Mis-Sold Annuities

As with all financial products, not all annuities are created equal. The best annuity for an individual depends on their unique circumstances. For example, if a retiree has a certain health condition that may impact their life expectancy, a reputable financial advisor will take this into account, and recommend a suitable product.

In the past, this didn’t always happen. In 2015, the government announced that retired people would have more freedom with their pensions. This meant that many individuals opted for an annuity that negatively impacted their financial situation in the long-term. The result? Hundreds of retirees out of pocket, due to their product being mis-sold to them.

Can I claim compensation for Annuity mis-selling?

Experts predict that annuities will be the next major mis-selling scandal. If you weren’t presented with a full range of products, or your annuity didn’t have the option to include a spouse, this suggests that you might have received inadequate financial advice. The same applies if your adviser failed to ask for details about any existing health conditions. If you suspect you’re a victim of mis-selling, you may be eligible to make a claim.

Here are some examples of situations where you might have been mis-sold an annuity:

  • Your adviser failed to present you with a range of options. While it’s acceptable for a financial expert to offer an opinion on what product is best for you, it’s not okay for them to fail to outline the other options available
  • Your adviser didn’t find out about your health. Your health has a direct impact on how long your life expectancy is. If your adviser doesn’t take this into account, you could end up with an annuity that pays out less each month than you should be receiving
  • You felt coerced into investing in a particular product. At no point should you feel pressurised to commit to an option that you don’t fully understand, or that you’re unsure about
  • The hidden fees weren’t explained properly. All financial products come with fees. It’s vital that your adviser makes you aware of all the charges before you select an annuity

Claiming on a mis-sold annuity

At AMK Legal we have many years’ experience assisting clients who have been mis-sold financial products. As such, we are experts in the financial field and perfectly positioned to handle your annuity mis-selling claim.

Our top priority is customer care, and we’re dedicated to getting the best possible outcome for all our customers.

What’s the next step?

If you would like more information about how we can help you to reclaim some of your investment from a mis-sold annuity, or to simply talk through your situation, call our friendly team of experts on 01204 565331 or email enquiries@amklegal.co.uk. Alternatively, you can request a call back below and we’ll get back to you straight away.

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