Pension Advice

Pete6

Hello, I fear I may be yet another one caught up in this business. I don't know whether I'm allowed to post names, but I was cold called by someone purporting to be from Equitable but actually PCD. He was very persuasive and I have now received information from another financial adviser (one I can trust, one I dealt with before all this) that I may have been subjected to charges of 15% or more, and that I have a five-year tapering exit penalty from HM. With retirement in the next few years this is not what I want! I understand that the 'report' which this individual prepared for me refers to charges set out in a 'Key Features' document but I cannot trace any such document.

My current adviser suggests I write to the PCD contact (I have an address) recorded delivery, and also to the office in Wilmslow (which probably isn't there anymore). Failing that, Financial Ombudsman. I have also been in contact with this "Flora" in Cyprus but - even if she is not implicated in any wrongdoing, she appears to be snowed under and has made several mistakes in her correspondence with me (e.g. sending the wrong documents) - although she has been most courteous. I do not think I have got anything useful out of her yet.

I am in a quandary. Advice welcome.

gaynor_crunch

Inter-Alliance not permitted to do Sipps - see this article on MoneyMarketing.co.uk
I'm not allowed to post links as a new user on the forum, but if you cut and past the following headline and put it into google it will take you to the story: Inter-Alliance not permitted to do UK Sipps

T3615

Thanks for the information about the "Inter-Alliance not permitted to do Sipps" story, Gaynor. It seems like the FSA are shutting the stable door after the horse (or more accurately ,my wife's pensions saving) have bolted. It is not clear what the FSA statement means for retrospective cases. As the single comments says under the story, the FSA are not leading with any conviction here.

Pete6 wrote:

My current adviser suggests I write to the PCD contact (I have an address) recorded delivery, and also to the office in Wilmslow (which probably isn't there anymore). Failing that, Financial Ombudsman. I have also been in contact with this "Flora" in Cyprus but - even if she is not implicated in any wrongdoing, she appears to be snowed under and has made several mistakes in her correspondence with me (e.g. sending the wrong documents) - although she has been most courteous. I do not think I have got anything useful out of her yet.

My current adviser recommends writing to the Inter-World Alliance in Cyprus via recorded delivery. By checking the website it seems "Flora" is Flora Parker, Inter-Alliance Worldnet's Compliance Officer. Search for iawiaa to get their website.

jmsjt

Try googling "Hornbuckle did not check IAW permissions on SIPP advice"

I don't know where this leaves us all, what are the chances of getting out start up fees and annual carges back from PCD/IAW?

primasec

I too have been caught by this. The pattern is familiar: contact given by Equitable Life, 4.5% commission added to the forms after they were signed, no projections provided, investments allocated incorrectly and locked offshore with heavy removal penalties. I only found out when HM forwarded me paperwork as other people had complained.
Has anyone managed to extract any kind of redress?

jmsjt

Something else to Google: "IAW breaks pledge to compensate for unauthorised Sipp advice"

Answering my own question above - none.

Presumably it is time to complain to the FOS.

paul_clark_2

In April the National Fraud Intelligence Bureau was established. Reports should be made via the 'Action Fraud' website or by calling 0300 123 2040.
I am redirecting the submission I made to the Metropolitan Fraud Squad who handle London-based cases only.

My earlier claim that PCD had set up a scam are sadly correct. Panorama have just transmitted a splendid programme with information related to
our complaints. This lifts the lid on the PCD-IAW set-up in Wilmslow. My contention remains that monies being abstracted by means of bogus authorisations constitute deception and I submit that PCD personnel conspired to defraud investors. As it was the 'salesman' who provided information and took away application forms which were subsequently altered I am happy to instigate legal action against him as an individual.

Apparently PCD InterAlliance Worldnet registered offices in Hawthorn St Wilmslow have been vacated. This company was claimed to be under the ownership of IAW Cyprus, yet IAW Group has its head offices in Portland Place, London - what a curious arrangement.

Dudded

If you go to Youtube and search Panorama - Who took my pension watch video 3/3 and its all there

RokerP

To: Paul Clark
Did you go ahead with your submission that the PCD/IAW salesmen were acting fraudulently? If so how was it received? Has anyone else reported them via this route?

paul_clark_2

I have the permission of the National Fraud Authority to post this.
My submission is on record and forwarded to the National Fraud Intelligence Bureau.

My complaint to the local police was not the best route. The Action Fraud website is for form-fillers, so better to telephone the NFA (the site owners) direct on 0300 123 2040. This is effectively the triage unit
for the NFIB.

Ask to speak to Phil, name PCD Wealth and Pensions Management and Inter-Alliance Worldnet and quote crime number NFRC 101100241909
in order that complaints may be linked.

He will build your statement via a question and answer session over the phone (no hard copy submission can be accepted). Names, dates and sums involved will be required, but it is a 'comfortable process'.

Be assured that this is being taken seriously by the NFA, but the NFIB will rightly need to be persuaded that there is a substantive basis for such complaints before commiting to any investigation.

There being no other centralised body to act on behalf of us all I would urge you to make that call. Nothing to lose, maybe much to gain.