You may have a friend of a friend who has sunken into financial hardships because of mis-sold pensions. You may have seen this type of scenario unfold on the news, never fully understanding the reality of the situation until it happens to you. If your pension advisor has misled you, it is vital that you take action straight away.
However, there may be some situations where you may be unsure if you have indeed been mis-sold your pension. Therefore, it pays to know the common signs to help you understand for sure if you had been misled. The following blog post aims to do just that.
5 Signs You Have Been Mis-Sold a Pension: What You Can Do
1 – Your Adviser Was Not As Experienced As They Claimed
At the very least, you should make sure that your adviser holds a degree in economics, business management, finance, law, or mathematics. Advisers who have been in the business for a long time and have years of experience under their belt will already be used to clients asking to see their credentials. You should do this to be able to ensure that you find a reliable adviser.
2 – The T’s and C’s Were Not Fully Explained to You
Pension advisers are responsible for fully explaining the terms and conditions of the product they are selling. It is part of their job description that they help you make an informed decision about your pension. If you feel that some information was deliberately withheld from you when they were explained, you may be able to file a compensation claim.
3 – Some Fees and Charges Were Not Mentioned
In addition to bullet number 2, you may have been convinced to take out a pension without fully understanding the fees and charges. This may be a problem, especially if the pension you were advised to get will generate more fees than income for you later on.
4 – Your Adviser Recommended a Pension that Involved a Huge Amount of Risk
Another essential part of making sure you make the right decision about your pension is knowing about the risk. You might have been sold a pension if you were not completely aware of the risk involved when you bought your pension. You may also be able to file a claim if you were forced to buy a pension with a more significant amount of risk than you are comfortable with.
5 – You Were Advised to Transfer from Your Workplace Pension
It is extremely rare to have your pension be taken out of your workplace pension (which will take your pension out of guaranteed savings and benefits). However, if this has happened to you, there is a good chance that you have mis-sold your pension and may file a compensation claim.
Conclusion
If your situation falls under one of these categories, there is a great chance that you may have mis-sold your pension. If you fear that you have fallen victim to poor advice given by your pension adviser, the key is to get in contact with a claims specialist to figure out how you can get compensation for what happened to you.
Should you need help filing a compensation claim, work with Consumer Reclaim today! We specialise in consumer mis-selling of goods, services, and insurance. So if you think that you have mis sold products or your pension, get in touch with us today!