Financial losses on a SIPP sold by a financial adviser?
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Have you been paying into a pension plan recommended by a financial adviser, only to find that the value of your pension is a lot less than you had expected?
Many financial advisers have recommended that customers make contributions into Self Invested Personal Pensions (commonly known as SIPPs) in order to save for their retirements, with promises of capital growth beyond other pension or savings schemes.
SIPPs are personal pension plans designed to hold a number of investment funds within a single pension ‘wrapper’. The money placed into the SIPP by the customer is invested into a number of different funds, with the hope that, by managing the funds correctly, the capital would grow over time and allow the customer a higher pension once he retires.
These funds are usually chosen by the financial adviser, who will pick suitable investments within the SIPP based on your needs and objectives and which reflect your attitude toward risk.
However, a large number of customers who were advised to place their pension funds into these SIPPs have found that they have lost money due to risky investments which they were not properly advised about.
Customers who trusted their financial advisers with the money on which they would rely in their retirement have been let down…
Customers who trusted their financial advisers with the money on which they would rely in their retirement have been let down and wrongly advised about investments within their pension. The result of this is that a lot of pensioners and people close to retirement age have been left with severely reduced pensions and face financial difficulty, distress and worry at a time when they should be enjoying the benefits of their working life.
Has the value of your pension fallen when you were reassured by your financial adviser that it would increase? Has your adviser failed to tell you about charges which erode the value of your pension, or repeatedly advised you to alter your investments, with no explanation of the benefits of this?
A lot of our clients have suffered a loss in the value of their SIPP because their financial adviser did not properly consider their circumstances, or failed to accurately assess their attitude toward risk.
Alternatively, financial advisers have been failing to take the details they do obtain into account, such as recommending that client’s SIPPs are invested into high risk funds when our client wished for a pension which would protect their pension fund and ensure that they were able to rely on the income following their retirement.
If you have been advised to transfer your pension into a SIPP then this advice may not have been right for you. We can investigate the advice you received and the way in which your SIPP has been administered to determine if you were poorly advised, at no cost to you.
We can investigate the advice you received and the way in which your SIPP has been administered to determine if you were poorly advised, at no cost to you…
Your financial adviser owes you a duty of care to provide you with correct and appropriate advice. If he has failed to maintain or meet this standard, you may be able to claim compensation for negligent advice and recover any losses you may have suffered.
To discuss your claim with one of our specialist legal advisers, please call or complete the short enquiry form on our website and we will contact you as soon as possible. Our adviser will be able to give you an immediate indication of whether we will be able to investigate your claim under a ‘No Win, No Fee’ agreement.
We are an award-winning team of solicitors who specialise in professional negligence and financial mis-selling claims. We use our many years of experience and knowledge in this area to obtain and scrutinize relevant documents from financial advisers, stockbrokers, CFD providers and other associated entities. Using our specialist knowledge of the law of contract and negligence we identify any grounds for action. We submit written complaints, detailing every allegation and are successful in most of our cases.
We offer an absolute and guaranteed No Win, No Fee agreement, it’s that simple. If successful, we take a fee of up to 20% (plus 4% VAT) * Of the award of compensation. If unsuccessful, our clients pay us nothing.
* We reserve the right to apply a deduction in more complex or higher risk cases of up to 30% plus VAT. Typical examples might be where there are multiple parties to claim against, where time limits for claiming may have passed or new areas of law are tested.
Have you suffered financial losses on a SIPP operated by a SIPP operator? If so, then you may have grounds for bringing a No Win No Fee claim.
Some SIPP operators have entered into dealings with third party advisers who are not authorised and regulated by the Financial Conduct Authority to give pension or investment advice. This is despite their regulatory body publishing alerts and giving warnings against such actions.View More