Scandals of mis-sold pension are becoming monotonous all over the news. There is even a flux of pension claims in the court that are awaiting a hearing. Research has it that there are a lot of grey areas in some of the pension investing companies. Recently, Standard Life Company pleaded guilty of misguiding its clients. The company used its clients’ money to invest in unregulated investments that are unstable. Such companies should be the first to make adjustments to guarantee the safety of their investor’s SIPP. Alternatively, you can try to avoid (SIPP) self-invested personal pension mis-selling by implementing the measures detailed in the next paragraphs.
Trending news on pension miss-selling
It is imperative that you conduct due diligence on a particular pension investment since most of the scandals result from non-standard ventures. First-hand information is always readily available in newspapers. Social media is the most common source of information that people use to access the latest trending news on companies defrauding pension investors. Familiarizing yourself with information on these scandals is the best way to understand the risks that can affect your pension investment. The report also gives you an insight into the type of companies to avoid or the right action to take if you fall victim to such scandals. If you want to know if your pension investment is safe in a particular company, start by frequenting the trending news on pension mis-selling.
Identifying pension mis-selling
The government and the Financial Conduct Authority are trying so hard to reduce if not to eradicate the chances of SIPP mis-selling. However, the condition is not plummeting at a considerable rate since most people do not even realize when they are losing their pension money. One of the many signs that show the possibility of losing your money is the lack of transparency in transactions. It is safer to ask for all the details regarding the transactions. Inadequate information regarding the funds should sound an alarm for suspicious activity in your investment.
Another way of detecting fraud is when the pension provider is trying to convince you to consider SIPP investment for major tax evasion. Nobody wants to feel comfortable with avoiding taxes since sooner or later; the government will catch up with you. Furthermore, your financial adviser should not be pocketing more than he or she deserves as such is an indication of mis-sold SIPP.
Pension investment companies
One of the risks associated with pension investment is the difficulty in identifying the right company. Ideal companies are hard to get since most of the companies investing in a pension are having a series of mis-selling scandals. Conducting due diligence on these companies is very crucial before you spend your retirement benefits on them. Investing your pension in unregulated investment companies is a risk you should not take.