Mis-Sold Annuities

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Practice

Mis-selling of annuities can have profound financial repercussions, leaving individuals with unexpected challenges in their retirement plans. 

At Mendelsons Solicitors, we specialise in navigating the complexities of mis-sold annuities, providing expert legal support to those seeking financial redress. Our commitment to a No Win, No Fee structure ensures accessibility to justice without the burden of upfront costs.

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Understanding Mis-Sold Annuities

An annuity is a financial product designed to provide a regular income stream for individuals during their retirement years. However, instances of mis-selling arise when individuals are misled or not provided with sufficient information regarding the implications and alternatives associated with annuity products.

Common Mis-Selling Scenarios

Inadequate Information

Individuals not adequately informed about the features, risks, and alternatives of annuities.

Failure to Explore Options

Advisers neglecting to explore alternative retirement income options that may better suit the individual's needs.

Health Considerations Ignored

Failure to consider the individual's health and lifestyle, which could impact the choice of annuity.

Pressure Selling

Instances where individuals felt pressured into purchasing an annuity without proper consideration.

How Mendelsons Solicitors Can Help

  • 1

    No Win, No Fee Commitment

    At Mendelsons, we understand the financial strain mis-selling can cause. Our No Win, No Fee commitment means you only pay legal fees if we succeed in obtaining compensation for you. This ensures that pursuing justice doesn't add to your financial burden.

  • 2

    Expert Legal Advice

    Our team of experienced solicitors specialises in financial mis-selling cases, including mis-sold annuities. We provide expert advice tailored to the specifics of your situation, guiding you through the legal process with clarity and professionalism.

  • 3

    Thorough Case Assessment

    We undertake a meticulous review of your case, analysing the circumstances surrounding the annuity sale. This includes examining the advice given, the information provided, and whether alternative options were appropriately explored.

  • 4

    Negotiation and Settlement

    Our goal is to secure a fair and just settlement for our clients. We engage in negotiations with the relevant parties to reach an agreement that compensates you for the financial loss and inconvenience caused by the mis-sold annuity.

  • 5

    Court Representation if Necessary

    If negotiations prove unsuccessful, we are prepared to represent your case in court. Our solicitors have the expertise to present a compelling argument, ensuring your voice is heard and your rights are protected.

The Impact of Mis-Sold Annuities

Financial Consequences

Individuals may face reduced income in retirement, impacting their quality of life.

Emotional Distress

The stress and anxiety associated with financial uncertainty during retirement can have significant emotional consequences.

Trust Erosion

Mis-selling erodes trust in financial institutions and advisers, causing individuals to question the integrity of the financial advice industry.

The Mendelsons Approach

Our approach is centred on empowering clients to reclaim control over their financial well-being. By holding those responsible for mis-selling accountable, we strive to secure fair compensation that allows individuals to rebuild their retirement plans with confidence.

If you believe you have been a victim of mis-sold annuities, Mendelsons Solicitors is here to assist.

Our experienced team, coupled with our No Win, No Fee commitment, ensures that pursuing justice is both accessible and effective. Contact us today for a confidential consultation and take the first step toward reclaiming your financial security.

Case studies

Case 1

Mr X has a pension fund of £100k and is sold an annuity which provides £4,000 each year. Had it been noted that he is a lifelong smoker and suffers from high blood pressure, he could have taken a different annuity and received £8,000 per year if this had been taken into account. Over a 10 year period, Mr X has lost the income of £40,000.

Case 2

Mr Y has a pension fund of £75k and is sold an annuity directly by his pension provider. This provides an income of £3000 per year. He was not informed of his right to go to the open market for a better rate of income. He could have obtained an income of £4000 per year had he gone elsewhere. Over a 15 year period, Mr Y will lose £15,000 of income.

Case 3

Mrs Z has to take daily medication for a diabetic condition. Her annuity provider did not ask her anything about her medical conditions and this gives her an income of £300 per month for her pension fund of £75k. Mrs Z could have obtained an income of £450 per month if her medical history had been taken into account. She is £150 per month worse off as a result and in 10 years would lose the total income of £18,000.

Important Things You Should Know

Questions And Answers

What Is Your Success Rate?

Once we have accepted a case, we have a success rate over 90%.

I Think I've Been Mis-Sold A SIPP, What Can I Do?

Please give us a call for a no obligation chat about how we can help. We here at Mendelsons are specialists at securing compensation for clients who have been mis-sold a Self-Invested Personal Pension in place of an Occupational Pension.

Who Can I Claim Against?

Please see our Claims section for a list of companies Mendelsons has had success against. Feel free to give us a call with any questions.

How Can I Contact You?

You can call us on 0161 492 0000 or feel free to drop by the office at 52 Bury New Road, Prestwich.

Do I Have To Pay Anything Up Front?

We operate under a No Win, No Fee basis, so nothing is paid until we get your desired result.

What About Claims Not Listed?

If you feel you have a case, please give us a ring for a no obligation conversation.

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