Mis-sold SIPPs

What Are Mis-Sold SIPPs?

A Self-Invested Personal Pension (SIPP) allows individuals to choose and manage their pension investments. Mis-selling occurs when individuals are advised to invest in unsuitable or high-risk ventures without being fully informed of the risks involved. Common mis-selling practices include:

• Advisers failing to assess whether a SIPP is appropriate for the client’s financial goals and risk tolerance.
• Recommending investments in high-risk or unregulated schemes, such as overseas property developments or non-standard assets.
• Misrepresenting potential returns or hiding fees and charges associated with the SIPP.
• Encouraging pension transfers without adequate comparison of benefits and risks.

Legal Framework for Mis-Sold SIPP Claims

The UK Pension Mis-Selling Laws and regulatory bodies provide avenues for affected individuals to claim compensation:

• Financial Conduct Authority (FCA) Regulations: Financial advisers must provide accurate, fair, and balanced advice tailored to the client’s needs.
• Financial Services Compensation Scheme (FSCS): Offers compensation if the adviser or provider responsible for the mis-sold SIPP is no longer trading.
• Financial Ombudsman Service (FOS): Resolves disputes between consumers and financial service providers.
• Pensions Act 1995 and 2004: Protects pension scheme members and establishes guidelines for fair practices.

Identifying a Mis-Sold SIPP

Indicators that your SIPP may have been mis-sold include:

• Investments in high-risk assets that were not fully explained.
• Failure to conduct a suitability assessment based on your financial circumstances.
• Lack of disclosure regarding fees, charges, or the long-term impact on your pension.
• Being pressured to transfer from a workplace pension without understanding the implications.

Pursuing Compensation for Mis-Sold SIPPs

If you suspect you’ve been mis-sold a SIPP, you can take the following steps:

1. Gather Evidence: Collect documents related to your SIPP, including advice received and investment details.
2. Consult Legal Experts: Seek professional legal advice to evaluate your claim’s strength.
3. File a Complaint: Submit a complaint to the FOS or pursue compensation through the FSCS.

How HPA Solicitors Ltd Can Help

At HPA Solicitors Ltd, we offer tailored legal support to help clients affected by mis-sold SIPPs. Our services include:

• Reviewing your SIPP agreement and identifying areas of mis-selling.
• Representing you in claims to secure compensation for financial losses.
• Providing professional advice to prevent further financial risk.

Contact HPA Solicitors Ltd Today

If you believe you’ve been mis-sold a SIPP, act now to safeguard your retirement savings. Contact HPA Solicitors Ltd for expert assistance and let us guide you toward a fair resolution.