When financial advisors trick pensioners into putting their money into a SIPP plan that promises high returns on investments that are very risky and aren’t always regulated, this is called SIPP mis-selling. Some people lose money because the investments they were sold aren’t what they seemed to be and don’t give them back the money they were promised. In these cases, they should look into mis-sold SIPP claims.
What Is a Mis-Sold SIPP?
A mis-sold SIPP is a type of pension plan that was either sold to the wrong person or wasn’t right for them. Most SIPPs sold wrongly aren’t good for the client because their investments are risky, uncontrolled, and inappropriate for their risk tolerance.
Many people who bought SIPPs were given false information about how well their stocks did. A lot of the time, this is done by an unregulated introducer who calls people out of the blue and offers a free pension review to get them to buy something.
To get people to move their pension, this is done by often promising high returns while downplaying the investment risks. Most of the investments that come with these SIPPs are not good for the average retail client. These investments should only be suggested to people with a certain level of risk tolerance and financial experience.
Filing a Claim
More than 3,000 SIPP complaints were sent to the Financial Ombudsman Service in 2018. This is the most common complaint about a pension product against a financial adviser. You might be able to get money back if someone told you to put money into a Self-Invested Personal Pension when you weren’t ready for the risks. Contact a company such as Business Title for help with mis-sold SIPP claims.
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