Published On: Wed, Feb 24th, 2021

What To Do If You Are a Victim Of Mis-Sold Pensions

Mis-sold pensions are pensions schemes clients are persuaded to invest in, which involve transferring their money from safely investing to an unregulated or risky alternative.

You can easily fall victim to such a scam because the perpetrators promise comfortable retirement and incredible returns. But the truth of the matter is that these alternative pension schemes usually lead to disastrous monetary repercussions.

If you are a victim of a mis-sold pension, the good news is that you can take steps to remedy the situation. Here are the steps.

Imagine de Gerd Altmann de la Pixabay

Act Quickly

You need not waste time after realizing you’re a victim of mis-sold pension. There are time limits within which you must act. Failure of which you may lose your money. Acting fast would also mean you can remember every piece of information about the mis-sold pension, and you can quickly get all the documents required to support your case.

Complain To The Adviser Or Provider

Once you notice you’ve been mis-sold a pension, file a complaint with your adviser or provider. Visit their firm and ask them the process used to file complaints in the firm. All established companies must have this process. You can as well find the complaint process on the company’s website.

After you file a complaint, the firm will have two months to respond. If they fail to respond, you can forward your case to the ombudsman.

If you get a response from the firm, but you aren’t happy with it, you’ll have up to 6 months to file your case with the Financial Ombudsman Service. If you prefer to refer the case to the Pensions Ombudsman, you must do so within three years from the time you realized the problem or three years from the time the event you’re complaining about happened.

Forward Your Case To the Financial Ombudsman Service or the Pensions Ombudsman

Suppose your adviser or provider doesn’t respond to your complaint or gives an unsatisfactory response. In that case, the only option you’ll have left is to forward your case to the Financial Ombudsman Service or the Pensions Ombudsman.

But before you do so, gather as much information as you can about your case. This doesn’t mean you must have concrete evidence that you’ve been duped. You need the information so you can explain yourself well. And while at it, make sure you are concise and clear.

If you have any documents related to your case, make you have them with you. You can also make copies of these documents, just in case.

photo/ screenshot YouTube

What If Your Provider Or Adviser Is No Longer In Business?

In the unfortunate event that your adviser is no longer in business, you need not worry. You can still be compensated if you contact the Financial Services Compensation Scheme.

The scheme will cover you only if:

  •         Your provider/adviser is no longer in business.
  •         You had complained to the adviser/provider, and they never responded or gave an unsatisfactory response, and you reported the matter to the ombudsman.
  •         The provider must have been authorized by the Financial Conduct Authorityor the Prudential Regulation Authority.
  •         The company isn’t based overseas (In some cases, overseas companies may be covered. Find out from the Financial Services Compensation Scheme).

Before you make a claim, find out if you can get some compensation from the firm’s liquidators. If that fails, you can contact the Financial Services Compensation Scheme.

However, you must, first, make sure you meet the above criteria; otherwise, your claim won’t be honored. You can make claims online or print the documents, fill them up, then post them.

How Long Does A Mis-Sold Pension Claim Take To Process?

Claims aren’t the same. So there’s no fixed duration to process them. How fast the processing of your claim will depend on whether your provider is still in business and whether the provider accepts the claim. It will also depend on how fast paperwork is gathered.

If the claim is accepted and processed by the FSCS or FOS, it may take weeks/months to get your compensation, depending on who’s paying.

The whole process may take months or even years to complete. So it will require some patience on your part.

Once the compensation figure is agreed on in typical situations, the process may be speeded up and may take less than four weeks before you get your compensation.


Losing money through mis-sold pensions is something no one would want to experience, mostly because it touches on retirement when a person would wish for a peaceful, quiet life. But, as you can see, there’s hope.

If you are a victim of a mis-sold pension, don’t waste time. Take the steps above, and who knows? You might get your funds back. Remember that the Ombudsman Service is free, so you don’t need to pay anyone to manage your pension mis-selling complaint.

 Author: Travis Bard

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