Have you ever invested in a Contract For Difference (CFD) as a part of your SIPP? If so, you may have been mis-sold SIPP pension products by your financial advisor.
Tax rules have changed, and it is now possible to use your SIPP to invest in CFDs and other derivatives, providing you with tax relief on your contributions. CFD issuers are also able to offer dedicated SIPP accounts to their clients. As a result, many financial advisors have seen an opportunity in CFDs as a part of their SIPP offerings. Unfortunately, they sold them to unsuitable clients without advising them of the risks.
Did this happen to you? Were you convinced to move your retirement savings from a safe and reliable scheme into an unregulated CFD? If so, you might have been mis-sold SIPP products.
Contracts for Difference (CFDs) are contracts involving specified financial instruments, such as shares, forex, and commodities, between investors and investment banks or firms. When the contract duration comes to an end, the parties settle the difference between the financial product’s opening and closing prices.
CFDs allow you to trade on margin and sell if you think prices will drop, or buy if they rise. This flexibility is very desirable and attracts a lot of investors. However, CFDs come with inherent risk. If your financial advisor did not make you aware of this risk, or they recommended CFDs that weren’t appropriate for your financial situation, you might have been mis-sold SIPP products.
Did your financial advisor suggest that you invest in a CFD as a part of your SIPP? If you lost money on a risky SIPP, you could be eligible for mis-sold SIPP compensation.
Our claims experts can help determine if you were mis-sold SIPP pension products that included CFD Investments. Get in touch with us today and we will begin investigating your case to see if you are eligible for mis-sold SIPP compensation. Apply online today for an information pack to learn more.
If a financial advisor advised you to invest in an unregulated investment such as CFD Investments, it is still possible to claim compensation. Where the advisor is still operating, a claim can be pursued against the financial advisor via the Financial Ombudsman Service (FOS).
If an advisor is no longer operating, the Financial Services Compensation Scheme (FSCS) pays compensation for valid mis-selling claims against any financial advisor who has been declared in default by them.
If your pension included investment in CFD Investments, you could be entitled to compensation.Apply Now
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The Financial Conduct Authority (FCA) has identified ‘serious and ongoing failings’ by both Individual Financial Advisers (IFAs) and Self-Invested Personal Pension Providers. Typically, mis-selling is related to the “wrong” type of investor being given poor or misleading advice as to what investments were relatively safe and right for them. In this summary, we look at What a SIPP is, and how they have been mis-sold, together with the FCA’s review into sector malpractice.Click to Read
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Once we've assessed claim prospects, we make a pension complaint to the Ombudsman or FSCS, where appropriate
Pension complaint response received. We'll carefully analyse the response and advise you on how to proceed.
If appropriate resolution cannot be reached with a live firm, and we disagree with their stance, we will refer the claim to Ombudsman on your instruction.
Allegiant always aligns great value with exceptional service. This winning formula has seen us emerge as one of the UK’s pre-eminent Claims Management Companies in recent years. See why Allegiant is a great choice below. *All information correct as at 28 August 2021.
How our fees work in practice:
• Compensation is £1,000, the fee is £250 plus VAT £50. This means the amount payable to us is £300 leaving you with the benefit of £700.
• Compensation is £3,000, the fee is £750 plus VAT £150. This means the amount payable to us is £900 leaving you with the benefit of £2,100.
• Compensation is £10,000, the fee is £2,500 plus VAT £500. This means that the amount payable to us is £3,000 leaving you with the benefit of £7,000.
NB. It is possible that our fee may become payable before you have access to your pension or investment which may result in you having to pay our fee from your own funds.
You can cancel for free at any time within 14-days without giving any reason and without incurring any liability. You can communicate your cancellation by telephone, post, email or online.
You can cancel this agreement at any time after the 14-day cancellation period. However, if a complaint submitted by us is successful, the Success Fee will apply in the usual way.
You can cancel by post: Allegiant Finance Services Limited, Freepost RTYU–XUTZ–YKJC, 400 Chadwick House, Warrington Road, Birchwood Park, Warrington, WA3 6AE; (b) by email: firstname.lastname@example.org; (c) by telephone: 0345 544 1563; or (d) online at https://allegiant.co.uklegal/cancellation.
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