Am I a Victim?

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Key things to remember about financial mis-selling:

  • It’s not about whether you lost money – even if you didn’t lose out, if the product isn’t right for you – perhaps it’s a riskier investment than you wanted – you can still make a complaint about financial mis-selling.
  • You can’t complain just because an investment performed badly – some investments are risky, and if you take a gamble you have to accept that you might lose. But you can complain if you weren’t told about the risk.

Some ways you might have been mis-sold your investment:

  • you weren’t told about the risk involved
  • you weren’t told how your money would be invested
  • the product didn’t suit your needs or attitude to risk that you discussed with the adviser.

There are many reasons and ways in which you may have been mis-sold a pension, they are one of the financial products that have been most commonly and widely mis-sold by banks and other financial institutions.

How can I tell if I have been a victim?

  • You were not given all the information necessary to make an informed decision.
  • You were advised to take out a personal pension even though your company scheme would have given you a better return.
  • You were under pressure to make a decision and were not given enough time to shop around for a better deal
  • The adviser failed to ask about or take into consideration any pre-existing medical conditions.

If any or all of the above statements apply to you, you may be entitled to compensation so contact us today on 01942 619911 and speak to one of our advisors, it may be the best thing you have done today!

 


Beware of Pension Scams.

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Protect yourself from the Pension scammers.

How can you identify a pension scam? The following points may stop you from falling into the pension trap!

  • If you think that you have been scammed act now! If you’ve already signed something that you are now unsure of contact you pension provider immediately, they may be able to stop a transfer that has not gone through yet.
  • Unsolicited phone calls, text messages or emails about your pension are nearly always scams. The often claim to be from Pension Wise or some other Government backed body. These agencies never contact you to offer a pension review.
  • Beware of unregulated offers offering a guaranteed return on your investment. These often include offers of overseas investments in hotels etc. don’t be rushed into making a decision based on ’time-limited’ offers. Take your time to make all the checks you need even if it means missing out on an amazing deal!
  • Often scammers will pose as financial advisers. Check that they are regulated on the FCA’s website. Don’t be fooled by smart brochures or web sites, even those that feature information about scammers.
  • Don’t let a friend talk you into an investment, do your homework. False confidence can lead to getting stung with a pension, and it may be years before you find out that you have been scammed!

If you think that you have been fooled into invest in a scam pension scheme contact us to day on 01942 619911.


Steelworker’s Pension Scandal!

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The UK financial regulator has been accused of “sleepwalking into another huge mis-selling scandal” by a Labour MP, after an investigation into how thousands of former steelworkers may have lost out following complex pension transfers that earned financial advisers large fees.

Tata was forced to offload the £15bn BSPS to pave the way for a 50-50 merger of its European operations with Germany’s ThyssenKrupp to create the second biggest steel producer in Europe after ArcelorMittal.

But more than 2,000 steelworkers subsequently transferred out of their final-salary schemes after receiving allegedly unsuitable advice.

The FCA is now broadening its probe into the pension’s advice given to people leaving final salary-style pension schemes, demanding information from 45 advisory firms.

Reports across national media have raised concerns about a ‘feeding frenzy’ of advisers targeting steel workers as their pension scheme closes.

One firm – Active Wealth UK – has been responsible for a significant number of pension transfers out of PSPS. Back in November, it voluntarily agreed with the Financial Conduct Authority to cease new pension business. Earlier this week, the FCA said three 0ther firms had agreed to stop carrying out new pension business in relation to BSPS transfers.

Members of the BSPS who were advised by Active Wealth to transfer out of the BSPS are facing more bad news, after it emerged that they will have to pay a 5% charge if they want to leave the fund they are now invested in.

Several BSPS members were advised by Active Wealth to transfer out of their final salary pension and invest in the 5alpha Conservative fund, managed by Newscape Capital Group. It has an exit charge of 5% for the first year of investment, reducing by 1% for every year the client stays invested, according to the fund’s factsheet.

In one case, a client would have to pay £17,000 to withdraw from the fund in the first year!

If you think that you have been affected by poor advice given to steelworkers and are not getting the pension you were expecting or are going to have to pay to leave the scheme, contact us today on 01942 619911 and speak to one of our advisors to see if you may be entitled to compensation for the advice given.

 


Miss-sold SIPP?

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The FSCS has declared three Sipp providers in default.

These are:

  • Stadia Trustees Limited;
  • Brooklands Trustees Limited;
  • Montpelier Pension Administration Limited

In its business plan the FSCS said it has received 150 claims against these companies over due diligence failings ‘but we expect to receive many more claims in 2018/19’.

The Financial Conduct Authority (FCA) has recently given warnings about Sipp firms accepting business from unregulated introducers. If you have suffered losses to your pension due to dealing with these or any other regulated company please contact us today on 01925 619911 to see if you can recover your money.


Were you Miss-led about your Pension Advice?

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15 more companies added to the list of companies in default.

Consumers could get back money they have lost as a result of their dealings with any of the 15 failed financial firms (listed below) the Financial Services Compensation Scheme (FSCS) declared in default during November and December 2017.

LONDON

  • Nationwide Taxi Sale, 98 RAILWAY ARCHES, E2 6JG Fairfax I.S. PLC, C/O BDO LLP, W1U 7EU
  • Alan Day (Holdings), 606 GREAT CAMBRIDGE ROAD, ENFIELD, EN1 3WX

WEST MIDLANDS

  • Foley Financial Services Limited, FINANCE HOUSE, 106 FOLEY ROAD WEST, B74 3NP SOUTH WEST
  • George White Motors Limited, ATHENA AVENUE, ELGIN INDUSTRIAL AVENUE, SN2 8EJ
  • Knightsbridge Financial Management Limited, 9 LORD WILMOT HOUSE, CAVALIER COURT, SN14 6LH

SOUTH EAST

  • Approach (UK) Limited, NEW STREET, ANDOVER, SP10 1DS
  • Richfield Limited, 70 THE BROADWAY, CHESHAM, HP5 1EG
  • Aspen Financial Planning Limited, 87 HOPEWEL DRIVE, CHATHAM, ME5 7NL

NORTH WEST

  • Bcf Solutions, 55 BACK LANE, WN6 9LH
  • Luapkram Limited (formerly Ashton Hoyle Limited), 7 PAYNTER CLOSE, BARROW, CLITHEROE, LANCASHIRE, BB7 9FA

NORTHERN IRELAND

  • M & P Financial Planning Limited, 12 DUNMORE STREET, BT52 1EL

WALES

  • Available Mortgages, 1 PRIORY VIEW, LANGSTONE, NP18 2NZ
  • Cumulus Investment Management Limited, REGUS HOUSE, MALTHOUSE AVENUE, CF23 8RU
  • Park Grove Financial Management Limited, MARINE DRIVE, 275 COWBRIDGE ROAD EAST, CF5 1JB

 

If you took financial advice from any of these companies please contact us today on 01942 619911 and we will be able to advise you about any compensation that you may be entitled to.


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