IFA fined 1.1m for annuity/drawdown/transfers misselling

EdInvestor

I see MSE posters are reporting problems with the mortgage broking arm of this firm.

http://forums.moneysavingexpert.com/showthread.html?t=982551

Including cold calling (illegal) and repressive behaviour.

whiteflag_3

EdInvestor wrote: »

I see MSE posters are reporting problems with the mortgage broking arm of this firm.

http://forums.moneysavingexpert.com/showthread.html?t=982551

Including cold calling (illegal) and repressive behaviour.[/quote

And your point is?

get a life , they are a national firm with a salesforce - how many times have you seen dh posting about salesforces.

Nothing new here, just proves avoid banks,nationals who have an agenda ( a la Towry Law building up funds under manangement , AWD building market share etc) the fur coat and no knickers brigade of St James Place, the clueless Edward Jones types , and instead go see an IFA ( or financial planner ) whose own a** is on the line - I think youll find that focuses the mind

whiteflag_3

EdInvestor wrote: »

Chase de Vere advisors "may" face disciplinary action..

http://www.citywire.co.uk/adviser/-/news/regulation-training-and-competence/content.aspx?ID=320636&re=4132&ea=156896

5 years ago this IFA company was fine 165,000 for misselling precipice bonds.

But still it goes on....

Is it any wonder investors are dubious about seeking "advice"?

Now ive had time to read the full FSA report it would appear one of the main areas of concern was inappropriate pensions (SIPPS?) being recommended-

"In some instances, customers were advised to transfer out of their existing pension arrangements on the basis that they would benefit from a wider choice of funds or investment flexibility. Sometimes this would not match the customers’ objectives or was not sought by them. "

Exactly the same as you have doing on this site for the last three years Edinvestor!

Now whats right for you Ed cant be wrong for AWD can it?

JayZed

Lokolo wrote: »

I know dunstonh has pawn IFAs in his office so has his little signature thing.

What the hell does that mean? Dunston, do you have an army of little mini-IFAs in your office that you deploy to clients? Or are we actually talking about !!!!!! IFAs? The mind boggles.

Lokolo

JayZed wrote: »

What the hell does that mean? Dunston, do you have an army of little mini-IFAs in your office that you deploy to clients? Or are we actually talking about !!!!!! IFAs? The mind boggles.

I meant the first one, the mini IFAs in his office

EdInvestor

Can I take cash from my pension?

whiteflag_3

EdInvestor wrote: »

Can I take cash from my pension?

its from a salesforce IFA!:cool:

EdInvestor

whiteflag wrote: »

its from a salesforce IFA!:cool:

Who works for a bunch of consulting actuaries. So you'd expect a better class of advice.Yet he misses one very obvious answer to the individual's query, which is to put the pension into drawdown at nil income, taking the tax free cash to pay off the mortgage.

This would have virtually no effect on his eventual pension arrangements compared with doing nothing, and should improve them in that it would liberate further saving/investment opportunities involving the mortgage premiums and avoid compound interest charges on the loan .

Always assuming he was not charged a massive fee by the IFA to arrange the drawdown of course - this is a very simple DIY procedure and can be done for very low cost.

But perhaps that's the point?

whiteflag_3

EdInvestor wrote: »

Who works for a bunch of consulting actuaries. So you'd expect a better class of advice.Yet he misses one very obvious answer to the individual's query, which is to put the pension into drawdown at nil income, taking the tax free cash to pay off the mortgage.

so what did he mean by this?

"Once you have taken the lump sum you may be able to decide when you wish to commence income from the remaining fund, dependant on its size"

EdInvestor

whiteflag wrote: »

so what did he mean by this?

"Once you have taken the lump sum you may be able to decide when you wish to commence income from the remaining fund, dependant on its size"

I don't know.Anyone who thinks you can take decisions about annuities vs income drawdown AFTER taking a lump sum rather than before, doesn't understand how the system works.