Kynaston-Carnoustie Financial Consultancy Ltd: Mis-Selling Allegations
Understanding Pension Mis-Selling Risks
Recent concerns have emerged regarding potential pension transfer advice provided by Kynaston-Carnoustie Financial Consultancy Ltd. Many clients report being advised to move safeguarded final salary pensions into higher-risk SIPPs (Self-Invested Personal Pensions) without proper risk warnings. If you suspect you received unsuitable advice, a free pension consultation could clarify your position.
Risks of Final Salary Pension Transfers
Transferring away from defined benefit schemes often removes valuable guarantees:
- Loss of inflation-linked income increases
- Exposure to investment market volatility
- Potential reduction in survivor benefits
One affected client stated: “I was told my transfer would ‘unlock greater flexibility’, but nobody explained I’d lose £12,000/year in guaranteed income.”
Identifying Mis-Sold SIPPs
Common warning signs of unsuitable SIPP transfer UK advice include:
- Adviser downplayed the value of existing guarantees
- Performance projections appeared overly optimistic
- Fees weren’t fully disclosed or seemed excessive
Time limits apply to mis sold pension claims, making prompt verification essential. A professional claims review can assess your case’s merits.
Why Pension Transfers Sometimes Go Wrong
Common causes of bad financial advice compensation cases:
- Inadequate assessment of client risk tolerance
- Failure to properly compare transfer values against retained benefits
- Commission-driven recommendations
Compensation Pathways
If you’ve suffered losses from a final salary transfer mis sold SIPP claim, you may pursue:
- Direct complaints to the Financial Ombudsman Service
- Claims via the Financial Services Compensation Scheme (FSCS)
- Legal action against negligent advisers
Many firms offer no-win-no-fee assessment of potential claims.
Next Steps for Affected Individuals
If you suspect pension transfer compensation may be due:
- Gather all original advice documents
- Note specific concerns about the recommendation
- Seek independent evaluation of your case
Specialist claims handlers can often identify regulatory breaches or advice standard failures that untrained eyes might miss.