Who are the cowboys?
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Retired_I.F.A.
Posts: 863 Forumite
Here's a true story...
Guy transfers his preserved final salary scheme benefits to a section 32 via IFA1.
10 years later hearing about pension misselling in the pess he decides he was missold and goes to IFA 2.
IFA2 says yes anyone coming out of a final salary scheme was missold go speak to my mate a solicitor. sign here and I'll get the agency transfered and a copy of your file from IFA1
IFA2 phones IFA1 tells him the same and says the written request for the files and agency change are in the post.
IFA 1 tries to speak to Guy. Guy says speak to my new IFA I'm having no more to do with you.
Guy sees the Solicitor who gives him the PIA address.
Guy complains to PIA
PIA tell IFA1 to do a loss assessment.
IFA1 says why? I've not missold here.
PIA say lets see the file then send us a copy.
PIA see the file and say its clean but tell IFA1 to do a loss assesment anyway.
IFA1 does the loss assesment and finds the fund / transfer value available now is a few thousand pounds in surplus, so much so that it's enough to buy the annuity that would have been available at 65 from the final salary scheme for the guy now and he's only 60 .
PIA see the loss assesment and the transfer value and the annuity quote.
PIA say to IFA1 pay the guy £5000 compensation.
IFA1 says !!!!!! for?
PIA say that's his solicitors bill.
Who is/are the cowboy/s ?
Guy transfers his preserved final salary scheme benefits to a section 32 via IFA1.
10 years later hearing about pension misselling in the pess he decides he was missold and goes to IFA 2.
IFA2 says yes anyone coming out of a final salary scheme was missold go speak to my mate a solicitor. sign here and I'll get the agency transfered and a copy of your file from IFA1
IFA2 phones IFA1 tells him the same and says the written request for the files and agency change are in the post.
IFA 1 tries to speak to Guy. Guy says speak to my new IFA I'm having no more to do with you.
Guy sees the Solicitor who gives him the PIA address.
Guy complains to PIA
PIA tell IFA1 to do a loss assessment.
IFA1 says why? I've not missold here.
PIA say lets see the file then send us a copy.
PIA see the file and say its clean but tell IFA1 to do a loss assesment anyway.
IFA1 does the loss assesment and finds the fund / transfer value available now is a few thousand pounds in surplus, so much so that it's enough to buy the annuity that would have been available at 65 from the final salary scheme for the guy now and he's only 60 .
PIA see the loss assesment and the transfer value and the annuity quote.
PIA say to IFA1 pay the guy £5000 compensation.
IFA1 says !!!!!! for?
PIA say that's his solicitors bill.
Who is/are the cowboy/s ?
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Comments
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Slightly unbelievable as the PIA would not be involved anywhere in this process.
As for where is the cowboy,
Another IFA
Sorry dunston and others0 -
Your right sorry it was the pensions ombudsman, my mistake.
The IFA paid the compensation thinking it'd cost as much if not more defending it in court. His indemnity cover had an excesss of £5000 and as it's premium went into four figures the following year he had to join a network.0 -
Get the first IFA to fight it. In going to FOS it specifically states that no award will be made for legal or professional assistance. Has the adjudicator overstepped the remit.
If the file is clean then there would be no award/ruling against IFA 1 for mis-selling and the case would be rejected anyway
Doesnt make sense0 -
Bit late now it was seven years ago. I went ape at him for paying it but the prospect of going to court scared him more than me.
Doesn't say a lot for the ombudsman though does it? Maybe one or two who read this post will understand why I'm so cynical with many compensation awards. The salesman is guilty till proven innocent.0 -
Surely this case would have come under the official Pensions Misselling Review, which at the time would have involved the PIA (later FSA)?
Why did the guy need a solicitor to make a standard misselling complaint?Trying to keep it simple...
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I dont think so Ed as the review was made by IFA's wheras this guy complained before we started our review or during it. I do remember it was the first time we had to use the loss assesment software, doss based it was and took us ages to understand properly.
The guy merely followed the 2nd ifa's and the solicitors advice and complained to the ombudsman. Maybe either could have dealt with it I dont remember. Back then we had no idea if the solicitors costs were a part of any awards or not, and they could have in writing said the compensation was for anything I suppose as I never saw the actual final letter saying pay up. I wasn't allowed to touch it as my boss knew full well we were short of toilet paper in the loo.
It was the ombudsman himself who said "that's how much it's cost him in solicitor fees" to me over the phone, as yes you've guessed it, it was me who got on the phone to them and asked "!!!!!! is it for?". My boss was far too nice a guy to call a spade a spade.0
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