FSAVC Mis-selling

Were you a victim?

Expert help and support from Greg Vaughan Financial Services: the pensions claims specialist

Do you think you were mis-sold an FSAVC?

 Thousands of public sector workers—including teachers, doctors, and dentists—were encouraged to ‘top up’ their pensions with FSAVCs, sold by insurance companies.

These plans often came with high fees and fewer benefits than in-house schemes, leading to poor investment returns.

The financial impact was so severe that regulators launched a review. However, many people were left out due to insurer lobbying.

Were you affected? Call us now on 0151 329 0775 or click below to answer a few quick questions and find out.

 

What is an FSAVC?

FSAVC stands for “Free Standing Additional Voluntary Contribution” or “Free Standing AVC” and these ‘top up’ schemes were sold during the 90s. FSAVC policies are very similar to standard personal pensions. You pay your contributions into an investment fund and the final pension is determined by the performance of the assets in the fund (usually company shares).

FSAVC policies had 2 major flaws:

  1. High Policy Charges

    • Policy charges were high in order to pay the salesman’s commission and to cover the costs of administration and provide a profit to the insurer or bank running the policy. The more taken out of the fund in charges, the less will be available for investment.
  2. Poor Investment Performance

    • The investment performance of FSAVCs has often been very poor. FSAVCs were sold on the back of illustrations showing investment growth between 8.5% and 13% a year. None have got anywhere close to these returns. In reality, many FSAVCs will not even return the premiums invested.

Most people were not made aware of these flaws and, worse, were not told about much better alternative options available from their employer’s own in-house AVC.
This represents mis-selling.

The Mis-selling of FSAVC Pension Plans: Did it happen to you and how to put it right.

What to do if you have been mis-sold

If mis-selling happened, Greg can help you get the compensation that you deserve. Greg offers a “No Win, No Fee” Service. With over 2 decades of experience, Greg has won millions of pounds in compensation for thousands of happy clients, with life-changing amounts up to and beyond £90,000 in some cases. Greg has the highest customer satisfaction rating on Trustpilot and you can read client reviews here.

Please follow this link to view the highest and average claims against some of the most common FSAVC providers

I fight hard to get the best compensation for my clients, with payouts of up to £90,000.

Here are some of the wins!

60 Second FSAVC mis-selling test

Question 1 of 6

At the time of sale, did the financial adviser tell you that your company scheme would also let you pay in additional voluntary contributions (AVCs)?

Question 2 of 6

Did the financial adviser discuss the differences between FSAVCs and AVCs?

Question 3 of 6

Did the financial adviser recommend that you approach the administrator of your company scheme to get more information about AVCs before you made a decision to pay FSAVCs?

Question 4 of 6

Did the adviser discuss the differences in charges between an FSAVC and in-house AVC?

Question 5 of 6

Did the adviser discuss the differences in the choice of investment funds under an FSAVC and in-house AVC?

Question 6 of 6

Did the financial adviser compare illustrations for the FSAVC and AVC to see which would provide the higher pension?

You have completed the FSAVC Mis-selling check.

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Contact Greg Vaughan Financial Services

 

Email: greg@pension-claims.com

Phone: Call Greg on 0151 329 0775 or 07788 630037

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