Pension Advice

kmm1

Hi, does anyone have any experience of a company called PCD Wealth & Pensions Management?

Thanks

masp

Dear kmm1

Yes. I am guessing you have been caught in a mis-selling of pensions by PCD, which borders on the fraudulent. It involves SIPP products being processed through Hornbuckle Mitchell, where excessive commissions were imposed by withholding them from the individual and adding them to the application forms after having been signed by the individual. Also investments made into the SIPP without the knowledge of the individual.

Does this apply to you? If so, come back to me for further info.

Regards

masp

Jo_anne_2

I'd like to know more about this too. I have had a cryptic letter from Hornbuckle Mitchell.

petermole

Thanks for the insight about PCD.I believe that I am in the situation.Do you know how Hornbuckle Mitchell is dealing with the it?

masp

I plan to give you all more details re this as soon as possible. My first long attempt to post failed for some reason.

masp

A very useful insight. I do not suspect Hornbuckle Mitchell (HB) has been involved in fraudulent activity, and that is not the angle I was going to pursue.

The Financial Services Authority (FSA) has confirmed to me that Inter-Alliance WorldNet Insurance Agents and Advisors Ltd (IAWIAA) were EEA authorised on 17 March 2008 as an EEA passported firm, but that authorisation/registration only permits it to do insurance/insurance mediation business in the UK. It does not cover pension business, and therefore, it would appear that IAWIAA is an unregulated firm insofar as its incursion into pension business in the UK. The Financial Services and Markets Act 2000 Part II Regulated and Prohibited Activities (Section 19 (the general prohibition) and section 26 (agreements made by unauthorised persons) strictly forbid an authorised and regulated firm such as HB doing business with an unregulated firm. I can only surmise that HB's new business department failed in some way to carry out all the necessary and appropriate steps to ensure it could conduct SIPP and SSAS business with PCD/IAWIAA. If it had, then the proceeding of these SIPPS would not have been allowed. It is on those grounds, I have lodged a formal complaint against HB, which if not answered or not satisfactorily resolved can then be taken to the Financial Ombudsman Service.

IAWIAA has put it to me it is regulated on the basis that the regulators (Cyprus?) have indicated that SIPPS are in effect a trust, which are outside of the legislation, and that the SIPP wrapper iself could be a life policy, and therefore, fall within the scope of the Insurance Mediation Directive, and that the Cyprus regulator and the FSA are satisfied. I am not convinced by that argument, and that is not the message I am receiving from the FSA. SIPPS have been regulated investment products since 6 April 2007. I have passed details to the FSA Head Office for a definitive view, and await its reply.

It would seem to me that if IAWIAA is regulated to do pension business in the UK, then it is answerable to the FSA and/or possibly to the ICCS Cyprus. If it is an unregulated firm, then HB is answerable to the FSA.

It may well be that if there are a number of us, then we could pool resources to pursue a claim through the ICCS Cyprus. Your thoughts would most welcome. Let me know either on the general message board or via private messages.

Hope this helps. It is a mess, Petermole, but we have some way to go yet.

masp

petermole

Looks as though MASP in earlier posts is coordinating a response. Are you giving Horbuckle Mitchell too easy a ride and too much credit for correcting a situation that they may have tolerated for too long??

rxg419

1) hornbuckle put up their fees substantially between 2009 and 2010

2) pcd started to move their clients away

3) hornbuckle hadnt done or said anything until their business started to leave

hornbuckle blocked the move and havnt in my eyes given anything close to a satisfactory explanation as to why they have effectively frozen our accounts to further their own business ends

Jo_anne_2

So, what should we do?

rxg419

Paul

Was your letter to PCD-IAW in the form of a formal complaint and you have now recieved a final decision from PCD. If so the letter will say you have up to 6 months (please do it quicker) to take to the complaint to the finaincial ombudsman. Any FSA registered firm would be wise to avoid comming to the attention of the ombudsman and ignoring his judgements. Search google for financial ombudsman as it wont let me post the link.

RokerP

I'm another ex Equitable conned into this. Another point I would like to add is the Irish Life angle. I assume nobody else was asked or told where their money would go. This is offshore as well, so no UK regulation would apply. From a recent statement from HM I can see four separate quarterly charges on my account none of which I was informed of. I was also stung for the 4% even though I had a face-to face confirmation that the advisor's fees would be covered from the funds they invested in. This advisor is in the South East.

I must say I'm relieved to find this thread so that somehow we can combine our efforts. I have had extensive EMail communication with IAW and I must say they have been responding quite quickly.