Pensions, Investments and Tax Claims
Have you been given bad financial advice which has resulted in the loss of some or all of your savings?
DHMS Groups expert financial mis-selling team have extensive experience in dealing with a whole manner of claims that arise from negligent and/or unsuitable financial advice.
Unsuitable financial advice can come in many forms but usually it is as a result of the client not having the risks and potential downsides of a financial transaction explained to them properly, meaning they did not really understand what they were getting involved in and what could go wrong. If this had been properly explained to them, they would not have gone ahead with the transaction or followed the advice which had been given.
DHMS Group teams can assist if you think you were given unsuitable advice or the risks were not properly explained to you in the following areas:
- SIPP (self invested personal pension) mis-selling;
- Investments into high risk products such as store pods, foreign property, carbon credits, etc;
- Pension Mis-selling;
- Tax avoidance schemes;
- Transferring out of a Defined Benefit/Final salary scheme;
- Bad advice on a Pension Annuity.
There are a number of different avenues for pursuing claims for financial mis-selling and there are a number of time limits which apply. As such it is important that you act as soon as possible once you suspect there is a problem. Also making your own complaint to the company who advised you may trigger certain deadlines.
DHMS Group will advise you on the most appropriate avenue for you and ensure that any time limits are met.
Have you been mis-sold a SIPP pension investment?
Our team are specialists at claiming compensation for those who are left out of pocket when SIPP investments have been mis-sold. We’ve helped many people to recover compensation after they’ve received unsuitable advice causing them to enter into risky investments through SIPPS.
If you have concerns about your SIPP pension, get in touch with DHMS Group today to see if you can claim compensation. We provide assistance on a no-win, no-fee basis.
Were you given advice to invest in an unregulated investment scheme which promised excellent returns?
You may have been given unsuitable investment advice by being advised to use your pension funds, savings or even to re-mortgage your home to invest in a scheme which promises guaranteed high returns. Alarmingly, some investors are discovering that promised high returns never materialised or were short-lived and their hard earned money has disappeared.
Common types of investment complaints include:
- Overseas property
- Store pods
- Hotel developments
- Forestry projects
- Carbon credits
- Contracts For Difference (‘CFD’s’)
- Foreign Exchange (‘FX’ or ‘Forex’) trading
- Green oil
Whilst it is widely accepted that there are inherently high risks associated with certain types of investments your advisor has a duty to check that the proposed investment is sound and that the recommendation to invest is suitable for the level of risk that you are comfortable taking with your money.
If you have lost out financially as a result of advice which you feel was not suitable for you then we may be able to recover those losses for you.
Has poor pension / investment advice caused you to lose out financially?
We can advise and progress pension mis-selling claims for anyone who has:
- Invested their fund in a high risk scheme which has gone wrong
e.g. off-plan property, store pods, carbon credits etc.
- Not received proper pension advice which explained their entitlement to an enhanced annuity.
- Been advised to transfer out of their existing scheme into, what turns out to be, a lesser scheme.
Despite reassurances from the chancellor in 2015 that fears surrounding pension mis-selling were unfounded following the new reforms, evidence suggests that there were not sufficient regulations in place to protect the large number of people who were able to access their pension.
Financially inexperienced investors have been drawn in by the lucrative promises surrounding certain pension schemes which can result in a substantial loss of funds due to the high risks involved in certain schemes. Pension funds can also be subject to heavy tax burdens if accessed prematurely.
DHMS Group understand that for many investors, the money has been accumulated through a lifetime of working and saving. If you believe you have been mis-sold a pension scheme following a pension review and lost out as a result get in touch with our team to see how we can help.
DHMS Group will carefully review the advice you received, examine the sales process and consider all potential options to recover your losses. It may be that we can:
- Recover pension funds which you previously thought lost.
- Obtain compensation for losses suffered due to receiving lower returns due to switching schemes.
- Get pension compensation for past losses and a better paying annuity going forward
Have you been faced with a massive bill from HMRC after being advised to utilise a tax avoidance scheme?
In recent years HMRC have been particularly active in looking to recover lost revenue it feels individuals have failed to pay as a result of the use of tax avoidance schemes.
Many people who were advised to utilise one or more of these schemes by their advisers may now be faced with massive bills from HMRC, way in excess of the tax they would have actually paid.
This is because HMRC are entitled to recover what the amount of tax would have been, had a tax avoidance scheme not been used, interest on that amount from the date the tax was due and they can also charge penalty payments. On top of this, the individual is faced with having lost the amount which they originally invested in the scheme.
Tax avoidance schemes have taken many forms over the years, but often involve the following:
- Creating artificial losses which are used to reduce tax, such as investing in film productions;
- Offshore companies or trusts;
- Complex arrangements involving the person’s own money being ‘loaned’ to them;
- Employee benefit trusts.
While some people went into such schemes fully understanding the risks, many people did not as their advisers simply portrayed these schemes as risk free, legal ways of reducing their tax bill. Often the advice was totally unsuitable for the individual as they could have reduced their tax liability using legitimate, government approved, tax reliefs.
Nevertheless, often these schemes paid large commissions to advisers who referred their clients to them and as a result some advisers may have failed to explain the risks to the clients.
Have you transferred out of your work pension scheme?
Transferring out of a final salary scheme was rarely good advice, yet many people were advised to do just that. DHMS Group specialise in assisting clients who have been given negligent advice on pensions and investments.
Defined benefit pension or final salary schemes are a very solid and dependable source of income for retirement, there has to be an extremely good reason for someone to want to transfer this into a riskier type of investment.
Getting the right sort of advice on this is very important indeed. If you feel that you weren’t given the right advice, please contact us.
People who worked in public sector or nationalised industries such as those listed below may have a defined benefit pension
- British Steel
- British Telecom
- Local Government
- Civil Service
- Armed Forces
- Emergency Services
As we are based in the North East and have experience of dealing with British Coal miners compensation claims, we also advise miners and their families on the transfer out of British Coal final salary pension schemes.
Were you asked about medical conditions prior to purchasing a pension annuity?
If not, you may be missing out on extra income and be entitled to a mis-sold annuity claim The Financial Conduct Authority has recently found that 80% of pensioners who purchased an annuity could have received a better pension income if they had been properly advised properly by the company they got their annuity from.
Pension Annuity Mis-selling background
When it comes to retirement, many people with private or company pensions will have cashed their pension pot in to buy an ‘annuity’. With annuities, in return for the money you had saved in the pension pot, the annuity provider will pay you an income for the rest of your life.
If you have suffered from certain medical conditions prior to your retirement, you are likely to have been entitled to an ‘enhanced annuity’. This takes into account your medical condition(s), and may have resulted in a 20% – 100% increase in your pension income. Annuity mis-selling has occurred when a person is not properly advised about their entitlement to an enhanced annuity.
Even those without medical conditions may be missing out. It is common to purchase an annuity from the company you have been saving with, not knowing that you could go to another provider. If your pension company did not make this clear to you, you may have a case for a mis-sold annuity.