The value of their investment fell by almost 50%. We acted on their behalf and secured £50,000 compensation
Mr and Mrs S held pension funds with a major provider worth a combined total of approximately £44,000. A financial adviser told them that a better rate of return could be achieved elsewhere and persuaded them to transfer the full amount to a fund which invested in commercial property.
This fund was in fact an unregulated investment and accordingly exposed Mr & Mrs S to a high level of risk. They were not informed of this prior to the transfer and would not have agreed to the transfer had they been made fully aware of the risks involved beforehand. They could not afford to suffer losses on their pension funds as they were dependent upon this money to fund their future retirement.
The value of their investment fell by almost 50% and they approached us for advice. We acted on their behalf and pursued a claim to recover their financial losses. We settled the matter and they received compensation totalling £30,000.