Mis Sold SIPPs are quickly entering the spotlight as one of the most mis sold financial products since payment protection insurance, with people many individuals being mis sold during a pension transfer where they were promised a viable investment which would see their pension fund grows at a given percentage.
This promised rate of financial growth has not been seen by these investors, and in some cases they have even seen financial losses due to switching to this different pension scheme.
Mis Sold SIPP Claims – No Win No Fee Claims Management Services
Thankfully there are claims management companies’ that can handle SIPPs claims on a no win no fee basis, who have years of experience working in financial claims with more than 1000 people per month complaining of being mis sold financial advice from an independent financial adviser (IFA) who have given advice out of self interest as opposed to giving advice which has the customer in mind and takes their financial future into account.
This is an injustice before any money was lost but to add to that there has been an actual financial loss, which makes matters much worse, these companies’ peddling bad investments must be brought to justice.
How Much Compensation Can A SIPPs Mis Sale Victim Win?
Typical compensation amounts for successful SIPPs claims can be in the region of £40,000-£65,000, the amount varies greatly from one claim to the next.
The amount of compensation will be proportionate to the amount of money invested, and the amount of money lost (if losses were incurred), self invested personal pensions are mis sold on industrial scales, so each case will be different than the next because no two investments are the same.
How Long Does It Take A Claim To Payout?
Generally claims can payout compensation within 3-4 months however sometimes it can take a longer timeframe, for example if the mis sold SIPPs claim requires further investigation, or if it is a particularly complicated case, or if the liability is ambiguous.
So the the quick answer to this: It Depends.
How Can I Find Out If I Am Owed Compensation For Mis Sold SIPPs?
If you contact some legal specialists who have experience in dealing with mis sold self invested personal pensions, this way you know you are working with people who have experience in dealing with these mis sold investments and mis sold pensions.
To establish whether or not there is a valid claim attached to your SIPP (Self Invested Personal Pension) their must be a liability with the SIPP provider.
How Can I Start A Claim For A Mis Sold SIPP?
Find a Claims management company which handles mis sold SIPPs and/or mis sold investment compensation claims and talk to them on a no obligation basis about your case.
They will be able to advise you on the best course of action and whether or not they can help with your case, also they will be able to give you a guideline amount on what the compensation could be.