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My Pension Misselling Experience
Stress
Posts: 22 Forumite
Hi,
I would be interested in your views of my current situation which I will outline briefly.
1988 advised by Pension Consultants to transfer my company pension to a PPP.
1989 partnership change in consultants and advised to take out a second PPP as repayment vehicle for mortgage.
1996 I learn of pension review and contact firms to get review underway.
1996-1999 partners of firm(s) disputing responsibilty.
1999-2001 I get the FSA involved who write to partners but get no results. I then pass it to the FOS in August 2001. Almost five years later March 2006 I get the adjudicators report which states the first partnership are responsible for 97.9% of my loss, but they have no jurisdiction over the second partnership for the remaining 2.1% as the firm was not regulated.
The Ombudsman issued a decision in June 2006 against the first partnership, I contacted the FSCS about the second partnership, who stated they couldn't help as the firm was not authorised.
I had to engage a solicitor to recover losses from the second partnership and, as the first partnership ignored the Ombudsman's decision, to enforce that as well.
One of the first partnership is challenging the FOS decision by judicial review so all legal proceedings have been put on hold.
I have exhausted my savings (£10k) on legal fees and am now relying on legal aid for the judicial review, but have yet been unable to find a legal aid solicitor to continue with the enforcement.
I have complained to my MP who forwarded it to Ed Balls (Treasury Minister) who side stepped my questions and didn't want to get involved.
I have complained to the FSA about several points including allowing a firm to trade without authorisation.
They have failed to uphold my complaint so I progressed it to the Complaints Commissioner whom, if his Preliminary Decision is anthing to go by is going to support the FSA view.
I find this strange as both the FOS and FSCS concluded the firm traded without authorisation.
I look forward to your comments.
I would be interested in your views of my current situation which I will outline briefly.
1988 advised by Pension Consultants to transfer my company pension to a PPP.
1989 partnership change in consultants and advised to take out a second PPP as repayment vehicle for mortgage.
1996 I learn of pension review and contact firms to get review underway.
1996-1999 partners of firm(s) disputing responsibilty.
1999-2001 I get the FSA involved who write to partners but get no results. I then pass it to the FOS in August 2001. Almost five years later March 2006 I get the adjudicators report which states the first partnership are responsible for 97.9% of my loss, but they have no jurisdiction over the second partnership for the remaining 2.1% as the firm was not regulated.
The Ombudsman issued a decision in June 2006 against the first partnership, I contacted the FSCS about the second partnership, who stated they couldn't help as the firm was not authorised.
I had to engage a solicitor to recover losses from the second partnership and, as the first partnership ignored the Ombudsman's decision, to enforce that as well.
One of the first partnership is challenging the FOS decision by judicial review so all legal proceedings have been put on hold.
I have exhausted my savings (£10k) on legal fees and am now relying on legal aid for the judicial review, but have yet been unable to find a legal aid solicitor to continue with the enforcement.
I have complained to my MP who forwarded it to Ed Balls (Treasury Minister) who side stepped my questions and didn't want to get involved.
I have complained to the FSA about several points including allowing a firm to trade without authorisation.
They have failed to uphold my complaint so I progressed it to the Complaints Commissioner whom, if his Preliminary Decision is anthing to go by is going to support the FSA view.
I find this strange as both the FOS and FSCS concluded the firm traded without authorisation.
I look forward to your comments.
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