Pension mis selling is almost becoming one of the biggest scandals in the United Kingdom due to increasing numbers of unauthorized introducers. A research done by the Financial Conduct Authority has revealed that out of 8 people who sort financial advice within the last 1 year, one was mis sold a pension product. As a result, insurers and advisers stand paying at least £6 billion as compensation to the retirement savers.

What is a mis sold pension?

A mis sold pension means that you were not given all the necessary information for you to make a proper decision on the type of product to buy. Misspelling is mainly propagated by the unauthorized introducers who mainly convince their clients to transfer their pensions funds using self-invested personal pension (SIPP). When your status fulfills any of the following, you know that the SIPP was mis sold to you and you can claim compensation:

  1. a)Decrease in your funds even though the adviser assured you that the value of your SIPP would increase.
  2. b)You were compelled into investing in what you didn’t intend due to pressure by the adviser.
  3. c)You were advised to switch to self-invested personal pension scheme even though your previous scheme was the most suitable for you.
  4. d)During the advice seeking process the, you were not warned of the high financial risks involved in the investment you were advised to make.
  5. e)Lack of accurate information on the charges as you were not informed of any SIPP additional costs or management costs you could incur.
  6. f)One of the reasons you chose to transfer your funds to SIPP was the promise that you would escape paying taxes.

In case you were missold a SIPP by Cherish Wealth Management , Mis-Sold Pension can help you claim for compensation and all you need to do is contact
them. Upon informing them of your missold SIPP, they take up everything and reach out to the relevant authorities on your behalf.

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