Pension Advice

Hugh_man

Shame this forum has not seen many updates for a while.

I can confirm that I was asked by the FSA to make and sign a witness statement and earlier this year I was contacted by the Met Police Faud Squad who again have taken a witness statement and are still tracking clients of PCD/InterAlliance with a view presumably to making a case of mis selling against them.

The latest news is a letter from Hornbuckles to those of us still locked into the Irish Funds with large withdrawal penalties, informing us that our period of good will is over and they will re introduce their fees from next year..................................

As a gesture of goodwill we have not collected renewal fees since 16 June 2010 to provide you with the opportunity to appoint a new financial adviser and decide what to do with your pension. Although our intension was to restart collecting fees from 1 February 2011 we have not done this but this period of grace will now end from 31 December 2012.

For the sake of clarity, I would confirm that we will not retrospectively collect any renewal fees
Which fell due during the period 16 June 2010 to 31 December 2012, however all renewal
fees due from January 2013 will be collected as normal.

I would also confirm that we will not charge any transfer out fees where we received the
transfer out form before 1 January 2013.

For our latest fees please visit hornbuckle.co.uk
Yours sincerely
Stella Croot
Head of compliance. Our ref SC/PCD
...............................................................................

Nice of them to charge us for investments we gave no approval for and whose withdrawal penalties are severe.
Perhaps a further complaint about Hornbuckle to the FOS should be considered.

Any thoughts?

WillRobins

Hugh_Man

Can you email me about this? I am a journalist and covered the Interalliance/PCD story from 2010.

wrobins@citywire.co.uk

All my articles are still online.

Regards

Will Robins

jmsjt

This thread appears to be rather deserted of late so here is an update regarding my complaint to the FOS.

My complaint about Inter-Alliance Worldnet has been rejected on the basis that the FOS do not have jurisdiction because IAW were not operating from a UK office when my Equitable Pension was transferred to the Hornbuckle Mitchell SIPP by PCD.

I have a scanned copy of the adjudication that I could post here if anyone is interested.

I have also given a statement to the Met Police Fraud Squad. Whether anything will come of this remains to be seen.

RokerP

Thanks for letting us know. I thought I should reply so you know someone is listening. I looked back and your first post was 22 June 2010. So it has taken the Ombudsman almost four years to decide IAW was based in Cyprus. I think 10 minutes would be enough. I also have outstanding cases although with the FOS I decided to pursue H-M as they were the company who were accepting instructions from IAW when they were not authorised.


I agree that it is a pity this has gone quiet although I am to blame myself. There isn't a week goes by without me being angry about this situation.

paul_clark_2

Hello again, I too am still around, far from content but watching from time to time. And waiting

After my last posting I was telephoned by the Met Fraud Squad who asked me to back off from my own legal action via the small claims court, so I have refrained, but observed. I too was interviewed (two years ago) for a formal statement.

Action Fraud, despite their undertakings, apparently sat on their hands and did not forward complaints. Shame on you Phil!

I too have been in correspondence with the Ombudsman's Office and have been presented with similar excuses regarding the relevant date of IAW Office premises, which I believe to be flawed and have refused to accept, (though this may not be the final adjudication).

My 'advisor' had a Derby IAW business address clearly displayed on the submitted paperwork but again not accepted as such by the Ombudsman's office. Nor have they accepted the Birmingham address which appears on any Google search and was active - I visited it! Original application papers were somehow transferred to PCD/ IAW 'management' and onward to Hornbuckle Mitchell so were scanned or faxed at some UK location. (if faxed then the Met could identify the location of the sending machine). All the players were directly or indirectly paid agents of IAW with documented business premises.
'if it walks like a duck, quacks like a duck......)

The Ombudsman's Office do not grasp that the head of PCD was a Senior Manager of Inter Alliance at that time, and that PCD was thus an IAW-only gateway, not an independent Financial Advisory entity. Or that IAW's breaching of UK Passported trading permissions (for which they were fined by the Cyprus authorities) is of any relevance.

So I still await the promised repayment, (grown now with interest and lost profits to some £10k) from Inter Alliance (an offer they undertook to make in response to my initial complaint and which I accepted). Despite my submitting correspondence from IAW's Compliance Manager and her boss, the Ombudsman's office choose to declare their undertaking to have been 'advice' and outside UK jurisdiction. You couldn't make it up!

I'm not beaten yet. I'm itching to go global to expose the InterAlliance team - their top management knew what was going on and have attempted to avoid liability by inaction, but their business is global, their market worldwide, but so is the internet, and I've now been on a computer course. The truth will be embarrassing and of course, never changes.

But I don't want to jeopardise an enquiry or obstruct the police, so have to hang back for now.

Kind regards to all fellow vicitims.

RokerP

For those of us who have part of our fund in Quadris, there is an update on their website (Shareholder letter June ). I have registered for EMail updates which is useful. It's quite complicated and the options depend on what type of "Cell" you have. I'm in a fixed rate it looks like no change - still suspended maybe until 2026!!!

Home_Counties

I realise that I am very late onto this thread, but since my experience is very similar to those who have already contributed I thought I would add my voice and keep the conversation going.


My PCD advisor was based in the South East, and he set me up with three funds, including the (suspended) Quadris Environmental Fund, all held within an Irish Life (now SEB) bond and a Hornbuckle Mitchell SIPP.


I made my initial complaint to IAW in Cyprus, and when that was ignored I took things up with the UK Ombudsman. After two years they told me that Cyprus was outside their jurisdiction and that they couldn't help.


I also made a complaint to Hornbuckle Mitchell, but unfortunately I didn't take it to the Ombudsman when HM denied responsibility as I thought I would get redress against PCD/IAW. By the time I discovered that PCD/IAW were off the hook, it was too late to take my Hornbuckle complaint to the Ombudsman.


I tried to get my money out of SEB without paying the exit fee as I said that I didn't feel I had any contract with them. I never heard the name Irish Life mentioned in my discussions with PCD, and never would have agreed to the terms and the fees if I'd known about the bond arrangements. That didn't cut any ice with SEB as it turned out I'm not their client - Hornbuckle Mitchell is.


A few months ago my current IFA advised me to pay the SEB early exit fee and to get what I could out of the bond and away from its annual fees. This I have done, but the Quadris fund could not be transferred out, so I have to maintain the SEB bond and Hornbuckle SIPP for the time being, just as a container for the suspended fund.


At least I have the satisfaction of getting most of my fund away from SEB and Hornbuckle and under my control.


Like others, I gave a witness statement to the Fraud Squad a couple of years ago and I remain in contact. I'm also watching the Quadris shareholder letters with interest.

Time_for_Action_2

this is ad test test test

Time_for_Action_2

I am new to this site - like you have lost money with this. Is anyone interested in considering a group action against those responsible With a number of people combined this could be quite feasible and potentially risk free

RokerP

New "victims" always welcome. It would be nice to hear from the original members - are they still in SEB/HM or got out somehow.


This post is just to say there is new info on Quadris- funding secured but it's not clear to me whether we can now redeem units. If anyone knows it would be handy. Also an update for anyone in New Earth Solutions but still suspended. Check their websites.