Shah Wealth Management and Pension Mis-Selling: Are You Affected?
Thousands of UK savers may have been mis-advised about pension transfers by firms like Shah Wealth Management. If you were encouraged to move funds from secure workplace pensions into high-risk SIPPs or investments, you could be owed compensation. Time limits apply to mis sold pension claims, so understanding your rights is critical. Start with a free pension consultation to assess your case. Shah Wealth Mis Selling
Risks of Final Salary Pension Transfers
Defined benefit (DB) or final salary transfer schemes offer guaranteed retirement income. However, some advisors wrongly promoted transfers to SIPPs or QROPS, exposing clients to market risks. Red flags include:
- Pressure to transfer despite having secure benefits
- Failure to explain the loss of safeguarded income
- Projections showing unrealistic growth
Identifying Mis-Sold SIPPs
Self-Invested Personal Pensions (SIPPs) are legitimate but were often mis sold investment claims when unsuitable. Common Shah Wealth Management complaints involve:
- High-risk assets like overseas property or unregulated funds
- Hidden fees eroding pension value
- Lack of risk warnings for SIPP transfer UK clients
Mis-Sold AVC and FSAVC Pensions
Additional Voluntary Contributions (AVCs) and Free-Standing AVCs (FSAVCs) were sometimes poorly advised. Shah Wealth Mis Selling. Victims of mis sold FSAVC or mis sold AVC pensions typically experienced:
- Higher charges than workplace schemes
- Performance shortfalls versus promised returns
- Transfers without comparing existing benefits
“After my Shah Wealth advisor pushed me to transfer my teachers’ pension, I lost £40,000 in risky investments. A professional claims review helped recover my losses.” — Margaret T., Surrey
Compensation Pathways
The Financial Ombudsman Service (FOS) and Financial Services Compensation Scheme (FSCS) handle mis sold pension claims. Key steps:
- Gather all advice documents and performance statements
- Establish negligence or unsuitable advice
- Submit evidence within six years of transfer (or three years from awareness)
Next Steps for Affected Savers
If Shah Wealth Management advised your pension transfer, seek independent evaluation. Many firms offer a no-win-no-fee assessment to determine claim viability. Delaying could forfeit your right to compensation.