In many cases financial and pensions advice comes from regulated advisers who have insurance and operate within the rules.
Sometimes rogue businessmen operate unregulated businesses which prey on people in difficult situations and provide advice that varies from poor through to unlawful.
Over recent years many rogue operators have offered early access to pension money, sometimes through a “pension loan” or “commission” or a “rebate”. These are all arrangements which seek to cheat HMRC by getting cash out of a pension against the rules and carry stiff penalties.
Other scams involve high pressure sales of unregulated investments or offshore property which offer very high levels of commission for very little work. The operators of those schemes are rarely regulated and so do not worry about whether their “salesmen” are regulated or comply with financial services rules. This makes them ideal for boiler room type scams.
Unfortunately these scams can turn valuable pension funds into worthless contracts and ongoing liabilities for pension running costs. Because the ‘advisor’ is not regulated these can be complex claims and you should consult an expert lawyer swiftly to have the best prospect of success.