The next big financial scandal to hit the UK is undoubtedly mis-sold pensions. Research conducted by the Financial Conduct Authority revealed that 12.5% who received financial advice over the last 12 months has been mis-sold an investment or pension product. When a financial advisor or a pension transfer firm advises you to move your pension, cash out your pension early or make any other material change to your existing pension without providing you with a clear outline of the risks of doing so then you have probably been mis-sold.
Such advice can often lead to your pension losing value and/or you being charged exorbitant fees. This is where AM1 comes in, we assess your case to determine if you are able to reclaim lost value or incurred fees in order to right the wrong of your mis-selling party.
Mis-sold pension claims is an ongoing issue that has risen significantly in recent years. According to a 2019 report from price comparison website Choose.co.uk, claims have doubled within two years. In 2018 there were compensation payouts of £40m recorded by the Financial Services Compensation Scheme, a £20m increase over figures for 2016. It’s clear to see why this type of financial claim has become popular and why it’s one of the most important sectors to get right. Pensions are critical for enjoying a happy retirement with financial stability, and any type of pension mis-selling can severely negatively impact a person’s retirement planning.
With a worrying increase in the number of people being scammed out of their pension, it’s important that people take the necessary steps to claim back what they are owed. At AM1 Claims Management, we are committed to supporting clients in pursuing a successful mis-sold pension claim, helping them receive damages that cover any losses accrued as a result of mis-selling.
Types of Mis-Sold Pensions We Can Assist With
We can assist with a wide range of cases but here are some of the most common types of mis-sold pensions: