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Benefit

How much could I get?

Compensation is generally the amount necessary to put you back in the same position as if you had never transferred your pension or started the investment.

The Financial Ombudsman Service has an upper limit of £360,000, but the amount is based on the date you started the investment or plan, currently the most common maximum award is £160,000.

The Financial Services Compensation Scheme has a limit of £85,000 (recently increased from £50,000).

To read more about this, please see the following Financial Times article: FSCS pays out £375m as Sipp claims rise