Help for victims of financial mis-selling
UK regulators have compensation packages
People who suffered losses after transferring a UK pension abroad could win compensation on a ‘no win, no fee’ basis as specialists offer victims a lifeline.
PEOPLE who suffered losses after transferring a UK pension abroad could win compensation on a ‘no win, no fee’ basis as specialists offer victims a lifeline.
According to official figures from the HMRC, more than 120,000 expats took advantage of QROPs – some 20,000 are thought to live in Spain - and 50,000 transferred SIPPs after legislation was eased.
However, retired people have fallen victim to mis-selling and have lost all or part of their pension pot and face an uncertain future.
Ed Birkbeck is a partner in Expat Investment Claims, a specialist in international pension transfer compensation claims - an arm of Legal Force – looking to help expats in Spain.
“Unfortunately here there are retired couples who have no chance of making their money back; there have been people who are suicidal and others who have been forced to return to the UK,” he said.
“Many people were mis-sold pension transfers and investments and as a result they have lost all or part of their money.”
He said the company offered help on how to make a compensation claim to help recoup financial losses – investigating whether people received bad advice; invested in illiquid funds; high risk structured notes; or ‘alternative’ investments 'that now have little or no value'.
Visiting Jávea last week, he said the company looked to use existing regulators to make claims for compensation – the Financial Services Compensation Scheme can pay out up to £50,000 and the Financial Ombudsman up to £150,000.
Responsible
The move follows UK based pension providers not doing 'due diligence' on underlying investments and the courts have said they were responsible for losses.
“That’s opened the floodgates. Some investment trust companies have been in denial over their role,” said Mr Birkbeck.
He said Expat Investment Claims was open for business and there was already proven success following the regulatory route rather than entering a lengthy and unpredictable court battle.
“It is difficult to convince the financial world there is a problem. They have tried to put their head in the sand...why? I don’t know,” he said.
“The authorities could be seen to help, yes, the pension is gone but people can get some back and this is the way.”
He said there were a number of specialist companies offering help in the UK – similar the PPI claims. “I cannot believe there are no other companies doing this with expats, back in the UK you listen to the radio, watch television and read newspapers and it is advertised all the time.
“In the international market, we are the only people doing what we do, there are a number of class action cases but what we do in the expat world with the regulators is unique.”
Expat Investment Claims can be called on 0044 333 011 6057, or by email to info@expatinvestmentclaims.com.
There is also a website www.expatinvestmentclaims. com.