Pensions To Be Next Possible PPI Scandal
The new pension reforms introduced in April can introduce a mis-selling as wide as the mis-sold PPI scandal. According to MPs, the lack of guidance for most British retirees spells the possibility of a confusion the heights of PPI if the government will not decide to act.
Where bank employees withheld information on PPI, pension providers denied access where financial advisers do not inform consumers.
Misinformation And Pensions
Statistics show that criminals almost deceived half of the UK pension population into giving their entire pots in exchange for cash vouchers believing the fraud company’s pension assessment can yield better.
But misinformed pensioners pay the government half the stolen amount lacking knowledge about the income tax dues on their lump sums. MPs call on the government to provide sufficient guidance to help the retiring and elderly avoid huge losses.
What About PBA Claims and Others?
Pension reforms lead the possibility of a direct redress scandal compared to PBA claims and other financial mis-selling. Credit card payment insurance is almost resolved with less than £1m invested for refunds.
Packaged bank accounts include useful perks such as travel and car insurance for newly-opened bank accounts. However, consumers complained about the quality of the perks, leading to a huge influx of claims in the Financial Ombudsman service.