At the Financial Compensation Service, we aim to answer all of your pension claim questions and below is a list of the most common questions to help you get started.
SIPP stands for Self-Invested Person Pension, this is a type of personal pension which has been given a wider range of investment choice and which allows individuals to make those choices, as such, many SIPP investments are deemed suitable only for High Net Worth and Sophisticated Investors.
A SIPP can invest a wider range of investments including property, land, hotels, trees, wine, carbon credits, intellectual property and much more. Many of these investments will be deemed as high risk and the returns (and losses) will reflect this. These opportunities are for investors with a good knowledge of investment risk.
SIPP's are very popular today, mainly due to low adminstration costs, some mirror personal pensions and others offer more exotic investment choice, with a large number of SIPP Providers offering them and the vast majority of Financial Advisors selling them.
There is a risk with a SIPP that you as a retirement saver will sold a SIPP that is unsuitable due to your investment knowledge and experience, meaning you could stand to lose your retirement pot, without knowing what you have done.
If you know or believe you have invested in a SIPP and are concerned about the consequences, we are here to help and can help you make your claim.
Pension mis-selling can arise for a number of reasons, but the result is you have been given inaccurate or insufficient information regarding your pension or your pension/investment(s) are unsuitable due to your investment knowledge.
At some point in the process, it is likely you have been mis-sled, shoe-horned into a predetermined investment or suffered from a poor standard of advice.
To find out if you have been mis-sold your pension, and how you can begin recovering your investment in a stress and hassle-free way, head over to our claims pages and enter your details to get in touch with one of our mis-selling misfit heroes!
An IFA is an Independent Financial Advisor, authorised to give advice by the Financial Conduct Authority (FCA). They will typically provide advice in relation to Pensions, Investments, Insurances and Mortgages.
Whilst regulation is strict, as with any industry, you will always find good and bad, but you might not realise until it's too late.
There are also unqualified and unregulated Individuals that sell pensions, usually because of commissions paid by the investments they promote. If you have dealt with one of these people, you will probably have a claim!
The Financial Compensation Service is made up of experts who specialise in helping individuals who have suffered financial loss, through no fault of the own, to regain what is rightfully theirs.
Our years of experience in Financial Services gives us valuable knowledge, not just in identifying claims, but dealing with the third parties that will have to pay redress for any losses and adequate compensation.
Our initial assessment is free of charge. We will determine whether you have a claim or not, if you do, after our initial investigations we will give you the option of our No-Win No-Fee claim process, but there is no obligation for you to proceed.
We will contact you to arrange a convenient time to discuss your claim. During our initial assessment, we will look at all aspects of your pension and the advice you were given. We will also take care of all the paperwork and dealing with third parties, to ensure you receive a professional and timely service.
Your compensation will be dependent upon a number of factors, including the advice given, the type of investment(s), if the investment(s) failed, costs and many more.
The important point here is that we use our knowledge and experience in Financial Services to provide the best service possible and ensure you are best placed to receive the compensation you deserve.
This all depends on the nature of the mis-selling you are claiming for, whether that's a SIPP, Pension transfer, mortgage or investment, who sold it to you, and whether or not they are still operating or not.
Depending on whether the IFA and/or SIPP provider is still running or not, we either go to them to claim, or if they have ceased trading or are not compliant we then take it to the FSCS, FCA and FOS.
The average time it takes to process a SIPP claim is between 16 weeks and 24 weeks, however this can be quicker or slower depending on the other companies involved and the complexity of the case.
There will be no affect on your SIPP, it will remain in place throughout the claim process. We will only seek authority to review paperwork from Financial Advisors and SIPP Providers, to ascertain how you were mis-sold.
Your investments will remain in place and charges will still apply during your claim.
Yes, whilst we offer free, no obligation initial investigation, should you choose to proceed with our No-Win No-Fee claim and change your mind, you also have a 14-day cooling off period.
SERP's stands for State Earnings-Related Pension Scheme was a government run arrangement that ran from 1978 through to 2002, at which point it was replaced by the State Second Pension (S2P). Employers and employees would pay amounts proportional to an individuals income either to the Government run scheme or an employers Occupational Scheme, known as 'Contracting Out'
A SIPP is a Self-Invested Personal Pension. It is a personal pension with a wider range of investment choice, given the investor much greater control and flexibility to invest their money in stocks, shares, property, oil, trees, wine, intellectual property and more, in both regulated and unregulated investment wrappers.
The Financial Ombudsman Service (FOS) was established in 2000 to impartially settle disputes between consumers and Financial Services Sector Businesses, these include Banks and Insurance Companies, also, Financial Advisors and SIPP Providers.
Dealing with FOS is free, but it can become complex and time consuming. For some, this can become daunting as most individuals have a limited experience of Financial Services. We have vast experience dealing with FOS and can navigate the process for you, making sure it's as painless as possible.
The Financial Conduct Authority (FCA) is the Regulator of the UK Financial Services Industry. It regulates the conduct of Financial Services Firms and where Firms fail to meet specific standards, the FCA has the power to fine and ultimately withdraw a Firms permission to trade.
The Compensation Bureau is a trading style of Core Financial Support Services which is regulated by the claims management regulator in respect of regulated claims management activities.
Our initial assessment of your pension is free and we operate a NO WIN - NO FEE* policy on claims that proceed. This ensures you do not have to pay if you it turns out you do not have a claim.
Our Fees are taken from the compensation and are 25% of the compensation paid.
Every case is different which will affect how you receive the compensation.
It may not be possible to pay the money back into your SIPP, but this does not mean you cannot return your compensation to a secure pension. You may also benefit from tax relief as you will be making a new contribution.
At the correct time, our experts will explain all the options available to you in your specific case, ensuring you make the decision that is right for you.
A: Your SIPP Administrator is also known as your SIPP provider. This is different from your Independent Financial Advisor (IFA) who gave you the advice about your pension, or pointed you in the same direction.
Nor is it the investment itself (the company that manages the trees, keeps the wine etc).
The SIPP administrator is the company that provides you with the ability to own the SIPP and administrates it for you, does the paperwork, sends you letters to update you.
A: We understand that the likelihood is that entered into your new SIPP, pension plan, mortgage or investment in good faith, signed the paperwork and went along with the advice.
We also understand that this can make you feel trapped, as if you’ve already signed your life away and there’s no way back.
With The Financial Compensation Service, we find that this is only rarely the case, and a quick investigation into your case could prove it.