Mis-sold pension claim process explained
A mis-sold pension can cause devastating losses to your finances. If you think you have been mis-sold, you should reach out to our team now.
We’ll have a specialist call you back for a no obligation chat about your financial claim
The mis-sold pension claims process
Whether you’ve had your mis-sold pension confirmed by a second (or even a third opinion), are making a claim for pension mis-selling, or simply suspect you may have been mis-sold and left out of pocket, knowing more about the pension claim process can be important to your future retirement.
All across the nation, people are waking up to the prospect that they may have received negligent pension advice over transfers of final salary pensions, or SIPP, SSAS and QROPs investments.
In many cases, this mis-selling has led to people being out-of-pocket in retirement because their pension hasn’t grown as it should, or because they have lost money through high-risk investments.
The team at Spencer Churchill Claims Advice have been refining their pension claim process.
Want help with the pension claim process?
Each claim is different. For more detailed information on your own potential claim, use our free initial assessment service – there’s no obligation to make a claim, it’s just a friendly chat with an experienced professional.
Let’s rewrite your financial story
We are here to rewrite the book for you. And luckily we are pretty damn good at creating happy endings.
We are here to rewrite the book for you. And luckily we are pretty damn good at creating happy endings.
When you get let down by someone you thought you could trust, it can leave its mark on you, emotionally and physically.
We are committed to transparency and fairness in the way we conduct with clients, including how we charge for our claims services.
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Step 1: Identifying a mis-sold pension claim
For many people, finding out if they have a claim may be one of the most challenging part of the claims process.
Not only can it be hard to work out if a loss or hypothetical loss has occurred, but often the person responsible for the mis-selling, and what sections of the advice were negligent can be a minefield of jargon, deception and mis-selling paperwork – the good news is, Spencer Churchill Claims Advice may be able to do most of it for you!
Often, people become confused as to how they have been mis-sold the pension, what the effects have been, and who is to blame. After all, not everybody has the knowledge of a financial adviser (especially certain pension introducers).
Hint: In most cases, responsibility rests with the financial adviser, whose job it is to make sure everything is legit, suitable for the client and to provide impartial advice, although the pension provider may have some responsibilities.
Spencer Churchill Claims Advice are specialists at identifying mis-sold pensions, and offer a FREE initial assessment to anybody with concerns about their pension.
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Step 2: Reviewing the paperwork
Of course, making a mis-sold pension claim involves paperwork.
First, as much information about the pensions (both the original and the new one) needs to be collected as possible, allowing a picture to be built of who did what and when, and what the results were.
From the paperwork, it can be possible to confirm who may be at fault and why.
The team at Spencer Churchill Claims Advice spend time targeting the right paperwork from pension providers and financial advisers, using Letters of Authority signed by their clients and sending SARs (Subject Access Requests) to make sure all the paperwork gets sent.
It can be tiring work, but getting the right information to build the claim with is often essential to a positive outcome for the client.
Struggling with your pension claim paperwork? Take a free initial assessment with a case assessor to see if we can help!
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Step 3: Building a mis-sold pension claim
Once the basis for a claim has been identified and the relevant paperwork has been collected, it’s time to start building the claim itself.
It can be important to understand who the claim is being made against, and to whom the claim will be addressed.
It could be that the claim will be made against the adviser, and addressed to them in the form of a complaint. Or it could be that the claim will be sent to an independent body such as the Financial Ombudsman Service, or the FSCS.
The team at Spencer Churchill Claims Advice can build each claim with the knowledge and experience that help them claim back money on behalf of their clients, always with no upfront costs!
Please note: No Win – No Fee*: Successful claims made through Spencer Churchill Claims Advice are subject to the Success Fee, charged as per your terms of business and engagement letter of any monies awarded to the claim. Clients have a 14 day “Cooling-Off” period during which time they may cancel at any time without charge. After this time, cancellation will result in the application of the Cancellation Fee.
*Figures calculated before deduction of Success Fee and taxes
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Getting a result
Finally, the claim should receive a decision from whomever it was sent to, and hopefully the claim has been accepted.
If not, it could be that the decision can be appealed, usually either with the FOS or FSCS.
If the claim is accepted, there should be an offer of compensation.
Ultimately, it is up to the claimant to decide if the compensation offer is acceptable, however in cases where people have limited understanding or knowledge of compensation claims, there is a danger that they could receive too little compensation, or demand too much, resulting in nothing.
FAQ’s
How Long Does It Take To Process A Mis-Sold Pension Claim?
Every claim is different, and there are a number of factors that can lead to a relatively short or long claim process, including (but not exclusively)…
- Whether the financial adviser is still operating
- Whether they accept the claim
- How fast paperwork can be gathered
How Long Do I Wait For My Compensation?
Assuming your claim is accepted, how long before a compensation claim is settled and paid depends on a number of factors.
Usually, the longest wait is to have the claim accepted, as it may mean collecting information and fighting the case with the negligent party, or making the case to the FOS or FSCS.
If the claim is accepted by the FOS or FSCS, it could be weeks or months depending on who is set to pay the compensation.
In rare cases compensation offers for mis-sold pensions are best counted in weeks, however it may be months or in rare cases years for the claim to be completed from start to finish.
Usually, once the compensation figure has been agreed on, things tend to take less than a month before the compensation is paid.
How Do I Know If I Have Got A Pension Claim?
Pensions are often full of jargon, confusing relationships and regulation, which may cause some people to struggle to identify if they have a mis-sold pension claim.
If you transferred a pension such as a defined benefit pension, or transferred into a SIPP, SSAS or QROPS then you qualify for a FREE initial assessment with Spencer Churchill Claims Advice. We’ll listen to your pension story, make enquiries and let you know if we think you have a claim.
How Much Compensation Does A Mis-Sold Pension Claim Pay?
Assuming you have a valid claim, it all depends on a number of factors, including how much you’ve lost, how much you may lose in the future, and any compensation limits that might apply.
Everything depends on the details of the exact claim!
Can I Complete The Pension Claims Process Myself?
Anybody who wants to complete their claim themselves is free to do so, either to the responsible firm, or to the Financial Ombudsman and/or the FSCS (whichever is applicable given the circumstances). Doing so is free.
You can find details about pension claim template letters here.
If You Have A Successful Claim How Is Compensation Paid?
Compensation is usually paid in the majority of our cases as a direct bank transfer or cheque You should be aware that compensation means financial benefit which you receive as a result of the Services, whether this is attributed to any pension fund that you have or otherwise paid to you in cash. If you receive compensation directly back into your policy our fee will still be due.
Do you know how people complained about mis-sold investments and pensions in the last year?
A lot. Over twenty thousand complaints were made about mis-sold pensions and investments in 2020/21, a figure which had doubled since the year before.. It’s no secret how serious this problem is, and it just seems to keep getting worse.
Have you been a victim of financial mis-selling?
Reaching out for help is never easy,
especially if you’ve been misled in the past.
But getting in touch with us won’t commit you to anything. We want to toss you a lifeboat and guide you through the choppy waters of the financial ocean, not leave you struggling to stay afloat. Our experts are here to offer advice and support on financial claims. We know what we’re doing and you can trust that if you’ve got questions, we’ve got answers.
Spencer Churchill Claims Advice featured on:
Spencer Churchill Claims Advice will:
- Speak to you in plain English
- Provide you with a dedicated claims specialist
- Pay attention to the small details of your case
- Keep you up to date with the status of your claim
- Make sure you understand our charges
- Do absolutely everything we can to win your claim
How does our claims process work?
With millions of mis-sold pensions reported, it’s worth finding out if you can get your money back. Here’s how our simple process works:
What types of claims do we handle?
Find out how much you could claim today
Ready to take the next step? We’re here with clear, no-pressure advice. Give us a call today to find out if you have a valid claim
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Tuesday: 8:00am–6.00pm
Wednesday: 8:00am–6:00pm
Thursday: 8.00am–6.00pm
Friday: Office Closed