Pension introducers - Mis-sold claims
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Have I fallen victim to a pension introducer?
Pension introducers are unregulated marketing firms paid to introduce prospective clients to a new pension provider or set of investments. They are often at the heart of mis-sold pension scandals and defined benefit pension transfers.
If you’ve transferred your pension after receiving a cold-call or free pension review, it’s likely you dealt with a pension introducer.
Sometimes, they employ real financial advisors just to be able to say they have given the necessary financial advice. While this is not always the case, these pension transfers and investments are often mis-sold, causing many people to lose their hard-earned money.
If you’ve transferred to a SIPP, SSAS or QROPS, you may be entitled to compensation.
To find out whether you can make a claim, get in touch with our friendly team of experts today.
What are pension introducers and cold calls?
Pension introducers are separate from pension advisors. While some regulated financial advisors are authorised by the FCA to offer advice on pension transfers, pension introducers are generally not.
Until recently, many mis-sold pension stories began with a cold call, offering a ‘free pension review’. At first glance, these reviews can sound like a great idea – a chance to have an ‘expert’ review your pension arrangements and see how they can be improved to give people more money in retirement.
In January 2019, cold calling for pension reviews was banned. The advice often appeared to be impartial and unbiased, when in reality, people were being funnelled towards moves that paid the most commission to the introducer. More often than not, these were high-risk investments that weren’t always suitable for the pension holders, resulting in them losing money.
Did you transfer your pension after a cold-call?
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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.
Were you mis-sold a pension from a cold-call?
There are many things that can add up to a pension mis-selling claim. If any of the following apply to you, get in touch with our teams today.
- You transferred your pension after a ‘Free Pension Review’
- Your transfer began with a cold-call about your pension
- You transferred a final salary pension or other defined benefit scheme
- You invested your pension through a SIPP, SSAS or QROPS
While these methods are suitable for some people, they are also often signs of a mis-sold pension.
If you’re considering starting the pension claims process, give our team a call. We can have a no-obligation chat and take a deeper look into your pension advice. If you have a valid claim, it could put money back in your pocket.
Pension introducers to look out for
There have been hundreds of pension introducer firms operating across the UK and Europe, and many of them have not gone away. Some main ones include:
CL&P Brokers (Spain)
Consumer Money Matters
First Review Pension Services
Jackson Francis Ltd
If you’ve dealt with one of these firms, it doesn’t necessarily mean you were mis-sold a pension. But don’t worry – our experts are here to help.
Whether you’re worried you’ve been mis-sold a pension or just want to double check the advice you were given, call our team for a no-obligation chat.
Can’t find what you’re looking for?
Don’t worry, just give us a call on 01204 929929, or book in a call-back below. Together we can review your case and get you the information you need to get your money back.
Mis-sold pension claims process
We have years of experience dealing with direct mis-sold pension claims, as well as claims from the FOS and FSCS. No matter your situation, we are here to help and will keep you fully informed, every step of the way.
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Free initial assessment
Have a no-obligation chat with one of our experts to see if you have a valid claim.
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Getting the paperwork
Once onboard, we’ll gather all the necessary documents and investigate the claim further.
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Building your claim
Using our knowledge, experience and winning strategy, we will build the case for your claim.
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Getting a result
Depending on the outcome, we will either organise for the compensation to be paid to you, appeal the decision or appeal the compensation.
FAQS about pension introducers
Why was cold-calling about pensions banned?
Pension cold-calling was banned in January 2019 mainly because it initiated a concerning trend of pension mis-selling, especially with SIPP pensions.
These so-called “free pension reviews” were only free if individuals chose not to transfer their pensions. As a result, to earn a commission, many cold-callers would resort to aggressive sales strategies. They would emphasise urgency and often gloss over crucial details, such as potential risks involved.
Ideally, financial advisors should have identified and addressed these discrepancies during their review of each transfer. Regrettably, whether due to oversight or greed, numerous individuals were persuaded into inappropriate high-risk pension transfers, leading to significant financial losses.
How do pension introducers make money?
Pension introducers made money from commission. In practice, they would cold-call pension holders and only be paid once a pension transfer had been made. As a result, many people were wrongly encouraged to make high-risk investments.
Has the FCA taken action against pension introducers?
The FCA doesn’t regulate most pension introducers involved in pension mis-selling. This makes direct action against them difficult unless they are conducting regulated activities without authorisation.
However, they can control the financial advisors who deal with them, and have regularly told certain advisors to cease their relationships with cold-calling firms.
We can’t make claims against unregulated pension introducers in the same way as advisors, as the buck tends to stop with the company giving the advice, not the one introducing them to the process.
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.
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How does our claims process work?
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What types of claims do we handle?
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