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If you are a victim of pension mis-selling and as a result have suffered a substantial or total loss of funds, contact our specialists today to see if you are eligible for compensation. We are able to make claims for SIPPS, Defined Benefit, QROPS and SSAS pension transfers.
At TBP, we strive to achieve the most positive outcome for all our clients. The high level of commitment and customer service we provide is what ultimately ensures the smooth handling of each claim.
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We operate on a No Win No Fee basis. Therefore, if the claim is put forward and we do not win, then you won’t be charged.
An ordinary man or woman with a personal pension or work-based pension is cold called by either an introducer or the adviser themselves, calling to discuss their current pension options. Alternatively, social media has been awash with deceiving adverts promising those higher returns than what they are already receiving. They are asked if they are happy with their current pension arrangements and told that by moving them into a SIPP and, investing could mean that they would receive higher returns and, in many cases, a cash incentive for doing so. The transfer goes ahead, and the financial adviser receives a sum of money as an IFA fee for facilitating the transfer.
Not all pension transfers are bad, there are several reasons why transferring would be very good for you. Some of the hallmarks for bad advice may be as a result of the following:
Your adviser said that by moving your existing pensions into a SIPP, you would receive higher returns. The most common factor relevant to a mis-selling case.
Your adviser stated that by transferring your current pension arrangements to a SIPP and subsequently investing, it would be low risk. They would build up an image that nothing could go wrong with transferring and fabricate reasons why it would be good to transfer.
Your adviser said you would receive a cash incentive for signing up. We’ve seen these incentives ranging in the thousands of pounds.
Your adviser wasn’t regulated to provide advice and you were not made aware of this. IFAs will display their regulatory information on their website as well as display this on any formal correspondence such as email footers, letter heads etc. You can check if your adviser is regulated by visiting the Financial Services Register here.
Your adviser said that you would lose out if you didn’t transfer your pension. This would be backed by the idea that what if your employer could not pay your pension until death for example.
Some advisers told clients to transfer their pension outside of the UK for tax purposes that could favour the client depending on the country.
Our specialist team will assist you with the assessment of your current mis-sold pension and/or investments. They will advise you on the most appropriate route for the best possible outcome, whether this be through the Financial Services Compensation Scheme (FSCS) or the Financial Ombudsman Service (FOS).
Contact The Byrne Practice today to receive your free assessment. We will listen to your story, take some details and identify if you were a victim of pension mis-selling. Alternatively, please fill out our call back request form and we’ll get in touch as soon as possible.
Back in 2017, British Steel Pension Scheme (BSPS) members had to decide what to do with their pension. Their choices were the following:
Roughly 8000 BSPS members have transferred out of the scheme, which is around 2.8 billion pounds of funds. Many of the former BSPS members are now in SIPP pension schemes.
For nearly all members, transferring out of BSPS which is a Defined Benefit (DB) pension, into a private SIPP would mean that those members have come out of what is regarded as the gold standard in pension schemes and all the benefits attached with that have been lost.
In recent news, it has become more apparent that other schemes have no doubt been affected by firms passing on bad advice.
Listed below are the common financial advisers who have mis-sold clients. If you have received advice from any of the listed advisers, it is highly likely you have been given poor advice.
Bank House Investment Management
Cherish Wealth Management
Blue Ocean Financial Services
Financial Page Ltd
Foreman Financial Services
Shah Wealth Management
Bright Financial Associates Limited
Cumulus Investment Management
Douglas Baillie
Active Wealth
Independent Benefit Consultancy
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Mrs G received a cold call from a firm of Independent Financial Advisors called Bright Financial offering her a free pension review.
Bright Financial advised Mrs G that she would be guaranteed higher annual returns of 6% if she transferred her company pension scheme into a SIPP (Self-Invested Personal Pension).
A SIPP is a Self-Invested Personal Pension. SIPPs allow investors to have the freedom to use a wider range of invest products in order to grow their pension fund.
A QROPS is a Qualifying Recognised Overseas Pension Scheme. For a QROPS to be deemed as such, it must satisfy the criteria set by HMRC.
An IFA stands for Independent Financial Adviser, IFA’s should be regulated, meaning they are qualified to provide financial advice to clients, however this isn’t always the case. You can check if your adviser is regulated by searching there name on the Financial Conduct Authority website (FCA register).
From looking at your documentation this is something we can quickly determine, the following are common pointers;
Dependant upon the complexity the case and whether the business we are claiming against is still trading, claims usually takes between three to nine months.
This is dependant on how much was transferred to the SIPP and the circumstances at the time. The maximum that the FSCS award is £50,000.
The monies will first be paid into our client current account then transferred minus our fees into your bank account.
Yes, we work on a no win no fee basis therefore if you aren’t successful you won’t be charged, there are no upfront fees.
Yes, you can cancel your claim, there is a 14 day cooling off period where you will not be subject to charges however after that time there may be charges as we will have started work on your case.
We understand you’re busy. Leave your details with us and we’ll get in touch with you to discuss your requirements.
