Warrington, UK -- (SBWIRE) -- 02/12/2019 -- Specialists in mis sold pension claims, APJ Solicitors, announce an increase in the number of new clients with mis selling claims. Many of these claims are emerging from handling of SIPPs - Self Invested Personal Pensions – with pension providers and those in the financial services sector potentially implicated in what could be a significant mis selling scandal.
The personal finance sector has been beset by issues involving mis selling in recent years. However, while PPI problems have largely been processed, the issues surrounding a mis sold pension have yet to be fully explored. According to APJ Solicitors, the rising number of claims could be the consequence of an increase in awareness among the public and the media when it comes to a mis sold pension. As a result, many more victims are coming forward with claims that often revolve around false assurances made and confusion over the choice of pension product.
Most people who have a claim for a mis sold pension have a SIPP. This is a pension product that was initially created so that the pension holder would have a greater degree of control over how pension investments were made. However, an ongoing stream of issues has emerged from the growing market for SIPPs, not just with respect to the way that the products themselves were handled but also in terms of how consumers who signed up for them were dealt with.
For example, many consumers made decisions about their SIPPs based on advice they were provided with, which has proven to be negligent. Others were simply not given enough information to make a well informed choice, or encouraged to make a decision to opt for a product that clearly wasn't suitable. APJ Solicitors has seen an increasing number of these victims begin to come forward – with the volume of claims only likely to increase.
A spokesperson for the firm said:
"It's clear that there are serious problems with SIPPs. Although the product itself should, in theory, be sound investors have not been told the truth about where they are putting their money and the result has been that many have been gambling with their financial future without even realising it."
"The level of risk involved has been particularly badly handled – often, the victims we have spoken to have been dealing with non-standard investments that have a high risk that the individual was not fully aware of. Our role has been to provide support for those making mis sold pension complaints so that they can recover some financial compensation as a result."
For any media enquiries please contact Emma Brand at Iconic Digital – 020 7100 0726.
For all other enquiries please contact APJ Solicitors – 0800 028 9791.
Notes to Editors:
- For more information about APJ Solicitors mis-sold pensions services, please go to https://www.apjsolicitors.co.uk/legal-services/pensions-investments/
- APJ Solicitors (Anthony Philip James & Co) is dedicated to investigating, negotiating and settling a broad range of claims against a wide variety of financial services providers. The team focuses solely on this type of work, challenging banks, advisors, lenders and investment providers regarding their negligent advice and services.
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