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Have I been mis-sold a SIPP?

Have I been mis-sold a SIPP?

Self-Invested Personal Pension Plans (SIPPs) are a type of personal pension that allows a policyholder to hold a wide range of investments, many often not available through standard Personal Pension Plans (PPPs). Many SIPPs paid high commissions to advisers and, as a result, many people were persuaded to transfer existing pension plans into SIPPs merely to gain higher commissions for the so called adviser. Furthermore, some advisers recommended that the SIPP be invested in particularly risky investments such as overseas property, environmental related investments (forestry, green oil, carbon credits etc), car park spaces, storage pods, student accommodation etc. which led to huge losses. It is likely that someone was mis-sold a SIPP where any of the following apply: a) Risk - the advice given did not take into account the individual’s attitude towards risk and their tolerance of losses – this is especially important where the SIPP was expected to be the individual’s main source of retirement income. b) Understanding – the advantages and disadvantages of the investment strategy were not explained in equal measure. Perhaps the investor was inexperienced. Maybe there was a deliberate attempt to misinform the investor. c) Lack of transparency on fees – if the individual was not made aware of any management fees or additional costs attached to the investment. d) Liquidity – the investment (usually an ‘alternative’ investment’) is illiquid and difficult to transfer out of. It is also usual that this type of investment is difficult to value. If you think your SIPP Transfer was unsuitable for you and you were mis-sold, please complete the contact form below.

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