Pension Peril: Mis Sold Investments & Mis Sold SIPPs

There has been an influx of reports from individuals who have been mis sold investments and mis sold sipps through the use of their private pension fund.

Mis sold investments of this nature have become commonplace in the United Kingdom and have been mass-marketed to the general British public.

What Are A Mis Sold SIPP?

Firstly, the term ‘SIPP’ means ‘Self invested personal pension’ and it is an investment vehicle where people can place their private pension into a fund which is then invested into a number of different products, whether it be stocks, businesses, land, agriculture, property development, hotel development, biofuels, and many other kinds of investment product.

These SIPPs are sold on the basis they will perform well and cause a growth in capital and an increase in the amount of money in the pension fund, oftentimes this doesn’t happen, people commonly lose money in self invested personal.

These Mis Sold SIPPs have been sold to the public for over a decade and there are a large amount of people that have suffered significant financial losses as a result of that fact.

Mis Sold SIPPs – How Can I Reclaim Compensation If I’ve Been Mis Sold A SIPP?

If you have had a SIPP and you have (or suspect you have) been mis sold a SIPP then you can claim compensation from the FSCS (Financial Services Compensation Scheme), this is basically a Government backed scheme which enables people who have suffered on the wrong side of the unscrupulous tactics of certain financial services companies’ in the private sector.

The good news for the victims of SIPP mis selling is that there is a facility for them to claim compensation even if the company that originally missold them the SIPP has gone bust, so it is essentially (in this context) a cushion for investors in case the worst case scenario happens.

Mis Sold Investments in General – Is There Hope for These Victims?

Yes, mis sold investments in the general sense, it can be personal equity plans, CFD contracts, investments in property and all other types of investments which have been sold under a false pretense as a scam, many of these are covered under FSCS legislation, so don’t think if your investment is not a SIPP there is no hope for you, even mis sold mortgages have been successfully reclaimed for and continue to do so.

We live in a culture where people are being brought to justice, even people at the very top of society including bankers, and corporate CEO’s of companies who have acted unethically, this was never more true of the investments portion of the financial services sector, with the FCA (Financial Conduct Authority) tightening its authority over those not following the rules, there has never been a better time to be making a claim.

If the above applies to you or anyone you know, feel free to reach out to theYEC.org which are an organization offering free legal assessments, alternatively you can check out some of the other legal services companies.

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