SIPPs are designed for experienced investors who understand the risks involved. However, some financial advisors have sold this product to people who were not suitable for it. If you think that you may have been mis-sold a SIPP, you could be entitled to compensation.
In this blog post, we’ll explore who can benefit from mis-sold SIPP claims.
People Who Were Not Appropriate For SIPPs
SIPPs are not suitable for everyone. They are more complex and riskier than other types of pensions. If your financial advisor recommended a SIPP without fully understanding your financial situation or you were not an experienced investor, you may have been mis-sold a SIPP. It’s essential to seek professional advice from Lincoln Green Solicitors to see if you have a case for a mis-sold SIPP claim.
People Who Were Not Informed Of The Risks
SIPPs come with a higher level of risk than other types of pensions. If your financial advisor did not inform you of the risks involved in a SIPP, they may have mis-sold you the product. They should have made you fully aware of the risks before you invested. If you were not sufficiently informed of the risks, you may have a mis-sold SIPP claim.
People Who Were Given Poor Advice
Your financial advisor should have given you good advice when recommending a SIPP. If they gave you poor advice, you could be entitled to compensation. Poor advice could include advising you to invest in a particular asset without explaining the risks or recommending a SIPP when it was not suitable for your financial circumstances.
People Who Were Not Given Enough Information About Fees
Nondisclosure about fees associated can lead to mis-sold SIPP claims. SIPPs come with several fees that can be complex and difficult to understand. If your financial advisor did not fully explain the fees involved with a SIPP, you may have been mis-sold the product. Fees can include set-up fees, annual fees, and transaction fees. It’s important to have a clear understanding of all the fees involved before investing in a SIPP.
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
