FTAdviser has reported that Payment Protection Insurance (PPI) claimants may be getting tricked into transferring their pension plans away from their current advisers.
Compliance experts Bankhall have been made aware that there have been instances that when consumers are signing papers to progress a PPI claim through a claims management firm, the firm has also obtained authority to switch servicing rights relating to the consumer’s pension plans.
The clients had not intended to complain about their pension plans or transfer them, but unwittingly signed authorities and transfer documents.
Don’t forget if you have a claim against a PPI provider, you do not have to pay or split the compensation with a claims firm – this can be done for free by yourself and will achieve exactly the same outcome.
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