After retirement, people expect to live a life filled with mental peace and economic stability. But mis selling pension scheme was taking a toll on both. Initially, people were not aware of the situation, but now the scenario is changing gradually. They are registering to complain against fraudulent advisers and claiming compensations. You can also look out for advice before getting into complaining. The entire process will give you a vivid idea of how to cope up with the fraud.
When you can request compensations
There are various types of faulty pension schemes. It can be unauthorized funds sold within a self-invested personal pension to transfer the money away from a final salary scheme. In this case, you can claim compensations.
More to this if you have invested in non-standard assets like car policy, carbon credits and so on and your adviser did not prevent doing so, you can expect to pay back from the pension provider.
You can claim to get back money in various circumstances like:
- If you have chosen a wrong pension plan and your adviser incorrectly suggested the same.
- If you are offered only one pension plan or minimal options of a pension scheme, but there are a lot of choices available in the market.
- Health issues should be covered. At old age, health is a serious issue, and the cost of Health care is also increasing. To cope up with that, your plan must have that coverage, but if the project lacks that critical point.
- Before choosing a pension plan for your future, you have to know all the essential details of the scheme. If later you found that some aspects were not discussed when the programme was taken, you can file a complaint suit. Because at the end you suffered for the half information by the adviser.
- The amount of the pension scheme should be matched with the need of the future. Your adviser should guide on this matter. If he is unable to give expert advice on this, you can ask for payback.
If the risk factors are not appropriately covered, then you have mis sold pension compensation plan.
If you feel that your adviser failed to understand the essential requirement of yours, then you can suit a petition against the provider.
Your financial adviser must ask you about your particular circumstances. Many schemes can suit you. But after analyzing your situation, he can select the best one for you. If ha skipped that part, you could get back some money back. If your claim is justified, you are entitled to claim the right amount of money as the cost of your suffering. There are several ways to deal with the fraud, but it would be a better option to get a professional or hire an expert to deal with the scam. The amount of money varies from case to case. But if your explanation is rational, you can receive at least an average of your lost asset.
Any qualified solicitor can explain you the critical situation clearly and can help you get the money back in a proper way.