Surps

seaside

Hi all

have any of you heard anything about claiming back money if you opted out of surps there is an add on facebook that says some people have claimed and had a payment the add is from a company offering to claim on your behalf i have tried to find out more but can not find anything. Sorry if i have put this in the wronge
place.

Thanks

dunstonh

There was a period when a large number of claims companies thought SERPS could be a mis-sale area. However, the FSA did a review of contracting out of SERPS and fund just 1.5% were potentially mis-sold. They issued a flow chart to work out it. A copy is here: http://webarchive.nationalarchives.gov.uk/20100210151716/moneymadeclear.fsa.gov.uk/pdfs/s2p_wrongly_advised_ink.pdf

Nowadays there are just a couple of claims companies that still look at this area as most pulled out realising that so few were mis-sold that it is not worth putting in complaints. I consider the few left to be an absolute disgrace. Typically, they tell you that there is no charge and they will review it. They then generate a template letter complaint containing reasons which frequently are not applicable (I have seen such a template letter) and in most cases the complaint is rejected. However, what they do at the same time is tell you to transfer the pension using a sister company which then generates them a commission (usually around the 5% mark). And ironically, they usually go and recommend investments that that they actually said were unsuitable in their complaint letter.

I consider putting in a fake complaint to allow a sister company to generate a commission on a pension transfer to be unethical especially when doing the same things that the complaint generating company is complaining about.

seaside

thankyou dunstonh for your help i will leave this well alone
thankyou again

magpiecottage

dunstonh wrote: »

Nowadays there are just a couple of claims companies that still look at this area as most pulled out realising that so few were mis-sold that it is not worth putting in complaints. I consider the few left to be an absolute disgrace. Typically, they tell you that there is no charge and they will review it. They then generate a template letter complaint containing reasons which frequently are not applicable (I have seen such a template letter) and in most cases the complaint is rejected. However, what they do at the same time is tell you to transfer the pension using a sister company which then generates them a commission (usually around the 5% mark). And ironically, they usually go and recommend investments that that they actually said were unsuitable in their complaint letter.

I consider putting in a fake complaint to allow a sister company to generate a commission on a pension transfer to be unethical especially when doing the same things that the complaint generating company is complaining about.

Unfortunately, the Network that deals with the FSA authorisation of the firm you refer to does not seem to be bothered about the ethical implications of this.