Unsuspecting victims of mis-sold payment protection insurance are being lured into transferring their pensions into risky schemes by claims management companies.
Financial advice firm Bankhall has issued an urgent warning that customers first approached about a PPI claim are then being tempted into abandoning their current pension plans by claims companies. Having persuaded the customer to plough their cash into a self-invested personal pension, it allows the claims management firm to cream off huge commissions.

But experts fear these customers could end up with big losses if their money is poorly invested. Thousands of firms specialising in grabbing back mis-sold payment protection insurance have sprung up in recent years. They are seeking to carve out a share of the £9bn PPI compensation pot banks have promised to pay victims of mis-selling. The money has flowed into their coffers since they take up to 30 per cent of any successful claim....Read more HERE