Build Your Wealth Ltd and Mis-Sold Pensions: What Clients Should Know
Understanding Pension Mis-Selling
Many UK investors who received advice from Build Your Wealth Ltd or similar firms may have been wrongly advised to transfer pension benefits into high-risk or unsuitable schemes. Common cases involve final salary transfer recommendations or SIPP transfer UK arrangements that didn’t match clients’ risk profiles.
If you suspect you received poor guidance, a free pension consultation could clarify whether you have grounds for mis sold pension claims.
Risks of Final Salary Pension Transfers
Defined benefit (final salary) pensions offer guaranteed income, yet some advisers aggressively promoted transfers:
- Projected growth rates that were unrealistically high
- Failure to explain the loss of safeguarded benefits
- Pressure to move funds into complex, high-fee investments
One affected client shared: “The adviser dismissed my concerns about losing guaranteed annuity rates. Now my private pension value has dropped 30% while fees keep draining it.”
Identifying Mis-Sold SIPPs
Self-Invested Personal Pensions (SIPPs) are legitimate but were sometimes misused. Warning signs include:
- Transfers into unregulated investments like overseas property or forestry
- Advisers receiving hidden commissions from SIPP providers
- No clear explanation of the pension transfer risks
Time Limits for Claims
UK regulations allow six years from the transfer date or three years from when you first realized the advice might have been flawed to file bad pension advice claim cases. The Financial Ombudsman Service may extend deadlines in exceptional circumstances.
Compensation Pathways
If Build Your Wealth Ltd provided negligent SIPP transfer UK advice, you may recover losses through:
- Direct complaints to the advising firm
- Financial Ombudsman Service intervention
- Financial Services Compensation Scheme (FSCS) claims if the firm collapsed
Many claimants secure compensation through a professional claims review without upfront costs.
Next Steps for Affected Investors
Gather all paperwork related to your mis sold private pension, including:
- Transfer recommendation reports
- Key Features Illustrations
- Current pension statements showing performance
Consider a no-win-no-fee assessment to evaluate your case strength before proceeding with formal complaints.