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You Can File a Claim for Mis-Sold Investments for These Reasons

You Can File a Claim for Mis-Sold Investments for These Reasons

Self-invested personal pensions or SIPPs are becoming popular these days. It is an option that allows individuals to decide on a range of investments as approved by HM Revenue and Customs and you can hire a financial advisor to help you decide which path to take.

Since you choose a financial expert for guidance, you expect that you will only get satisfactory results. Despite that, you could still suffer from a mis sold SIPP because of the incompetence of the financial advisor. If these reasons apply to you, it is possible to file a claim against the advisor.

You received terrible advice

It is understandable that you seek financial help from an expert because you know nothing about investments. You expect that the person you hire is someone who has years of experiences studying the subject and will give you the advice that you need. If you received terrible advice that led to a significant financial loss however, this could be grounds for a claim.

You invested due to pressure

A financial advisor only needs to give advice. If you start to feel that you are somewhat pressured to make investments that you are not sure of, you can use this as grounds for a claim later. If the advisor knew that the investment was not right for you considering your circumstances and needs and still pressured you to invest, it may be held against the advisor.

You did not receive information on potential risks

Apart from explaining to you what it entails to invest, you also need to know what the risks are. These risks need to be thoroughly explained to you to help with your decision. If you did not receive any information regarding the risks and you thought everything would end the way you hoped, you can use it as grounds for a claim.

The transaction resulted in a financial loss

The primary goal of investing your pension is the hope that it would balloon and make you financially stable later in life. False promises and guarantees made by your financial advisor may also become grounds for a claim, especially if you incurred significant financial losses resulting from such claims.

You did not get a complete picture

When explaining to you the details of the investment, you need to know everything about the fees involved. For instance, you need to have an idea about the tax implications of the investment and you also need to know what other additional expenses are, since it’s unfair for you to invest if you do not receive a complete picture of what you need to pay, due to the lack of transparency of your financial advisor.

It is sad that some financial advisors abuse their expertise in coercing people to make incorrect decisions. They gained your trust in the first place because they were experts and they could give sound advice. If you experienced otherwise, you can always file a claim against them and somehow retrieve what you lost.


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