Kingsland Financial Management & Aspen Financial Planning: Mis-Sold Pension Advice?
TL;DR – The Essentials
Were you advised to transfer out of a secure final salary pension into a high-risk SIPP? Thousands of UK savers received poor advice from firms like Kingsland Financial Management and Aspen Financial Planning. If you suffered financial losses, you may be eligible for mis sold pension compensation. Act now—strict time limits apply. A free pension consultation could help you recover what you’ve lost.
What Did Kingsland Financial Management and Aspen Financial Planning Do?
Both Kingsland Financial Management and Aspen Financial Planning have come under scrutiny for advising clients to transfer final salary pensions and other workplace schemes into Self-Invested Personal Pensions (SIPPs). While SIPPs can be suitable for experienced investors, they are not appropriate for the average saver without expert investment knowledge.
Many clients were encouraged to move from safe, guaranteed pensions into volatile investments—often without fully understanding the risks. These actions have triggered a wave of mis sold pension claims.
Understanding Final Salary Pension Transfers
Defined Benefit (DB) pensions—also known as final salary or career average schemes—are among the most secure retirement options available in the UK. They offer:
- Guaranteed income for life
- Inflation-linked increases
- Spouse and dependent benefits
Transferring out of a DB pension can result in:
- Loss of guaranteed income and inflation protection
- Exposure to unpredictable markets through SIPP transfers UK
- High fees (sometimes up to 7%) and costly advice charges
The Financial Conduct Authority (FCA) has stated that nearly half of DB pension transfer recommendations are unsuitable. Many firms—including Kingsland and Aspen—were part of this widespread mis-selling problem.
Was Your SIPP Mis-Sold?
While SIPPs themselves are legal, they were frequently recommended inappropriately. Signs that your SIPP may have been mis sold include:
- Being pushed to transfer without a full explanation of the risks
- Unrealistic promises of high investment returns (e.g. 10–12% annually)
- Investments in high-risk or unregulated assets (e.g., storage pods, overseas property, forestry, green energy)
“My adviser at Aspen Financial Planning claimed my SIPP would grow 12% yearly. After 3 years, it lost 40% of its value.” – James R., Leeds
If this sounds familiar, it’s time to explore a pension mis-selling compensation claim.
Common Signs of Bad Financial Advice
Not sure if your advice qualifies as mis-selling? Here are major red flags:
- No proper comparison between your old and new pension
- Your risk appetite (especially if cautious) wasn’t considered
- You were advised on AVCs (Additional Voluntary Contributions) without understanding the downsides
- High or hidden commission structures that weren’t explained
If any of these apply, you may be entitled to bad financial advice compensation.
How to Start a Pension Mis-Selling Claim
Compensation for mis sold pensions is available through various routes:
- Financial Ombudsman Service (FOS): Ideal if the advice firm is still trading
- Financial Services Compensation Scheme (FSCS): For claims against failed firms
- Legal action: Particularly if third-party introducers or unregulated investments were involved
Before starting your claim, gather as much documentation as possible, including:
- Transfer recommendation letters and suitability reports
- Investment summaries and SIPP statements
- Communications with your adviser
You don’t need to go it alone. Many firms offer a no-win-no-fee pension review to assess your case at no cost.
Why You Must Act Quickly
The Financial Services Compensation Scheme (FSCS) has already paid out over £500 million in pension-related claims since 2016. But these claims are time-sensitive:
- Most claims must be submitted within 6 years of the transfer date
- Or 3 years from when you first became aware of a problem
It’s common for people to act in the final year of eligibility—don’t leave it too late. Over 60% of successful claims are submitted within the last 12 months of the deadline.
Why So Many Claims Are Being Approved
Courts, ombudsmen, and the FSCS are increasingly siding with victims of bad advice because:
- Advisers failed to demonstrate why transfers were in the client’s best interest
- Compliance paperwork is often incomplete or flawed
- Many firms were motivated by commission, not customer outcomes
Even if your adviser seemed trustworthy, you could still have a valid claim. A second opinion from a claims specialist can make all the difference.
Next Steps – Book Your Free Consultation
If you suspect you’ve been mis-sold a pension transfer by Kingsland Financial Management, Aspen Financial Planning, or any other firm—take action now.
A free, no-obligation consultation can assess your case. There’s no upfront cost, and many claims are handled on a no win no fee basis.
Reclaim your peace of mind and recover what’s rightfully yours before it’s too late.
Quick Checklist: Are You Eligible?
- Did you transfer out of a final salary or workplace pension?
- Was the advice given by Kingsland or Aspen (or similar firm)?
- Have your investments lost value or failed to perform as promised?
- Were you unaware of risks or fees at the time of the transfer?
If you answered “yes” to any of the above, you may have a strong case for mis sold SIPP pension compensation.