Introduction
The mis-selling of pension schemes, particularly the inappropriate advice to transfer from low-risk defined benefit schemes to high-risk self-invested personal pensions (SIPPs) and Qualifying Recognised Overseas Pension Schemes (QROPS), has caused significant financial harm to unsuspecting individuals. This case study explores the challenges associated with such mis-selling practices and presents a streamlined solution through Sentry Funding’s Rapid Raise Two litigation funding product and the utilisation of the Sentry Portal, enabling efficient management of claims.
Problem
Several Independent Financial Advisers (IFAs) regulated by the Financial Conduct Authority (FCA) had been advising clients to transfer their pensions from secure defined benefit schemes into SIPPs and QROPS, which are typically suited for sophisticated investors. This improper advice resulted in everyday individuals unknowingly assuming higher risks and potential financial losses.
Solution
To address the mis-selling of pension schemes and support affected individuals in seeking compensation, Sentry Funding introduced the Rapid Raise Two litigation funding product. This automated funding solution, combined with the use of the Sentry Portal, offers law firms a streamlined process for applying, securing, and drawing down litigation funding to efficiently manage the claims.
Detailing the Solution:
- Rapid Raise Two Litigation Funding: Sentry Funding’s Rapid Raise Two product streamlines the funding process for law firms handling mis-selling claims. The automated system enables law firms to apply for litigation funding, secure the necessary funds, and initiate the drawdown process swiftly, ensuring timely access to financial support for claimants.
- Sentry Portal: Law firms benefit from the Sentry Portal, a digital platform designed to enhance claim management efficiency. The portal enables secure and transparent communication among lawyers, funders, and other relevant parties. It provides a centralised case file, facilitating seamless collaboration and ensuring timely updates throughout the litigation process.
Conclusion
By leveraging the Fast Track One litigation funding product and the features of the Sentry Portal, law firms can expedite the litigation process, providing timely access to justice for claimants affected by the mis-selling of pension schemes. The streamlined funding process allows for the drawdown of litigation funding within a remarkable 15-day timeframe. This efficient approach empowers claimants with the necessary financial resources to pursue their claims and seek appropriate compensation.
Note: It is important to consult with legal professionals and consider relevant laws, regulations, and specific circumstances in cases involving the mis-selling of pension schemes. This case study provides a general overview and should not be considered as legal advice for individual cases.
December 6, 2020
Case Studies
