The Serious Fraud Office has launched an investigation into storage unit investment schemes, and revealed that more than £120m has been poured into them.
The SFO says it is probing several firms, including Capita Oak Pension and Henley Retirement Benefit, plus some schemes that included investments in other products. It adds that more than 1,000 individual investors are thought to be affected by the alleged fraud, though it thinks the number could be much higher.
“Pension liberation” scams – where people are persuaded to transfer or cash in their pension pots and put the money into pension investments – have been around for years, but there has been a surge in activity since April 2015 when the government introduced reforms giving over-55s more freedom in terms of what they can do with their retirement cash.
The Financial Conduct Authority (FCA) will be collecting data from all financial advice firms which hold pension transfer permissions during this year.
In October, the FCA revealed that advice in more than half of the defined benefit pension (DB) transfers where the recommendation was to move the retirement pot was unsuitable or unclear.
From a total of 88 DB transfers analysed by the watchdog since October 2015, only 47 per cent were suitable. The regulator found that 17 per cent were unsuitable and in the remaining 36 per cent suitability was unclear.
The ability to transfer your pension into something that on the face of it looks like it will generate extra income for your retirement is an attractive proposition for many people but should be considered only after realising that there is a possibility of losing money!
If what you are being offered looks to be too good to be true it probably is!
If you think that you have been given poor pension advice and as a result your pension is not performing as expected contact us today on 01942 619911 or by email at firstname.lastname@example.org.
Is your pension not performing as expected? Do you wish that you had left it where it was and not accepted the advice that you were given?
All may not be lost as you may have been mis-advised and may even be entitled to compensation!
The internet is full of websites offering advice about what to do with your pension but how do you know if the advice given is sound? After all, the adviser is going to make money out of the advice once accepted! Does the adviser really have your best interests in mind or is he/she more interested in the commission that they are going to earn?
There are also criminal elements whose sole purpose is to gain your confidence and access your pension!
- contact you out of the blue, either over the phone, text or email claim to know about loopholes that can help you get more than the usual 25% tax-free
- offer high returns of over 8% from overseas investments or new or creative investments
- offer a ‘loan’, ‘saving advance’ or ‘cashback’ from your pension
- suggest you put all your money in a single investment (in most circumstances, a financial adviser will suggest you spread your money across different schemes)
- send paperwork to your door by courier requiring an immediate signature.
- say they’ll help you access your pension pot before the age of 55 (unless you’re seriously unwell or have a certain type of scheme, this isn’t legally possible)
- pressure you into making a decision quickly
- only have a mobile phone number and/or a PO box address as contact details
If you’re planning to take your pension early, check whether there will be any penalties for doing so. If it’s a workplace pension, you may need your employer’s agreement to do so.
If you think that you have been mis-advised or duped by fraudsters contact us today on 01942 619911 for free and impartial advice.
With more and more people in the UK now believing that they were given bad advice over their pensions or were persuaded to invest it elsewhere, there has been a huge increase in people looking to seek compensation.
The large financial institutions, banks, and lenders etc don’t want to pay compensation or settle claims, because it’s not in their interest to. It can be the case that they will reject many claimants, and this can make people give up at the first hurdle.
Even if you don’t have all of the details of a historical meeting or consultation with an advisor, we can dig through the archives and find out what happened, why you were mis-sold, and how much compensation you could be owed.
If any or all of the following points apply to the advice you were given you may have a claim.
- If your financial or pensions advisor didn’t explain the risks properly to you
- If your advisor did not properly assess your financial situation with a fact find
- If the advisor told you that your pension plan would definitely pay off your mortgage
- If the advisor did not explain that the amount you would get back depended on performance
- If the advisor did not properly explain the fees and charges involved
Remember most advisors are commission driven so getting you to accept their advice is the most important thing to them!
If you think that this applies to you contact us today on 01942 619911 and speak to one of our experts.
The PPI deadline has now been set for the 29th of August 2019. It may seem a long way off but it will come around sooner than you expect so don’t delay and act now as we are still processing claims on your behalf!
If you were took out a loan from a bank or building society with ‘payment protection’ as a condition of acceptance you could be entitled to have your money refunded.
It doesn’t matter if you cannot remember the exact details of the loan. Contact our office on 01942 619911 or fill in the call back request on our website (www.compiclaims.com), answer a few simple questions and we will do the rest.
We will keep you advised about the progress of your claim and if it turns out that you don’t have a claim it will cost you nothing!
A few minutes of your time could reward you with a large sum of money, in 2015 Santander paid out nearly £25,000 in a PPI compensation claim it had previously thrown out. If you have had a previous claim turned down it may be worthwhile starting a new claim and we can advise you how to proceed.