Was My Pension Review Mis-Selling? Warning Signs and How to Claim
Nadeem Pervazis a solicitor at Edward & Amaury Solicitors, a law firm authorised and regulated by the Solicitors Regulation Authority. Content is reviewed for legal accuracy and compliance with FCA guidance and SRA conduct standards.
TL;DR — Quick Summary
- ▸Many pension mis-selling claims arose from "free pension review" services that led to unsuitable SIPP transfers.
- ▸The reviews were typically marketing tools — the money was made by advisers who received commission on the subsequent pension transfer.
- ▸If the transfer recommendation was unsuitable, you may have a claim — regardless of whether the review was described as "free".
- ▸Not having complained at the time does not prevent a claim now.
- ▸Time limits apply but may run from when you first knew or should have known about the mis-selling.
Thousands of people in the UK were approached for a "free pension review" — by cold call, text, or online — and went on to transfer their pension into a SIPP based on the advice that followed. In many cases, that advice was unsuitable. If this happened to you and your pension has suffered losses, you may be able to claim compensation.
Quick Answer
If a free pension review led to a recommendation to transfer into a SIPP, and that advice was unsuitable for your circumstances, you may have a significant claim — even if you agreed to the transfer, even if you signed a suitability report, and even if it was years ago.
How Pension Review Mis-Selling Worked
The typical pattern of pension review mis-selling involved the following steps:
- Unsolicited contact — a cold call, text, or comparison website lead generation asked if you would like a free pension review.
- Introduction to an adviser — an unregulated introducer passed you to a regulated financial adviser, earning a referral fee.
- The review — a brief "review" of your pension, often emphasising that your current fund was "underperforming" or that better returns were available elsewhere.
- Transfer recommendation — the adviser recommended transferring your pension into a SIPP. The adviser received a commission on the transfer.
- SIPP investment — the SIPP was invested in high-risk, often unregulated assets — storage pods, overseas property, land banking, green energy, hotel rooms.
- Loss — the investment failed or significantly underperformed, and the pension is now worth far less than what was transferred in.
Commission Conflicts Were Central
In many cases, the reason unsuitable transfers were recommended was simple: the adviser received significant commission for recommending the transfer and the SIPP investment. The free pension review was the entry point — but commission drove the advice. The FCA has identified commission-driven pension transfer advice as a major area of consumer harm.
Warning Signs Your Pension Review Led to Mis-Selling
Does Signing a Suitability Report Mean I Cannot Claim?
No. Having signed a suitability report — even one that said the transfer was suitable for you — does not prevent a claim. Suitability reports can be inaccurate. The FCA's test is whether the advice was objectively suitable given your actual circumstances, not whether you signed a document saying it was. If the suitability report did not accurately reflect your risk appetite, financial position, or the risks involved, it may itself be evidence of unsuitable advice. See our guide to suitability reports.