If you fear you have been mis sold SIPP, don’t worry, you are not alone. Though it shouldn’t be, mis sold SIPP is more common than you would think. SIPPs aren’t necessarily a negative thing, they have actually caused a boom in the pension-saving sphere, it is instead the companies with damaging intentions who mis sold SIPP who are to blame. Below, we have listed three big signs that you could be the victim of mis sold SIPP.
Number one: The advice given to you was to invest in SIPP in order to avoid taxes. This is a common trick used by advisors to entice you to invest. They claim it will save you thousands, but in fact, may be just another scam. There is no reason to panic, this is one of the most-used techniques by financial advisors and, unfortunately, many people fall victim to it every year.
Number two: You did not fully understand what you were investing in. Perhaps the advisor you spoke to used jargon that led you to be misinformed about the investment taking place, or perhaps they didn’t explain in detail about the investment and left you feeling confused. Whatever it is, this could be a red flag that you have been mis sold SIPP.
Number three: Very little transparency concerning fees. This means that you were unaware of the scale of the financial situation taking place. You may have been given little to no information on what your money was realistically being used for, or perhaps you were left in the dark about what fees were involved in the entire process. For example, you may not have been told how high the fee would be that would end up in the financial advisor’s pocket, or perhaps they sprang last-minute fees on you that you weren’t told about before. Whatever the reason, this could mean you have been mis sold SIPP.
If you believe you are the victim of mis sold SIPP, there are steps you can take now to reclaim your money. Here at Pension Justice, it is our mission to help you. We are the money experts you can trust. We have already recovered millions of pounds in compensation for people just like you, so don’t hesitate to get in touch with us today. It’s time to take back control and make your claim.