Report: Pension reforms could attract fraudsters
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A report by the Labour party, published in March 2016, has warned that pension reforms that took place last April could result in people facing a “struggle to make their money last” and could also become a “honey pot for fraudsters.”
In September 2015, Neglect Assist, described as “one of the UK’s leading specialists in financial mis-selling” by the Times, warned that the reforms are a “scammer’s charter” after conducting a study of the impact of the savings reforms. Neglect Assist Director Tim Wixted told the Times: “Our research indicates that the proposed reforms, giving many people the freedom not to buy an annuity may well lead to the biggest mis-selling disaster to date.”
The research by Neglect Assist provides a comprehensive and concerning picture of what lies in store when those aged 55 and over are given the flexibility to dip into their pension pots as they see fit. To read the full article in the Times click here:
http://www.thetimes.co.uk/tto/money/article4346624.ece (registration required)
If you have suffered loss of capital or lost interest on your pensions and investments you may be able to make a compensation claim. You can contact Neglect Assist through the contact form below to make a no obligation enquiry.
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Mis-selling or mis-management by a SIPP Operator?
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 MoreMis-sold or mis-managed investment or pension?
- You were sold an investment without having been properly advised of the risks
- Your personal circumstances or attitude to risk wasn’t properly considered
- You were sold a SIPP or poor returning annuity
- You were advised to invest all or most of your savings into a single investment
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One of the UK’s leading specialists in financial mis-selling...
The Times
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