Most people have a pension plan to prepare for their retirement. They have an expectation that the advice that they receive from professionals is in their own best interests and not that of the financial advisor. Unfortunately, there are times that people lose their money from mis-sold pension claims. In these cases, people can go to a firm such as Business Title for help.
What Are Mis-Sold Pension Claims?
Mis-sold pension claims occur when a financial advisor convinces someone to transfer their pension to an SIPP (self-invested personal pension) without explaining the risks. This can result in financial losses, as the investment may contain unregulated or high-risk investments. The person has a right to know if they are taking risks with their financial future, and when they are misled, they can turn to solicitors for help.
The financial advisor may reach the client by cold calling where they convince people to transfer their pension into an SIPP, and they promise high returns while downplaying the high risks that are a part of the investment.
How Solicitors Help
Solicitors can help people who have experienced mis-sold pension claims. They usually trusted a financial advisor and relied upon information that they received, or they may have been cold called. The cold caller often offers a free pension review, and they follow up by recommending an SIPP with higher returns.
The problem is that with such high risks, the person could lose most, if not all, of their pension. These SIPP investments may include storage pods, car parking spaces, Ukrainian land, Brazilian rainforests, and more. They present an opportunity, but there is a high risk. Often, these people are advised to surrender their existing pension and take out the SIPP, and solicitors can help.
Financial advisors have a responsibility to determine the potential impact if the client loses their pension fund, and they must be honest about the risk level. These financial advisors are often pushy and try to befriend people until they make the investment, and the opportunities are too good to be true. Solicitors help people claim compensation if they are entitled to it.
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