000 in compensation for him.
Approaching retirement, Mr J was advised to transfer his pensions into a high-risk property investment fund. The fund's suspension led to losses, but we secured £30,000 in compensation for him.
Instead of securing an annuity, Mr W was advised to invest his pension in a high-risk plan. He lost a significant portion of his retirement fund. We helped recover £56,500.
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You do not need legal representation to make a financial services claim. You can complain yourself at no cost and under FCA rules, the financial services provider must provide a response. If you feel this is unsatisfactory, you can complain to the statutory redress bodies, the FOS and FSCS who can award you compensation. This is a free service.
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