Mis-sold Pension Plan

fulhamboy_2

I was mis-sold a pension plan 4 years ago. I have since taken out an annuity. The provider has offered me a significant sum which I am due, in settlement. Should I settle or seek compensation as well. How else will they be punished for their wrongdoing? What are the risks to myself of pursuing an admitted wrongdoing?

dunstonh

Should I settle or seek compensation as well.

The free of charge complaints process uses financial redress to put you in the position you would have been had you not done the transaction. it does not pay compensation on top of that (bar sometimes a small inconvenience amount)

If you want to get compensation on top then you will need to refuse their settlement and take the matter to court.

How else will they be punished for their wrongdoing?

It's not your place to punish them. Their PI insurer will do that with higher premiums and when the FSA do an audit and look at complaints, they will see if there are trends that need dealing with and the FSA will take action if needed.

What are the risks to myself of pursuing an admitted wrongdoing?

The courts are less consumer friendly. The FSA complaints process puts the onus on the firm to show they did it right. If you take it to court, you have to show they did it wrong. The award in court may end up higher or lower and you may not get costs awarded.

fulhamboy_2

Thanks for your advice. They could however have been mis-selling for four years (or more)because only now they have informed me. The FSA does not enjoy consumer confidence. I do not have to show they did it wrong. They have admitted to it.

dunstonh

They could however have been mis-selling for four years (or more)because only now they have informed me.

Did you complain or did they come to you?

The FSA does not enjoy consumer confidence.

it doesnt enjoy industry confidence either for ironically much the same reason.

I do not have to show they did it wrong. They have admitted to it.

That is using the FSA regulated process. That doesnt mean they would in court.

fulhamboy_2

They came to me. They have admitted their wrongdoing in letter form from a past business review. Sad about the FSA that appears again to be ineffective. Why am I not surprised that the little man has no redress?

dunstonh

Sad about the FSA that appears again to be ineffective.

If they came to you it's either because the FSA made them do it or their compliance company made them do it. So, they are being dealt with and in this case, it appears that everything is being sorted correctly.

hy am I not surprised that the little man has no redress?

You are getting redress though.

Common_Sense_2

fulhamboy wrote: »

The provider has offered me a significant sum which I am due, in settlement.

Then

fulhamboy wrote: »

Why am I not surprised that the little man has no redress?

sorry? they have offered you settlement - is that not redress?

fulhamboy_2

I accept that I am offered settlement. But Justice is not seen to be handed out to those who have taken advantage. Their own procedures caused them to make the offer which is probably the minimum they can get away with to satisfy the FSA. Does returning stolen goods mean that the criminal has been stopped from doing it again?

dunstonh

Their own procedures caused them to make the offer which is probably the minimum they can get away with to satisfy the FSA.

They have to report to the FSA (as do all firms).

Does returning stolen goods mean that the criminal has been stopped from doing it again?

If a crime had been committed then the FSA would usually fine and remove licences and can consider further action. FSA fines and action are typically very heavy even where no crime is committed.

There is also the knock on effect of enforcement action which can see the compliance and insurance costs sky rocket.

What sort of justice do you want? Hanging?

bendix

Perhaps he could riot.

Oh, the wailings and plaintiff cries of the ubiqitous 'little man'.

fulhamboy_2

Not a very helpful or intelligent response. Why insult? Does the credibility of this site no good at all.