29th November 2011, 04:55 PM
Question submitted via Daily Express newspaper
Can we claim compensation for bad advice on transferring our pensions?
I am inquiring, on behalf of my wife and I, as to whether we have any redress for what we now consider to have been incorrect advisc to transfer our respective pension funds in 1986.
We were both employees of Carreras (Rothmans), Seapark, Co. Antrim, N.Ireland. We were both members of the Rothmans pension fund but, as the factory was closing in 1986, financial advisers visited the company and gave different advice as to how the about-to-become redundant employees should prepare for the future.
We, and others, were persuaded to transfer our considerable pension pots from the Rothmans pension fund to (in our case) Norwich Union (now Aviva). We now believe that we were ill-advised, as people in similar situations to us at the time, who did not transfer their pensions, have been much better off with their Rothmans pensions.
In addition, we have been informed that quite a few former employees of Rothmans who were persuaded to transfer their funds at the same time as us have received compensation for misleading advice.
I believe that some time ago there was documentation circulated to former employees as to possible mis-selling, but, as I have worked away from my home address for most of the last 20 years, I seem to have missed this communication.
What is your opinion?
8th February 2012, 05:11 PM
Yes. If you believe you have been wrongly advised about the personal pension you have, or were incorrectly advised to leave a company pension scheme to start a personal pension plan, you should complain to the compliance officer of the insurance company or the independent financial adviser who offered you the advice. Your complaint should be made in writing, it should be dated and you should keep a copy for future reference and proof.
It is worth re-reading any letters you received from your insurance company or independent financial adviser. One of the stumbling blocks to the review has been victims not answering letters. If you find any correspondence, answer it immediately, even if you do not have all the information it asks for.
You can get further information from the Pension Advisory Service. If you have exhausted the complaints procedure of the company or insurance company or financial advisory firm as above, or if the relevant firm, such as the financial adviser, has gone out of business, you may be able to take your complaint to the Ombudsman and thence to the Financial Services Compensation Scheme.
gives you more details.
21st June 2012, 12:29 PM
Take Annie's advice but I would add to Annie's post. It is never too late if you have been misssold but be wary of dates when complaining as the Financial Services Act (1986) did not come into force until 29th April 1988. So some insurers and advisers may claim your case is outside jurisdiction. Compulsory jurisdiction for the Financial Ombudman Service is 1988 onwards and only some, but very few, pension companies will allow "voluntary jurisdction" of the ombudsman for advice complaints before '88. It may be that any complaint you have for miss-selling may result in you going it alone with them and without Ombudsman intervention or you may need professional help if the financial loss is that serious. If you need some help drop me a line via www.pension-transfer-advice.com as these cases are not easy as you can perhaps now tell. Best wishes Ashley.
Last edited by Ashley Clark; 21st June 2012 at 12:30 PM.