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Mis-sold FSAVC Reclaim

What is FSAVC?

An FSAVC is a Free Standing Additional Voluntary Contribution pension.

It was introduced to allow members of workplace/occupational pension schemes to build up additional pension benefits.

Unlike standard workplace/occupational pension schemes an FSAVC is investment based and grows depending on the stock market, which in some cases can prove risky for you.

An industry wide review into the sale of FSAVC's between 1988 – 1999 found significant failings in the advice given by insurers. Many customers were not told about the risks involved or that they would be financially better off making additional voluntary contributions to an Employer pension scheme. This is known as an AVC and is a less risky option with lower charges.

FSAVC's typically had significantly higher management charges than an employer run AVC, leading to you missing out on vital retirement income, and the Broker or Salesman profiting from it in the form of higher Commission.

Pension complaints in general have resulted in over £11 Billion in compensation being awarded for poor advice that can be damaging to your future financial position.

Do I qualify for an FSAVC compensation claim?

  • My employer offered an in house pension that I could have made Additional Voluntary Contributions (AVC) and I wasn't told it would be better value for money.
  • I had a public sector pension and the option to purchase added years.
  • I wasn't advised of the investment risk involved with your FSAVC.
  • I wasn't told about the significantly higher management charges.

If any of the above statements are relevant to you then you may have received poor advice and be eligible to claim compensation.

If my FSAVC compensation claim is successful what am I entitled to?

The firm who sold you the FSAVC has to put you back into the financial position you would have been in if you received the correct advice.

This means you could be entitled to a pension loss calculation to see how much money you have lost out on, this involves determining what benefits you have lost out on.

You may also be awarded the difference between the charges of an FSAVC and an AVC.

The average amount of compensation awarded to our successful FSAVC claims in 2014 was £7,000.

The firm who sold you the FSAVC has to put you back into the financial position you would have been in if you received the correct advice.

This means you could be entitled to a pension loss calculation to see how much money you have lost out on, this involves determining what benefits you have lost out on.

You may also be awarded the difference between the charges of an FSAVC and an AVC.

The average amount of compensation awarded to our successful FSAVC claims in 2014 was £7,000 and we secured compensation of almost £60000.00 for one client in 2015.

Why use My Claim Solved for your FSAVC claim?

My Claim Solved is regulated by the claims management regulator in respect of regulated claims activity, we operate a "no win, no fee service*" and charge no hidden fees for using our service.

We have successfully secured over £25 Million of compensation for our clients.

We have secured compensation amounts from as little as £1 to as much as £118,000.

We have a team of dedicated and trained claims handlers specialising in these claims, they put you first and fight your corner to secure you the compensation you are entitled to.

We are one of the leading claims management companies in the UK, we have strong relationships with a number of the biggest providers.

*A fee may be payable if a case is not pursued at the clients request once the claim has been processed by the Company.

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