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Financial Mis-selling Background:

Pensions and Investments

Pension Industry Background

The Financial Conduct Authority (FCA) has conducted reviews into Pension Switching Advice, Investment Sales, and Pensions Mis-selling advice more generally. This included investigations into a broad section of the market including Banks and National Firms, large Networks, Tied and Multi Tied Agents and Independent Financial Advisers.

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They assessed that some Pension Switching advice and Investment advice was inappropriate.

This inappropriate advice included: -

  • Switch/transfer involving extra costs not explained;
  • Transfers reinvested in funds that did not match the clients attitude to risk;
  • Financial Advisers failing to put in place an ongoing review process;
  • No explanation of loss of benefits when recommending transfers from Company schemes.
  • Investments placed into products that did not match clients attitude to risk.

As a result of these assessments the FCA believe that redress of at least £150 million will be made.

For further information on these reports, click for the FCA website.

If you have not received a full and comprehensive written report explaining why your Adviser believed that the advice to transfer your Pension, or select your Investment product was appropriate, you may have a legitimate reason to claim.

Any report should have included: -

  • Details of charges and Adviser commissions and how they effect investment growth;
  • Comparison projections from the scheme / pension provider you transferred from;
  • Full explanation of any benefits given up;
  • Comparable low-cost Stakeholder pension illustration;
  • Explanation of re-investment risk and how the new funds match your own risk profile.

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Why Assist.Claims?

Gary Naylor - Partner

“I have over 35 years of experience in the financial services industry which include 18 years as an Independent Financial Adviser specialising in pensions and investments.

As your Claims Manager, I will personally and quickly review your case on its merits and will only pursue a claim if I believe you will win compensation. We promise to keep you informed during the process and we will only charge you when we are successful.”

- Gary Naylor

Mr B, Derbyshire
£150,000 compensation

Excellent advice and support - from the initial enquiry to the final compensation award of £150,000 in respect of my mis-sold pension transfer from a Final Salary scheme.

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