Financial Mis-selling is one of the most popular reasons for claims these past years. In fact, statistics reveal that in the United Kingdom alone, the number of mis sold pension claims doubled last year. But
Financial Mis-selling is one of the most popular reasons for claims these past years. In fact, statistics reveal that in the United Kingdom alone, the number of mis sold pension claims doubled last year. But what is mis-selling? If you have not heard about this yet, then you have come to the right place. This article will talk about everything that you need to know about financial mis-selling.
All About Financial Mis-Selling
When talking about financial mis-selling, this is basically instances where you were given unhelpful advice where risks were not thoroughly explained to you. Sometimes, important information was not provided for you to be able to make an informed decision about products and services that are being offered to you. In the end, you have taken a financial product that was not what you really needed or was unsuitable for you.
According to The Telegraph, one in every four pensioners who got a private pension received lower incomes than what they were initially entitled to. As a result, pensioners have lost their money because they were offered and provided with the wrong annuity. This is the product that will convert the money that you have saved up and turn it into an income that you will get monthly or yearly. So it is like you still have a monthly or yearly salary even if you are already retired.
For pensioners who have health conditions such as diabetes, high blood pressure, or if they smoke, they should be offered an enhanced annuity. This means that if you have poor health while taking our your annuity, you should be offered more money.
Mis-Sold Pension Claims
Instances where you are sold annuities without verifying your health condition, or if you were not informed that you can get more money because of your health, then you can file a claim compensation for that. In order to make a claim, you need to provide your medical evidence so that you can prove that you are indeed in poor health at the time when you were offered and purchased the product.
If you think that you have been mis-sold of your pension annuity, then you should get in touch with your pension provider as soon as possible. If your claim is because of a medical condition that you already had at the time that you purchased the product, then you should have the following:
- Medical evidence to prove that you have had the condition since the time that you signed the documents for the offered pension.
- Evidence showing that your health was not taken into account during the time that you took out the annuity.
- More evidence to show if you were not informed that individuals with medical conditions would receive a higher annuity.
Processing a claim for compensation is not easy, but if you work with the right person or company, this would not be that difficult for you. This is why you need to make sure that you entrust your case with Pension Justice. They are one of the most trusted names in this field, especially in the UK.