If you have been mis-sold a pension, you will want to know about it. You have spent years building up your savings, so it is understandable that you want to ensure that you will get to enjoy your golden years and live comfortably. If this is jeopardised by a mis-sold pension, you will want to know immediately. However, how can you tell if you have been mis-sold a pension?
What are the Signs?
If you think that you have been mis-sold a pension, then there are various things that you can do to resolve the issue. However, if you are unsure about whether you have been mis-sold a pension, these are some of the signs that you will want to look out for.
- Limited Experience – A good financial advisor will use years of experience and financial education to point you in the right direction of the best products most suited to you. If you find out they weren’t as qualified or knowledgeable as they originally said they were, you will want to see if you mis-sold a pension.
- Terms Were Not Explained – Your financial advisor is responsible for clearly communicating the terms and conditions of the pension products they are selling. Since they are in a position of responsibility and trust, they need to ensure that you are fully aware and understand everything that is included. After having made a decision and it is clear that your pensions adviser neglected to explain any terms and conditions, you are almost certainly eligible to file a compensation claim.
What are the Next Steps?
After recognising that you have been mis-sold your pension, you need to know how to move forward with receiving compensation. One of the most crucial things is having all the evidence on hand. This will help with keeping the process moving, as no parties will be waiting for evidence or information to be shared concerning the case. After you have collected everything, these are some of the next steps to take.
- Form A Complaint – Put forward a complaint to the provider of your pension scheme. With the evidence of being mis-sold a pension at the ready, you can forward it on to help you with your claim about pension mis-selling.
- Find Support For Your Mis-Sold Pension Claim – If you have been mis-sold a pension, you are entitled to receive mis-sold pension compensation. The best way to fight your case is with the support of a solicitor who is experienced in dealing with pension mis-selling claims. Expert solicitors, Hugh James, are a prime example of the support you need when putting forward a mis-sold pension claim. They have years of experience supporting and successfully helping others receive their well-deserved mis-sold pension compensation.
Being mis-sold a pension is an unfortunate situation. It can often impact a person’s confidence. Understandably, not everyone has extensive knowledge of pensions and their retirement funds. Finances are often a topic not everyone is an expert in. As such, we seek the help of a professional.
With your pension, ensure that your adviser has passed any trainee programmes regulated by their company. Not only this, but you will also want to ensure that they have qualifications granted by the Pensions Management Institute (PMI) or the Chartered Insurance Institute (CII).
Following these precautionary measures will help you in reducing your chances of potentially being mis-sold a pension, as you know what to be on the lookout for.
