We are specialists in taking claims to the Financial Services and Pensions Ombudsman (FSPO). The Ombudsman has the power to order redress of up to €500,000.
Please be aware that you can take a claim to the FSPO your self at no cost. For pension mis-selling, all you need to do is write to the broker that sold you the product and tell them that “you do not believe that they treated you in accordance with the Consumer Protection Code 2012. They have 40 working days to respond to you. The response, known as the Final Response Letter (FRL), will tell you the outcome of their investigation of your complaint and your right to go to the FSPO if you are unhappy.
Ignore any rubbish about the investment being an “Unregulated Product” as it is the broker’s conduct that you are complaining about or their misconduct I should say. Fill out the complaint template on the FSPO website, attach the FRL and your original complaint, and that’s it!
If you want help, you can contact us by email at firstname.lastname@example.org. Please set out the investment you hold, the name of the broker and the year that the product was sold to you and we will be in touch.
Financial brokers and the media will tell you that Loan Notes are an unregulated product and therefore you have no case. Mis-selling is about the manner in which the sales broker sold the product and does not concern the product or its performance. For example, a pension broker should have issued you a Suitability Statement for the product chosen for your portfolio. The regulated broker’s conduct is dictated by the Consumer Protection Codes, issued by the Central Bank of Ireland. Breaches of the Codes, i.e. misconduct, should be taken to the Financial Services and Pensions Ombudsman (www.fspo.ie).
If you have investments in Solar, Custom House Capital or Europa Strategic Partners, please contact us for a no commitment consultation. Please email us at email@example.com.
Wondering if you’ve been mis-sold a pension? Here are 5 signs that may be the case.
The terms and conditions weren’t explained to you
If your financial advisor failed to properly explain the terms and conditions to you, this could be a sign that you were missold your pension. After all, the last thing you want is to take out a financial product without fully understanding the small print. Your financial advisor should have highlighted the most important parts of the terms and conditions before supplying you with a copy of the document in full for you to read yourself.
Your advisor wasn’t as experienced as they said they were
Consumers tend to seek financial advice because they don’t have the financial knowledge required to make large and potentially life-changing money decisions without some guidance. As a result, turning to an experienced financial advisor for help can be an extremely wise move.
A good financial advisor will use years of experience and financial education to point you in the right direction of the best products for you. So if you took out a pension product on the recommendation of your advisor only to find out they weren’t as qualified or knowledgeable as they originally said they were, you may be able to claim compensation on the basis that you were mis-sold a pension.
You were encouraged to transfer your money from a workplace pension into a different scheme
Some workers have been encouraged to move money from their defined benefit work pension. Although every case is different, this could be considered bad advice and it may be the case that the worker would have been better off keeping their money in their employer’s pension scheme.
Workers most commonly affected by this type of pension mis-selling include civil servants, railway workers, teachers, police officers, firefighters, HSE workers and those in the armed forces or blue chip companies.
You weren’t properly made aware of pension charges and fees
Some pension holders have been encouraged to purchase a specific type of pension only for their advisor to fail to notify them of associated fees and charges. Sometimes this can leave people paying more money in costs than their pension earns.
Your advisor recommended a pension or investment that involved more risk than you were prepared for
Some people assume that if their pension or investments underperform, this automatically counts as mis-selling. However, in reality, an underperforming pension has only been mis-sold if the advisor didn’t prepare their client for the risks. Some investments are unpredictable by nature and favoured by those with a high tolerance for risk. However, if you want to play it safe, avoid fluctuations, and ensure your money is protected (to an extent) a high risk product won’t be suitable for you.
If your financial advisor recommended a product to you and failed to warn you of the risks involved, this could be considered mis-selling. You might also have been mis-sold your pension if your advisor promised a specific outcome that was not achieved.
This list is certainly not exhaustive and if you think you’ve been mis-sold a pension, please contact firstname.lastname@example.org We can help you determine if you’re a victim of pension mis-selling and if you are, we’ll do everything we can to fight for compensation for you.