SERPS compensation?

jeff.s

Hi all,has any one had any success in claiming compensation from badly invested SERPS contributions. Reason being there is a website offering there services FREE of charge even if successful ,they will claim on the insurance,:question:

Cautious_Investor_3

jeff.s wrote: »

Hi all,has any one had any success in claiming compensation from badly invested SERPS contributions. Reason being there is a website offering there services FREE of charge even if successful ,they will claim on the insurance,:question:

What do you intend to base your claim on? Why do you think you were badly advised?

McKneff

I know this is your 2nd thread on this subject and you got it in the wrong forum.
You dont mentin credit cards on this one, was that a misunderstanding or what.

dunstonh

has any one had any success in claiming compensation from badly invested SERPS contributions.

Not many as its a complete doddle for the complaint to be rejected using the FSA flowchart. The FSA found around 1.5% of those that contracted out had the potential for being mis-sold. The published a guide with a flowchart to indicate if you were or were not.

Reason being there is a website offering there services FREE of charge even if successful ,they will claim on the insurance,:question:

That is not possible. Financial services redress payments do not cover the cost of any third party used. Any claims company telling you that is telling lies and should be reported to the MoJ for misrepresentation or even fraud.

jeff.s

The web site for this service is serpsreview.co.uk . To me it looks cool . But as they say on the X files "trust no one" .
I am intrigued by the there service so why not claim if the policy has been mishandled .My fear, i suppose is that when it comes to retirement that my pension has been compromised and i end up with nothing .

jeff.s

McKneff wrote: »

I know this is your 2nd thread on this subject and you got it in the wrong forum.
You dont mentin credit cards on this one, was that a misunderstanding or what.

Yep that was a pure misunderstanding . Ta

magpiecottage

They are independent financial advisers.

They do not seem to be saying anything about what has happened in the past, only about where might now be the best way forward with your existing situation.

I think OP has the wrong end of the stick.

dunstonh

magpiecottage wrote: »

They are independent financial advisers.

They do not seem to be saying anything about what has happened in the past, only about where might now be the best way forward with your existing situation.

I think OP has the wrong end of the stick.

They have made this site before.

They are doing nothing that any other IFA can do for you in reviewing your retirement plans to make sure they are still suitable. Nothing to do with any mis-sale or mishandling of funds by a fund manager (that just doesnt have any legs in it).

When this thread started, it looked like one of the yet-to-be-closed-down claims companies still hanging on to the old serps complaints potential. Most of the claims companies on this front have either gone or stopped trying to get complaints on this front. Those that are still left are a disgrace and just looking to pick up an easy £500 for sending a template letter that has virtually no chance of success.

dunstonh

I just picked up the following infomation from the FOS. Its a couple of years old but its useful to know:

The source is here: http://www.financial-ombudsman.org.uk/publications/ar08/about.html#a15

The following quote sums up what the FOS think

The upward trend during the year in the number of complaints we received about personal pensions resulted largely from the doubling in cases about advice to transfer out of SERPS (the State Earnings-Related Pension Scheme). SERPS was the additional state pension-scheme that was superseded by the State Second Pension (S2P) from April 2002.



A significant proportion of these SERPS complaints were submitted to us in bulk by claims-management companies – using standard forms and template letters. Many of these cases had no reasonable chance of success, given the individual circumstances involved. The claims-management companies often appeared to have given consumers unrealistic expectations of very large sums of compensation in cash – without having considered the actual merits of the individual cases.