As a member of the professional negligence team at Jordans Solicitors, I have seen firsthand the devastating effects of poorly sold pensions. Many people are unaware that they may have been negligently advised to transfer their pension, resulting in significant financial losses. If you or a loved one have been affected by this, it's important to act quickly as there are strict deadlines for filing a claim. In this blog post, I will discuss the various avenues for filing a mis-sold pension claim, including the Financial Ombudsman Service (FOS), the Financial Services Compensation Plan (FSCS), and civil court lawsuits. It's crucial to understand the time limits and procedures involved in each option to ensure you receive the compensation you deserve.
The Standard Time Limit for Mis-sold Pension Claims
The standard time limit for filing a mis-sold pension claim is six years.This means that you must file your claim within six years from the date you received the negligent advice. However, this time limit can vary depending on the route you choose to pursue.
Filing a Claim Against Your Financial Advisor
If you believe that your financial advisor has given you inadequate advice resulting in financial loss, they have a duty to verify that the proposed investment is sound and suitable for you. To file a claim against your advisor, you must first establish their identity. This can be done by reviewing any documentation you received at the time of counseling or by requesting documentation from your current or former pension plan provider. At Jordans Solicitors, our experienced team can guide you through this process and help you recover the compensation you may be entitled to.The Financial Ombudsman Service (FOS)
The FOS is an independent public body that resolves disputes between consumers and companies that provide financial services.This route is suitable if your advisor is still authorized by the Financial Conduct Authority (FCA) or if their principal firm is still authorized by the FCA. If the advisor is no longer authorized, the FOS can still investigate your claim if the company is still in existence and has not entered into liquidation. Before submitting a complaint to the FOS, you must first send it in writing to the advisor or director in question. If they deny responsibility for your claim, you can refer the matter to the FOS. However, you must do so within six months from the date of their response.
The FOS also has stricter deadlines for filing a complaint - within six years from the date of receiving negligent advice or within three years from realizing that you had reason to file a complaint.
The Financial Services Compensation Plan (FSCS)
The FSCS is a government-backed scheme that provides compensation as a "last resort" for claims against advisors and directors who are no longer present. This means that if the company no longer exists or has entered into liquidation, the FSCS can compensate you for your losses. However, there are certain criteria that must be met for the FSCS to consider your claim. For example, if your advisor was never regulated, the FSCS will not investigate your complaint. Additionally, you must file your complaint within six years from receiving negligent advice or within three years from realizing that you had reason to file a complaint.Civil Court Lawsuits
If your loss exceeds the compensation limits payable by the FOS or FSCS, or if your advisor was never regulated, you may choose to file a civil lawsuit in court.However, strict time limits apply in these cases - you must file your claim within six years from receiving negligent advice or within three years from realizing that you had reason to file a complaint. Unlike the FOS and FSCS, the "15-year suspension" rule applies to civil court lawsuits. This means that if your claim is filed after 15 years from receiving negligent advice, it is likely to be considered out of date. However, there may be exceptional circumstances where this rule does not apply.
Seeking Legal Advice
Filing a mis-sold pension claim can be a complex and costly process, so it's important to seek legal advice before deciding on the best route for you. At Jordans Solicitors, we have a team of experts who can provide you with specialized legal advice and guide you through the process. If you believe you have a mis-sold pension claim or need more information on deadlines and the best way to proceed, contact our professional negligence department today.We have five branches located in Wakefield, Dewsbury, Horsforth, Selby, and Pontefract, making it convenient for you to seek our help.
