Pension Justice’s advice to IFA’s if a client has previously been mis-sold a pension
When undertaking a pension review on new clients, IFAs sometimes find that a client has previously been mis-sold their pension by unscrupulous or unqualified advisers. Valuable defined benefit and personal pensions have been transferred into SIPPS, with clients being promised sky-high returns, only to find that they have put their hard-earned pension into poor performing or worthless investments.
The loss of a person’s future pension entitlement not only has a devastating effect upon their finances, but the impact upon a person’s emotional well-being cannot be overstated.
Having been duped out of their investments IFAs want to help their clients recover their lost pension savings. Working with an experienced solicitor is often the most effective way for an IFA to help their client recover lost money.
Solicitor Paul Higgins of Pension Justice says: “If you are an IFA working with clients who have previously received poor pension advice, even if you are unsure whether they would qualify for a claim, we might be able to help your clients reclaim some of the money they have lost after being poorly advised.
Many of the cases that we have dealt with relate to clients being advised to transfer away from DB schemes or DC schemes into SIPPs and thereafter invest in unregulated, high risk and extremely illiquid investments, e.g., storage pods, carbon credits, ethical forestry etc.
Getting financial redress for our clients is something we are extremely knowledgeable about and have many years of experience, successfully recovering millions of pounds for our clients. We often work with IFAs, who refer clients to us after they discover that clients have been poorly advised.
We frequently have referrals from IFAs where their clients have lost their entire pension after being given bad advice by a previous adviser and in most cases, we are able to obtain significant compensation for the client.
Any initial advice that we provide to the client is completely free and without any obligation. If we accept instructions, we work on a No Win, No Fee basis so that a fee is only payable in the event of a successful outcome.
Under current regulations, an IFA that enters into an Agency Agreement with a firm of solicitors can refer up to twenty-five cases in any 3-month period and be paid a referral fee. Referring IFAs would add value to their relationship with their client and take comfort from the fact that their client was in good hands. Any compensation recovered could then be invested on behalf of the client, thus preserving the relationship between IFA and the client.
At Pension Justice, we offer a Contingency Fee Agreement (No Win, No Fee), referral fees paid to an IFA by us can be returned to the client or used to enhance the services provided by the IFA to the client.”