I have been advised by my FOS investigator that a company is willing to put me back in a financial position had they not advised on my DB transfer to a DC fund back in 2007. This is not the first time that they have indicated that they would do this as they reneged after receiving a loss calculation from a third party. The calculation was never divulged to me but all the company would say it was a significant amount. It has taken almost 3 years to get to this position of redress but how can I even believe that the financial figure that they arrive at is remotely true? Have you ever thought on doing a video on redress advice to help someone in my situation?
Hi John, thank you for your comment. This sounds like it has been a rather stressful ordeal for you. If I have understood your comment correctly, you have been previously misadvised to transfer out of your DV scheme, is that correct? It is instances like this, that are pushing up the PI insurance for all operators in the marketplace. Most PI insurance companies are extremely unwilling to provide insurance to advisory firms on DB pension transfers for fear of future retribution or redress. Could you provide a little bit more information on why you are due to receive the redress? What was wrong with the original advised that you receive? No I had not considered doing a video on this area!
@@cameronjamespensiontransfer Yes I was misadvised to transfer out of my DB scheme and after many years of basically coming up against a brick wall the FOS investigator has taken my evidence to the company who have now agreed to put me back in the financial position if the transfer had not gone ahead. My DB scheme was built up over 25 years and I should have been advised that they couldn’t improve on benefits without a massive return in a DC . I have absolutely no idea how much of a redress figure would be appropriate given the amount was £125000 transferred in 2007.
@@johnallan4208 Thanks for this additional information. I wish more clients would understand situations like yours, and exactly why the regulators in the UK have now become so much stricter on pension transfers. Many clients have been taking advantage of by either unscrupulous or just educated financial advisors, costing clients dearly. It sounds like this is now moving in the right direction for you though!
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I have been advised by my FOS investigator that a company is willing to put me back in a financial position had they not advised on my DB transfer to a DC fund back in 2007. This is not the first time that they have indicated that they would do this as they reneged after receiving a loss calculation from a third party. The calculation was never divulged to me but all the company would say it was a significant amount. It has taken almost 3 years to get to this position of redress but how can I even believe that the financial figure that they arrive at is remotely true?
Have you ever thought on doing a video on redress advice to help someone in my situation?
Hi John, thank you for your comment. This sounds like it has been a rather stressful ordeal for you. If I have understood your comment correctly, you have been previously misadvised to transfer out of your DV scheme, is that correct?
It is instances like this, that are pushing up the PI insurance for all operators in the marketplace. Most PI insurance companies are extremely unwilling to provide insurance to advisory firms on DB pension transfers for fear of future retribution or redress.
Could you provide a little bit more information on why you are due to receive the redress? What was wrong with the original advised that you receive?
No I had not considered doing a video on this area!
@@cameronjamespensiontransfer
Yes I was misadvised to transfer out of my DB scheme and after many years of basically coming up against a brick wall the FOS investigator has taken my evidence to the company who have now agreed to put me back in the financial position if the transfer had not gone ahead. My DB scheme was built up over 25 years and I should have been advised that they couldn’t improve on benefits without a massive return in a DC .
I have absolutely no idea how much of a redress figure would be appropriate given the amount was £125000 transferred in 2007.
@@johnallan4208 Thanks for this additional information. I wish more clients would understand situations like yours, and exactly why the regulators in the UK have now become so much stricter on pension transfers. Many clients have been taking advantage of by either unscrupulous or just educated financial advisors, costing clients dearly.
It sounds like this is now moving in the right direction for you though!
I am having the same issue here
Hello
Thank you for your comment. What exactly is your issue with them?