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Mis-selling of Pensions
The Securities and Investments Board (SIB) announced on 25 October 1994 details of redress for people suffering material loss as a result of bad investment advice which led them to forego occupational pension scheme membership, in favour of retirement annuity contracts, personal pension schemes or buy-out contracts. The relevant transactions are those based on advice given between 29 April 1988 (the date on which the main provisions of the Financial Services Act 1986 came into force) and 30 June 1994 inclusive. (New regulatory safeguards took effect on 1 July 1994).
The aim of the accepted remedies in the SIB review guidelines is to put people in a financial position equivalent or as close as possible to, that in which they would have been had the bad investment advice not been given.
Reinstatement of NHS members who were mis-sold personal pensions is nearing completion. However if you feel that you were mis-sold a pension instead of being a member of the NHS Scheme, and this has not been addressed you should contact the relevant pension providers and ask them to contact The Agency confirming what action they are willing to take in this matter.