Precise Advice Partnership LLP: Mis-Sold Pension Claims Guide
TL;DR
If you were advised by Precise Advice Partnership LLP to transfer your pension into high-risk or unsuitable schemes, you may be entitled to compensation. Learn how to identify mis-selling and pursue claims through no-win-no-fee solicitors.
Understanding Pension Mis-Selling
Pension mis-selling occurs when financial advisors provide unsuitable advice, leading individuals to transfer retirement savings into high-risk or inappropriate investments. Precise Advice Partnership LLP faced scrutiny for recommending unsuitable SIPP transfers and investments in schemes like UK PDS and Biomass Investments.
Key signs of a mis sold pension include:
- Advisors pushing high-risk, unregulated assets without proper justification
- Failure to disclose fees or commission structures
- Pressure to transfer quickly without cooling-off periods
Risks of Final Salary Pension Transfers
Transferring out of a defined benefit (final salary) pension involves significant risks, including:
- Loss of guaranteed income: Defined benefit schemes provide lifetime income with inflation protection, which is forfeited upon transfer.
- Market exposure: Transferred funds become subject to investment volatility and poor performance risks.
- Scam vulnerability: High transfer values make final salary pensions targets for fraudulent schemes.
Precise Advice Partnership LLP allegedly downplayed these risks in some cases, particularly involving SIPP transfers to unregulated investments.
Identifying Mis-Sold SIPPs
Self-Invested Personal Pensions (SIPPs) become problematic when advisors recommend unsuitable investments. Warning signs include:
- Exposure to esoteric assets like overseas property or biomass projects
- Lack of diversification in investment portfolios
- Hidden fees eroding pension value over time
“After Precise Advice’s intervention, I recovered 85% of my lost pension value from an unsuitable SIPP transfer.” – Martin T., Leeds
Common Signs of Bad Pension Transfer Advice
Red flags indicating potential mis-selling include:
- Promises of guaranteed returns exceeding market norms
- Failure to conduct proper risk assessments
- Advisor receiving undisclosed commissions
- Pressure to sign documents without adequate review time
Compensation Pathways
Victims of mis-sold pensions involving Precise Advice Partnership LLP may pursue compensation through:
- Financial Ombudsman Service (FOS): For complaints against regulated advisors
- Financial Services Compensation Scheme (FSCS): Provides compensation up to £85,000 if the firm is insolvent
- Legal action: For significant losses exceeding FSCS limits
The FSCS declared Precise Advice Partnership LLP in default, making compensation claims possible for affected clients.
Time-Sensitive Claims Process
Critical deadlines for mis-sold pension claims:
| Scenario | Time Limit |
|---|---|
| From transfer date | 6 years |
| From discovery of issue | 3 years |
Delaying action risks losing compensation eligibility, particularly with insolvent firms like Precise Advice Partnership LLP.
Next Steps for Affected Savers
If you suspect improper advice from Precise Advice Partnership LLP:
- Gather all pension transfer documentation
- Request a free claims assessment
- Submit complaint through FOS/FSCS with professional support
No-win-no-fee specialists can evaluate your case without upfront costs, particularly important given Precise Advice’s FSCS default status.