Pension Mis-Selling
Pension Scandals & pension mis-selling explored in this episode of the MLC Show.
Sean Rogers of My Legal Club & Scott Birchall of Smooth Commercial Law discuss pension mis-selling and recent pension scandals.
- What are the latest pension mis-selling scandals?
- SIPP claims. What are they and how were SIPP’ pensions abused?
- What allegations of negligence have been made against advisers in pension mis-selling claims?
- What are examples of pension mis-selling?
- What type of investments were recommended and how did people suffer from investment losses?
- What rights do you have and how would you go about making a complaint about pension mis-selling?
- Is there a mis-sold pension time limit?
Listen to the show for FREE on Apple Podcasts, Spotify, SoundCloud, and all leading Podcast apps, or watch the interview on our YouTube channel.
No-obligation Advice
We have been asked for quotes in the press on pension mis-selling matters, as with the administration of Berkeley Burke in an article written by Michael Klimes of Money Marketing you can access here.
We have cherry-picked highly recommended specialist solicitors to support you with expert advice, information, and no win – no fee representation.
Time Limits
Claims can be time-barred if you do not bring them in time.
This is why it is such a complex and crucial consideration in any claim.
It is important to note that if you pursue a claim via the Financial Ombudsman (FOS) you will not “stop the clock” in respect of time limits in respect of any future action you wish to pursue via the courts.
e.g. if you do not succeed in a claim against the FOS and want to pursue a claim in the Courts then you may be time-barred from claiming as a result of not protecting your limitation period for a court action.
We would recommend securing legal advice as soon as possible prior to deciding how you want to make any financial claim.
This also provides you with the best chance of ensuring your claim is within the time limits which apply.
This can be a very complex area but generally, 3 time-limits apply:
- The 6-year rule
- The 3-year rule
- The 15-year rule
The 6-year rule generally means 6 years from the advice/action you are complaining about. e.g. 6 years from the date of the advice from an IFA, or 6 years from signing a pension transfer form, or 6 years from signing a loan agreement.
If your claim is more than 6 years ago you can still rely upon the 3-year rule. The 3-year rule is often debated and disputed between the parties. The 3-year rule refers to 3 years from the date you first became aware (or should have become aware) of the problem which you are complaining about.
As an example, you may have a complaint regarding a matter which took place 10 years ago (over 6 years) but where the loss only became apparent within the last 2 years.
This is an example of where the 3-year rule would apply.
The 15-year rule means actions alleging negligence must be made within a maximum period of 15 years from the negligent act or omission.
There can be exceptions as the FCA has stated they may allow certain cases to be handled outside of the 15-year time limit. The Financial Services Compensation Scheme (FSCS) has stated that time limits can be disregarded when it is appropriate to do so.
The Ombudsman Services & The FSCS
In any area of financial mis-selling (not limited to but including pay day loans, SIPP’s, investment loss, mortgage breach, Consumer Credit Act) you are able to claim, without any fee being charged, against the regulated party directly AND if necessary via the appropriate Statutory Ombudsman or Statutory Compensation Scheme, e.g. The Financial Ombudsman Service (FOS) and where appropriate The Pension Ombudsman and/or the Financial Services Compensation Scheme (FSCS).
There is no reason why you would achieve a different/better result by instructing a solicitor or claims management company. If you choose to instruct us to assist you with a financial mis-selling claim you confirm that you accept and understand the above.
More information on no win no fee claims can be found here.