Pension didn't transfer - lost money

chipsdog

8 months ago I started a new pension, I signed the documents for my existing pension from Sankia to be transfered into this pension. My FA rang me and said very sorry but the paperwork didn't get processed properly and that the money didn't get transferred.

My husband transferred his pension at the same time, we transferred into the same high risk funds, his £80k he invested is now worth £94k.

If my paperwork had been done when I asked I think my fund would have grown about £7k (£42k was to be transferred), my FA said she would lodge a complaint - what happens now? will I get any compensation?

Many thanks for reading

SeniorSam

YOUR Husband needs to lodge the complaint in writing, not your IFA. Send a letter headed FORMAL COMPLAINT to the firm that your IFA represents. Lay out the details clearly, showing that your IFA has failed in his responsibility to you and ask for the complaint to be investigated. Your IFA is the one that needs to sort this out but it can remain dormant unless you make the written complaint.

Sam

somethingcorporate

Who is your FA going to complain to? Surely it is their responsibility to make sure it happened so as far as I can see your complaint should be about them!

SeniorSams advice is excellent, I'd go with that.

dunstonh

The IFA can put complaints in on the behalf of the individual. If it is an FA rather than IFA then you should complain. However, it would be interesting to know who is to blame.

An FA may not be to blame as they represent their employer and if they pass forms on then they have done their job. If it was an IFA then you would expect them to follow it through to the end.

somethingcorporate

dunstonh wrote: »

The IFA can put complaints in on the behalf of the individual. If it is an FA rather than IFA then you should complain. However, it would be interesting to know who is to blame.

An FA may not be to blame as they represent their employer and if they pass forms on then they have done their job. If it was an IFA then you would expect them to follow it through to the end.

I guess that depends whether you consider the FA as an individual or as a representative of their company. Whilst they may have completed their "element" of completing the forms surely they should have some obligation to ensure that they get processed? Especially if they are the face of the company as far as the customer is concerned.

Either way, I'd still put it in writing and get complaining.

chipsdog

somethingcorporate wrote: »

I guess that depends whether you consider the FA as an individual or as a representative of their company. Whilst they may have completed their "element" of completing the forms surely they should have some obligation to ensure that they get processed? Especially if they are the face of the company as far as the customer is concerned.

Either way, I'd still put it in writing and get complaining.

the FA said she completed the paperwork and handed it to another deprtment and they failed to complete it. St James Place is who I think I need to write to, Head Office maybe?

dunstonh

St James Place is who I think I need to write to, Head Office maybe?

SJP is a tied FA. One of the most expensive on the market. Either way, it doesnt matter who is responsible as SJP sales reps represent SJP. Not their customers. I would not rely on an SJP sale rep putting in a formal unbiased complaint about the company they represent. You should do it yourself.

You should also see an IFA as they can wipe the floor for an SJP sales rep on choice, quality of product and cost. An IFA is unlikely to be able to match the sales pitch and sales aids/brochures that SJP will have though.