When people make plans for their financial future, they expect the advice they receive to be based on their best interests. However, if someone feels pressured to surrender their personal pension plan or is advised to take out a self-invested personal pension (SIPP) that results in losing money, an attorney can help. Professionals such as Lincoln Green Solicitors help people with mis-sold SIPP claims.
Understanding A Mis-Sold SIPP
People end up with mis-sold SIPP claims when a financial advisor fails to investigate or explain the risk associated with transferring to an SIPP. SIPP is short for self-invested personal pension, and in these cases, people may suffer financial losses. For example, a mis-sold SIPP may include investments that are high-risk and unregulated, or those that don’t align with the risk profile of the client.
Often, people are led to believe that the investment has higher performance than it does, or financial advisors may solicit clients and offer a free review of their existing pension. Then they try to persuade the client to transfer the pension with promises of high returns.
How Solicitors Help
Solicitors can help people with mis-sold SIPP claims. Many people have no idea where to start or what it takes to prove their cases. Most people are persuaded to make the change to an SIPP because they are told that they will earn higher returns, but often they aren’t warned of the potential risks. This can result in losses of some, and in some cases all, of their pension funds.
Many people are not familiar with the financial advisor who made these recommendations, and they may have been convinced to invest in opportunities such as Ukrainian land, Brazilian rainforests, and more. Fortunately, experienced solicitors are familiar with these situations and know how to help.
For more information contact Lincoln Green Solicitors or visit lincolngreenlaw.co.uk
Address – Artemis House, 4 Bramley Rd, Bletchley, Milton Keynes MK1 1PT, United Kingdom
