Mis-Sold SIPP Claims

Pensions can be one of the most tax-efficient forms of investing for retirement. The SIPP scheme (Self Invested Personal Pension) is a personal pension scheme approved by the UK government. SIPPs act as ‘wrappers’ and allow investors to have the freedom to use a wider range of investments and products in order to grow their pension fund.

Although the exact tax situation will depend on the investor’s personal circumstances, a SIPP can offer up to 45% tax relief on contributions and no capital gains tax or additional income tax to pay in the UK. SIPPs can offer a wide range of investments an investor can choose from and can include investments from a variety of sources, even overseas. However, just because there is choice it does not mean the investments are suitable even if there are tax advantages.

Due to the wide range of the investments allowed in a SIPP and the fact that they usually follow a recommendation from your financial adviser and not the SIPP company, your capital can end up being placed into riskier unregulated investments, such as high-risk hotels & commercial property, carbon credits, bio diesel and forestry. This can result in investors losing most of their pension fund.

Am I owed compensation for SIPP mis-selling?

Were you advised to place your existing pension into a SIPP? SIPPs are normally only suitable for experienced investors who want to personally manage their pension and the investments in it. If you have a SIPP and this was not your intention you may have been given inadequate advice or even misled about the risk involved. If so, you may have been a victim of SIPP mis-selling – and you may be able to make a mis-sold SIPP claim.

Here are some examples of individual circumstances where you may have been mis-sold a SIPP:

  • Your adviser suggested transferring to a SIPP as it was better than traditional personal pensions
  • Your adviser recommended a SIPP but did not recommend the investments within the SIPP
  • Your adviser reviewed your existing pensions and only recommended you transfer them into a SIPP
  • Your adviser did not provide you with adequate information on all the potential risks
  • Your adviser promoted the use of SIPPs for tax rather than pension benefits
  • Your adviser did not explain that HMRC could change the tax rules at any given time
  • Your adviser did not give completely clear advice and so was in breach of FCA rules

I want to claim for SIPP mis-selling – what now?

Our team is made up of financial advisers and former bankers who have an extensive experience and knowledge of the SIPP complaints process.

We pride ourselves on our customer care. Our customers’ best interest is at the forefront of everything we do.

Don’t write off your losses! Get in touch today and speak to one of our friendly advisers. We will listen to your situation and identify whether your SIPP was mis-sold to you. We’ll discuss your complaints and options and explain how you may be able to claim compensation. Call us today on 01204 565331.

What’s the next step?

If you would like more information about how we can help you to reclaim some of your investment, or to simply talk through your situation, call our friendly team of experts on 01204 565331 or email enquiries@amklegal.co.uk. Alternatively, you can request a call back below and we’ll get back to you straight away.

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