With the payment protection insurance claims scandal set to reach it’s conclusion at the end of August (29th August 2019 to be exact), there is a new claims scandal slowly making its’ way into the attention of the mainstream, that scandal is all about mis sold sipps (a form of miss sold investment).
This is a widely sold investment product that has been marketed to massive amounts of people in the United Kingdom, due to some of the unethical practices undertaken to peddle these products.
What Exactly Is A Miss Sold SIPP?
A Mis sold SIPP or (Miss Sold SIPP) is a self invested personal pension that has been wrongly sold to a member of the general British public, generally with a private pension, a SIPP is an investment product that involves there transfer of funds into an investment pot which is then put into different products.
Examples of SIPPs include but are not limited to: Ethical forestry, african land, various types of property development, timeshare products and biofuels are some of the most common, with all these exciting and diverse investment products, there pension holder is spoilt for choice in terms of options, however the unfortunate fact is that so many of these investment options are miss sold.
What constitutes SIPPs Mis selling?
SIPPs can be miss sold in a number of different ways:-
- If you have been promised a specific return on your investment from an investment broker, and the investment has not performed to the level which was stated during the pitch, this can constitute mis selling.
- If you were not warned about potential losses at the point of sale, this can constitute SIPP mis selling.
- If you were given financial investment advice by a regulated or unregulated company, this can me a mis selling case.
- Also if you have suffered significant financial losses you were not warned about this can also mean you were miss sold a SIPP investment.
- And if you have invested in a product where you were promised other things that have not been delivered, this can also constitute a Miss Sold SIPP.
Other financial products commonly miss sold are “PEPs” (personal equity plans), these are investment products which enable individuals to invest in a number of different British companies or share products on a ‘tax exempt’ basis, mis sold peps are another example of mass-scale mis selling due to the unscrupulous practices of the individuals selling these opportunities to an enormous number of British residents.
What is an Example Of A PEP (Personal Equity Plan)?
Personal equity plans often come in the form of an investment opportunity in a particular company, or a stock, or shares in a company, often with hefty management fees attached to them, some of these companies’ are not as promised and often these stock or share investments can be of dubious quality and sold in a dishonest fashion, compensation could be available for the victims of mis selling.
If you suspect you have been miss sold a SIPP (Self invested personal pension) or a PEP (personal equity plan) or both of these types of investments, you may wish to contact a specialist legal firm like theYEC.org for further information, they offer free, no obligation guidance on a no win no fee basis to deliver maximum compensation to you for your ordeal.