Warrington, UK -- (SBWIRE) -- 12/07/2018 -- Mis sold pensions specialists APJ Solicitors announce a further rise in the number of mis selling claims and complaints being generated by SIPPS. With a wealth of experience in handling mis selling complaints, against pensions providers as well as a range of other financial services providers, the firm has noted an increase in SIPPS issues over the past 12 months.
Mis sold pensions could rival PPI in terms of being the next financial sector scandal – this is the current view of leading financial products mis-selling claims specialists APJ Solicitors. The firm has been successfully handling complaints in the personal finance sector for more than four decades. It's important to note, says the firm, not just how the numbers of mis sold pensions complaints are beginning to rise, but also that there is a great deal more awareness of the problem now, both among consumers and the media. This is not an issue that is likely to recede.
Complaints for mis sold pensions relate primarily to Self Invested Personal Pension Schemes (SIPPS), which were created to provide individual investors with greater control over their pension benefits. For example, someone with a SIPPS could make more involved choices about how their pension investments were made. Problems have arisen, not just with respect to negligent advice and services from financial services providers, but also assurances given about what SIPPS would deliver. Many consumers were, for example, offered guaranteed returns in impressive numbers and, all too often, these have simply not materialised.
The PPI scandal engulfed the financial services industry and resulted in many organisations, both big and small, being found responsible for mis selling and required to pay out large sums in compensation as a result. SIPPS appear to have been mismanaged in much the same way, with many consumers making decisions to buy into them based on poorly delivered information or negligent advice.
A spokesperson for the firm said:
"We have been concerned about issues with SIPPS for some time. Investors have often been misled about how lucrative investments really are and risks not properly explained. Essentially, many investors were persuaded to put their hard earned cash into very risky investments – effectively, to gamble their future benefits."
"Most of these non-standard investments actually involved significant risk for the investor and often no account was taken of that person's individual circumstances by the firms or brokers involved. We have been supporting those making mis sold pension complaints for some time and have been able to assist these victims in recovering compensation."
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Notes to Editors:
For more information about APJ Solicitors mis-sold pensions services, please go to https://www.apjsolicitors.co.uk/legal-services/pensions-investments/
APJ Solicitors (Anthony Philip James & Co) is dedicated to investigating, negotiating and settling a broad range of claims against a wide variety of financial services providers. The team focuses solely on this type of work, challenging banks, advisors, lenders and investment providers regarding their negligent advice and services.