The ‘SIPP Claims Scandal’ gets bigger: FSCS seeks more funding to pay mis-sold pension claims

The “Lifeboat” Compensation scheme is increasing levies to pay claims…

If there was any doubt that a major UK SIPP mis-selling scandal is already underway then surely the news of yet MORE levy rises to help fund the FSCS would quash them.

And that’s just what has happened this week, as the Financial Services Compensation Scheme creates a supplementary levy of £24 MILLION to combat the “continuing growth” of complaints about Self-Invested Personal Pensions.

SIPPs can sometimes be seen as a great way for some people to grow their retirement fund, but if those people took the wrong advice from their financial adviser and invested in high-risk products, they can be a way to completely wipe out an individual’s pension fund!

More Funding for SIPP Compensation

£24 Million might seem a big increase (and for those advisers that will have to pay into it, we guess it may well be), but it simply adds to the £100 million that was already allocated to paying out on mis-sold SIPPs and SIPP related investments.

The FSCS is also considering asking providers (SIPP Providers) to pay more into the life-boat fund to make sure people get the compensation they deserve.

SIPP Claims Scandal

To put that £24 million into perspective, Spencer Churchill Claims Advice alone has been responsible for over £28 million being award to our clients’ cases^ over the past few years for SIPP related claims, and while we do consider ourselves to be at the forefront of the fight against SIPP mis-selling, we are just one firm! The bigger picture is that there could be tens-of-thousands more people with a SIPP that do not yet realise they have been mis-sold!

If YOU transferred your pension into a SIPP and want to know if there was a chance you were mis-sold (and therefore whether you can make a claim) then you can use our FREE initial assessment service to find out. There’s no obligation to make a claim with us – just a chat about whats happened, where your money has gone and how it’s ended up there.

Just follow this link to our call-back request form!