Mis-Sold SIPP Pension Claims

If you were advised to invest into a high-risk SIPP you may be able to claim.

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Have you been mis-sold a SIPP Investment?

You could be owed thousands thanks to the SIPP investment scandal. SIPPs are complicated financial arrangements designed to make sure that you have the freedom to grow your pension fund. However, if you have been mis-advised by a company or financial advisor to invest in a SIPP, and have lost money as a result of it, you could be due compensation. Let Gowing Law Solicitors help you get this money back!

What is a SIPP?

SIPP stands for ”Self-Invested Personal Pension”. The UK government approved of pension SIPPs as a way for pension holders to take control of their financial situation and potentially grow it. They offer a better pay out than a standard pension or an investment fund. However, as a lot of people do not feel confident to grow their SIPP on the market, they go to financial advisors for the best route forward. Most advisors will direct their clients towards lucrative opportunities. However, mistakes can still happen. This is where you may be due mis-sold SIPP compensation.

Do you have a mis-sold SIPP pension complaint?

You may think that you have a SIPP pension complaint if you have lost money due to bad financial instruction from your advisor. According to the Financial Conduct Authority (FCA), all financial advice must be delivered in a way that is “fair, clear and not misleading”. However, SIPP risky investments over the years have been mis-sold to pension owners. Due to this, a Financial Compensation Scheme (FSCS) has been created by the UK government and has set aside around £375 million in compensation. You could be entitled to this.

So, you may be asking yourself, “how do I know if I am entitled to mis-sold SIPP compensation?” Mis-selling SIPP pension schemes come with very high fees, something that is usually motivation for a bad financial advisor. However, there are some additional reasons why you could possibly have a mis-sold SIPP claim:

Your SIPP advisor lied to you about their experience

When you jump into the world of SIPPs, you are going to encounter a lot of rogue financial advisors who say they have dealt with more cases than they actually have. Make sure that your advisor has a degree in the appropriate subject (i.e. economics, business management, finance, law or maths). You may also want to find out if your advisor has also undergone any training programmes in their company, or have qualifications from the Pensions Management Institute (PMI) or Chartered Insurance Institute (CII). These are financial bodies that can be trusted.

Your SIPP scheme had additional pension fees/charges

If your advisor has told you that they have the perfect SIPP scheme for you, but have not mentioned that there are associated fees or counselling charges, you could be paying your advisor more than what your pension earns. Were you unaware of these charges? If you were then you could be entitled to compensation.

You were not explained the terms and conditions of your SIPP scheme

Your financial advisor has the responsibility to tell you all of the terms and conditions of your SIPP pension. That way you can fully understand the risk associated with it before you settle on the pension for you. If your advisor is withholding information from you, you could be entitled to file a claim for SIPP pension compensation.

The amount of risk of your SIPP scheme was bigger than you knew

A pension advisor has a duty to you to give you the best advice possible when it comes to your retirement scheme. They have to specify the amount of risk associated with each claim. If they haven’t then you may have a mi-sold SIPP or even a mis-sold pension claim on your hands.

You were not given flexible options for your SIPP Scheme

A SIPP pension scheme is complicated because it needs to personally suit the person investing in it. If your advisor did not give you the choice of scheme, or show you your options, you may feel like you were forced to accept your financial advisor’s offer. This was not the flexibility that you wanted, therefore you could have a claim.

You were asked to transfer from a comfortable workplace pension to a SIPP

Originally, did you have a workplace pension that would be beneficial for you, your living and your finances? If you were advised to leave this scheme, that would have had guaranteed savings and benefits, then is a high chance you were mis-sold a SIPP scheme.

  • SIPP-Related Examples of Mis-Selling Schemes

    The previous examples of mis-sold SIPP schemes can apply to both a normal pension compensation and a SIPP compensation. An individual mis-sold SIPP claim can be a little more complicated, however Gowing Law Solicitors can help you understand what has happened to you. Here are some examples of personal SIPP claims:

    • A SIPP scheme was recommended to you but you were not told which investments to take.
    • You were advised to transfer to a SIPP because it was “better” than a traditional pension.
    • A financial advisor did review your current pension, but then decided to tell you to transfer into a SIPP.
    • Your advisor told you that you should use SIPPs for tax instead of pension benefits.
    • You were not told that the HMRC could change tax rules at any time. This caused you a loss.
    • Your advisor was in breach of the FCA rules (i.e. not giving clear financial advice).
  • What is the difference between a Mis-Sold Pension and a Mis-Sold SIPP?

    When you are a claiming for being mis-sold a product, the terms and jargon can get confusing. That’s why it’s important to understand the difference between a mis-sold pension and a mis-sold SIPP.

    A mis-sold pension is the overall retirement scheme that has been unfairly sold to you. So, it would be any sort of financial investment that you have built up over a number of years to support you in your old age. A SIPP falls under the pension, and is a category of scheme that you can claim financial benefits from. This is the same for SERPS (State Earnings Related Pension Scheme).

    Check out our Mis-sold Pensions page to learn more about your compensation opportunities..

  • Do I have a mis-sold SIPP claim?

    If you fall into any of the categories mentioned previously, Gowing Law Solicitor’s experienced mis-sold SIPP specialists in Manchester can help you with your claim! We understand that you have been negatively affected by your SIPP and you, trying to settle down in your golden years, do not deserve it.

    All of our specialists are trained to handle your case professionally and to make sure that you get the outcome that you deserve. We will gather detailed information about your SIPP pension from your documents and recommend the best way forward. The more we know, the better that we can support you with your claim.

    Start your claim today

  • Will it cost me anything to claim?

    No! Gowing Law Solicitors prides itself on supplying free advice to any potentially mis-sold SIPP claimants. You can contact us and let us know about your pension problem and we will let you know how you should proceed. If you want to work with our trained SIPP claim solicitors then you will be happy to know that we operate on a “No-Win, No Fee” basis. That means that if we do not win your case then there will be no costs. You will never be put out of pocket.


  • How much could I be awarded from a successful SIPP claim?

    This depends on how much you have been financially affected by your SIPP scheme. The more money you have put into it, or have lost as a result of it, the more likely that you will receive a higher pay out as compensation. Speak to a SIPP specialist from Gowing Law Solicitors now to learn about what you could be owed!

  • Learn more about financial mis-selling from our Law Blog

    As professional SIPP compensation lawyers, we aim to make sure that all of our claimants are as informed as possible before we move forward with their complaint. That’s why we have set up a blog page to inform you all about the basics and complexities of different law issues, including financial mis-selling. From mortgages to unfair dismissal, PPI tax claims to pensions, you will love exploring the different blogs we have on offer for you. Click here to see our blog selection now!

Contact Gowing Law Solicitors about your Mis-Sold SIPP Claim

We are ready to help you get the compensation that you deserve for being mis-sold SIPP. Our experienced SIPP specialists will focus all of their energy on your case to ensure that you get the outcome that you want. To move forward with your mis-sold SIPP claim, please fill out our helpful SIPP form or contact Gowing Law Solicitors today.

Call 0800 041 8350 or email info@gowinglaw.co.uk for free advice now. We look forward to hearing from you soon!

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If you want to reclaim your mis-sold pension, Gowing Law Solicitors have a trained set of solicitors in Manchester who are ready to take on your case. You will love working with our team. They listen, take down all of your information and advise you on the best way forward.

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