Was Your New Look Group Pension Mis-Sold? – Compensation Claims Specialists

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New Look Group Mis Sold Pension Claims Guide – How Much Compensation Can I Claim If My New Look Group Pension Was Mis Sold?

This page contains a guide to making a mis-sold New Look Group pension claim. However, first of all, it is important to note that it will not be the New Look Group that you make your financial mis-selling claims against. It will be made against the pension advisor or financial advisor that provided incorrect advice or not enough information for you to be able to make a fully informed decision which has ultimately caused you to lose out financially.

Every claim has its own unique aspects, and even though we have tried to give all of the general information that you need to know in this single guide, you may have questions that are related purely to your own claim. if this is so, we can give you the answers you need, if you speak to a member of our team on 0800 073 8804.

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A Guide To Compensation Claims For Mis-Sold New Look Store Pensions

Arcadia Group mis-sold pension claims guideWithin this guide to making a mis-sold New Look pension claim, you are going to learn all you need to know about why you could be eligible to make a claim for pension mis-selling, and how to proceed with such a claim.

We begin by laying some groundwork, and explaining some things you need to know. This includes an overview of what a workplace pension is, and why you must be fueled with all the correct information before you think about transferring your company pension to a pension product as this is where the mis selling could take place. We explain what financial mis-selling is, and also what the difference is between a pension and an annuity.

The next part of this guide looks at financial mis-selling and the shapes it can take. We cover mis-sold annuities, mis-sold SIPP, and how bad financial advice, in general, could lead to financial mis-selling. We give a list of indicators that could hint at your pension or annuity being mis-sold and also a simple checklist that you can use to discern whether financial mis-selling took place in your own case. Finally, in this section, we go over the situation related to dependants who have inherited a pension that was negatively affected by financial mis-selling at some stage.

The last part of this guide contains information related to the claim and the claims process. We have provided a list of the largest financial companies in the UK that offer financial advice. We have also published some compelling statistics that show the increase in mis-sold pensions. You are also going to find a table, that shows the possible range of compensation that you may be able to claim. Finally, we explain how to get started with your claim, and also introduce our national claims service. This claims service is an effective way for you to get the compensation you are eligible for, through No Win No Free agreements. If you have any questions about the process of making a claim, or your own claim in general, please use the telephone number down at the bottom of this page to speak to one of our claim advisors. They can explain how we can be of help, and give you the answers that you need.

Workplace Pensions Explained

One of the primary New Look employee benefits, the New Look employee perks that attract people to the company, alongside New Look staff discount, is the company’s pension scheme. A company pension scheme such as this, especially for people that have paid into it for many years, is generally not going to be easily replaced by a better performing pension. If people are tempted to transfer their company pension to a different pension fund and product, it is strongly advised that they receive all the correct information before doing so, to ensure that it will perform better than the workplace pension would have done. If the pension transfer happens from a company pension to a private pension or pension product and the person is affected negatively by this as they were given either bad information when transferring or not enough information then it maybe classed as mis selling.

What Is Pension Mis-Selling Or Financial Mis-Selling?

Pension mis selling or financial mis-selling in general, could in effect take place when a person is in a position of financial selling. If a financial advisor does not advise the person correctly the way they are supposed to under financial regulations and the person is affected negatively in financial terms it maybe classed as mis selling. New regulations were introduced in 2008, that set forth very stringent guidelines on the way that financial products such as an annuity or pension must be sold, and also the way that financial advisors must communicate with their clients, in a fully transparent manner. When these rules and regulations are not complied with, and this leads to a client suffering some form of financial loss, it could be possible for them to make a financial mis selling claim.

Pension Annuity Schemes Explained

Not every case of financial mis-selling relates to a mis sold pension. Some relate to mis sold annuities. An annuity, even though it shares the function of providing a long-term income with a pension, is a different kind of product. A pension grows over many years, due to the pension holder making regular, small contributions each month. An annuity doesn’t work like this at all. It is purchased through a one-time lump sum payment. The attraction for many people, is that they can cash in their workplace pension just before retirement, receive a significant lump sum in cash tax free, and then use the remainder of the funds to purchase an annuity. However, if they are sold the wrong annuity product, this could leave them out of pocket in their retirement. If this is the case, and they were not informed of the damage that the transaction could do to their retirement funds, they could be able to make a mis selling claim.

When Has A Pension Annuity Been Mis-Sold?

We could say that, in general, mis sold pension claims could be made if a person receives bad financial advice when transferring or investing their pension (either erroneously or due to being given misinformation during the sales process), and this results in them making a decision that has a negative impact upon their finances. The decision may take many years to prove to have been bad. However, as long as the decision was made after 2008 (when regulations changed), if it can be proven that they were the victim of financial mis-selling in some way, they could be able to make a claim.

When May A SIPP Pension Have Been Mis-Sold?

It is possible to make claims for mis sold SIPPs. SIPP is an acronym for Self-Invested Pension Plan. For some people, such as the self-employed, a SIPP can be a good choice. However, for people who have contributed to a workplace pension for many years, transferring such a company  pension to a SIPP must be well thought out so that they are satisfied the return will be better and also secure. If you are encouraged to move away from a good workplace pension scheme into a SIPP or similar financial product, and this new product performs worse than the workplace pension, even if it takes many years for this to become apparent, then you could possibly be able to make a claim.

Was I Provided With Wrong Financial Advice?

People make major financial decisions related to long-term investments such what to do with a pension, based on the advice of financial advisors. There are rules relating to the way that financial advisors must deal with clients. They must, at all times, offer the best advice possible, even if this results in them not being able to make a sale. Of course, in some cases, clients are given incorrect advice that harms them financially. If this happens, then financial mis-selling solicitors could be able to make a claim for the client.

Has My Pension Or Annuity Been Mis-Sold To Me?

There are a number of indications that you may have been the victim of financial mis-selling, and have a valid cause to make mis sold pension claims. These could include:

  • The fees and charges applied when purchasing the annuity or pension were not fully disclosed.
  • Your advisor turned out to be somewhat inexperienced and failed to tell you this which caused you to make bad decisions and this affected you financially,
  • The IFA encouraged you to move your pension away from a stable work scheme, and transfer into a different annuity or pension instead which performed badly.
  • Nobody explained the T&C to you properly.
  • The level of risk associated with your annuity/pension was not made apparent to you.

For you to be eligible to make a claim it must be proven that you have lost out financially. If any of these rings true to you, then it could be that a financial decision you have made was made erroneously, due to some form of financial mis-selling.

Quick Pension Mis-Selling Checklist

If you think that you may have been the unfortunate victim of a mis sold pension, or a mis sold pension transfer, then this checklist below will be able to help you confirm this:

  • You transferred your current workplace pension into a Self-Invested Personal Pension (SIPP) without knowing the risks.
  • Your financial advisor encouraged you to transfer your pension out of your company pension, into a private pension that performed worse than the workplace pension.
  • The financial advisor applied unnecessary pressure to make you make a quick decision, not allowing you to think things through, and did not allow you enough time to consider your choices in full.
  • The financial advisor didn’t ask you about a current medical condition that you were suffering from, at the time you purchased your new pension or annuity.
  • The financial advisor did not tell you that there might be alternative pension or annuity products, that could well perform better than the ones they were offering.
  • The financial advisor didn’t ask you about your lifestyle and your habits, such as whether you smoke or drink, before you purchased your pension or annuity.
  • The investment your pension or annuity is based on, involves very risky markets such as carbon credits, property syndication, etc.

Any of these situations could be valid grounds to make a claim, if you have lost out financially. If it can be proven that you were not given the right information and you suffered financially, then you could be able to make a claim.

Claiming For A Mis-Sold Pension Which Belonged To Someone Else

When a pension holder dies, and a spouse, partner or child inherits the pension, then if it subsequently comes to light that the pension has been affected by mis-selling in some way, having a negative impact upon its performance, then it could be possible for the dependent to make a claim for pension compensation.

For example, if the original pension holder was enrolled in a workplace pension, and was talked into transferring that pension into a SIPP prior to their death. If the SIPP performs badly, worse than the original pension fund, then this will have a detrimental effect on the value of the pension when a dependant inherits it. In this case, it could be possible for the dependant to make a mis sold pension transfer claim.

Mis-Sold Pension IFA’s

There is a process that must be followed if you believe that you have suffered financially due to financial mis-selling. This process starts by making a formal complaint to the party which was responsible for the mis-selling. You will have to send a mis sold pension letter, as a complaint. This can be done quite easily using a mis sold pension letter template which can be found online. If the complaint is refuted or ignored, you will then need to move on to making a full claim.

Below is some companies that offer financial advice:

  • Alderley Asset Management
  • MY IFA Friend
  • Grainger & Co Financial Services
  • Active Wealth (UK)
  • Blue Infinitas
  • 1 Stop Financial Services
  • Carter Henderson Associates Limited
  • Consumer Wealth
  • Douglas Baillie Limited
  • Foreman Financial Services
  • C3 Financial Services Limited formerly Foyle & Lagan Limited

Companies that offer pension schemes;

  • Greyfriars Asset Management LLP
  • Strand Capital
  • Beaufort Securities
  • Fast Pensions
  • Guinness Mahon
  • The Lifetime SIPP Company

Investment Schemes:

  • London Capital & Finance

Investment IFA’s:

  • Surge Financial
  • JNF Capital Limited

If you have already made a complaint and received a negative response, or need advice on how best to make a complaint, we can help. Please use the number below to get in touch with our claims team. They will be able to assist you further.

Statistics – Mis-Selling Of Pensions In The UK

There is currently, something of a pension mis selling scandal in effect. The number of occurrences of financial mis-selling since new regulation was introduced in 2008, is estimated to be very high. The statistics below seem to confirm this:

  • In 2016, around £20 million in compensation was paid for pension claims.
  • It is estimated that there is approximately £40 billion worth of possible claims in existence.
  • Since 2016, the number of pension claims being made has almost doubled.
  • In 2017, around £37.5 million in compensation was paid for pension claims.
  • In 2018, around £40 million in compensation was paid for pension claims.

These claims are all related to occurrences of financial mis-selling that happened after regulations changed in July of 2008.

All of this data was provided by choose.

Mis-Sold Pension Compensation Calculator

It is hard to come up with an average value for mis sold pension compensation. Each claim has its own unique circumstances. However, this table below, does give an indication of the typical range of compensation claimants receive.

Value of the Pension or AnnuityPotential Level of Compensation
Small to mediumCan range from £30,000 to £50,000 based on specific circumstances.
Medium to largeCan range from £50,000 to £150,000 based on specific circumstances.
LargeRanging up to £150,000 and could possibly be more in certain cases.

If you would like to receive a more accurate estimate of how much your claim could be worth, we recommend that you speak to one of our claim advisors on the number below. They will be able to tell you how much you could be able to claim, based on the circumstances of your own case.

No Win No Fee Mis-Sold Pension Compensation Claims

By using a No Win No Fee claims service to have your mis-sold pension or annuity claim processed, you will be able to get help from an experienced team of solicitors without needing funds to start your claim. When we start working on your claim, we don’t charge anything at all. We also don’t levy a charge during the time we are processing your claim for you, and this part of the process could take many months in extreme cases. If we don’t secure you any compensation, then we still don’t charge a fee. We will only take a fee when we have received a compensation payment for you. We then take our fee automatically from the money we have received for you, and then we will send you what is left. You don’t pay any fee to us at all until such time as you have received some compensation. You can speak to our team of claim advisors on the number below, for additional information on how this claim service works, and how we can help you to get the compensation that you are entitled to.

I Think My Pension Was Mis-Sold To Me, What Should I Do?

If you think that you have been mis-sold a pension or annuity, there is a formal process you must follow. As long as the mis-selling took place after July 2008, and you have actually suffered financial loss because of it, then you must first send a letter of complaint to the financial firm responsible. In some cases, the complaint will be accepted straight away, and you will be offered some form of remuneration (although possibly not as much as you would receive if you made a full claim). In other cases, the complaint might be refuted. Either way, the best advice would be to contact a solicitor once you have received a reply to the complaint, to learn the best way to maximise any compensation you could receive.

Contact Us

Have you suffered financially due to being mis-sold an annuity or pension? Do you believe that you could have valid grounds to pursue a compensation claim? If so, speak to a member of our claims team on 0800 073 8804. They will be able to evaluate your claim, inform you of the likelihood of achieving a successful outcome, and tell you how we can be of help.

Resources For Financial Mis-Selling Victims

These external links could have useful information:

UK Government information about making a pension claim

The FCA website

Check out these other guides on our site:

How to make pension claims

Making a PPI claim

By Mac Edited By Melissa.

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