IFA ignoring request to review pension

ManicMum

Hello

We got a new IFA a few years back who convinced us our pension was not good in terms of the funds invested in and costs (Scottish Widows) and that we needed a new one (Scottish life). Well that aside, last November I asked for a pension review. Was told they would get on to it and contact me. Nothing. Emailed twice but both emails bounced back. Then in the new year, I phoned and was told the person concerned would ring me when they got back from lunch. Nothing. So I wrote a letter to the MD explaining the saga. Nothing from him but got an email from his admin person who apologised, said it was all her fault and would not happen again.

This has now been 5 months nearly since I asked for the review. In that time, I may have lost money. I stupidly handwrote the letter to the MD and didn't take a copy. I want to take this further. Are they not obliged to service this pension for me? I can't make changes myself so I have to go through an IFA. Do I re-send a letter, explaining that it's an official complaint? I thought it bad manners of the MD not to reply himself when letter was addressed to him. I am now questioning whether they just sold me another pension for the commission as they aren't giving me the impression they are reputable.

Thanks

dunstonh

Are they not obliged to service this pension for me?

When you employ the adviser it will either be on transactional basis or servicing basis. A transactional adviser will not service a policy unless you ask them to and will then usually charge you each time. A servicing adviser will service the policy as you are paying them to do so.

What contract have you used for this adviser? That doesnt ignore the fact that the service you have had has been poor.

I am now questioning whether they just sold me another pension for the commission as they aren't giving me the impression they are reputable.

If you did it on commission basis then it is almost certainly transactional and not servicing as servicing cases are usually done on agreed remuneration/fee basis.

ManicMum

Hi Dunstonh

Basically, our first year's premiums went on commission to the IFA. I don't know what the contract basis is. I might have paperwork somewhere. Bit haphazard my filing system. However, I got email from them after my complaint saying 'under the contracts held with our company, we will review pension etc'. They also apologised for their bad service and said it wouldn't happen again. i emailed them to say I still want a written response to my letter and yes, I did want the pension review. No reply again - that was about 2 weeks ago.

Just sick of them. Can I go to FSA? I don't have copy of original letter but email from them acknowledging it.

Thing is, a new IFA won;t want to review something they didn;t sell. What's in it for them?

thanks

dunstonh

Basically, our first year's premiums went on commission to the IFA. I don't know what the contract basis is.

That would pay for the initial advice.

Just sick of them. Can I go to FSA?

No. The FSA does not handle consumer complaints.

Thing is, a new IFA won;t want to review something they didn;t sell. What's in it for them?

If there is a servicing payment being made then the new adviser will be paid that instead of the old one. However, if the pension was set up on transactional basis (which it sounds) then a new adviser would not be paid for servicing. So, it is unlikely they would do it.

jamesd

The FSA doesn't directly handle individual consumer complaints. You'd go to the FOS if necessary. Just let their own complaints procedure handle things for now, FOS can only come after they have made any offers they want to make and have said that they will do no more.

A new IFA can potentially charge you money for any new services that you require.

ManicMum

thanks. I have tried to complain though and they ignored my letter (no reply) but then acknowledged its receipt by email. Now have not done what they said they would do and ignoring emails again. What else can I do? Seems waste of time to go back to writing another letter.

cheers

atush

Well, you could always trun up at their office?