How do I know if I was mis-sold pension?

savewhereican

I have recently had my claim for pension mis-selling in 1997 upheld.
I started my claim with very helpful and informed advice from TPAS. Suggest you contact them.

kemmyjoe

Hi Dunston, I thought I 'was stuffed'. The letter from my 'IFA' enclosing my documentation in 1994 for the new CM policy has 'Member of FIMBRA' logo on the letterheading, but then in 1999 the letter enclosing a yearly statement has 'Regulated by the PIA' logo (both the same company name). Perhaps I will follow this up. Once again thank you.

dunstonh

kemmyjoe wrote: »

Hi Dunston, I thought I 'was stuffed'. The letter from my 'IFA' enclosing my documentation in 1994 for the new CM policy has 'Member of FIMBRA' logo on the letterheading, but then in 1999 the letter enclosing a yearly statement has 'Regulated by the PIA' logo (both the same company name). Perhaps I will follow this up. Once again thank you.

If the FIMBRA firm went on to be regulated by the PIA then it is classed as continuous regulation as if they were PIA regulated in the first place.

I can almost picture your face when you saw the FIMBRA logo. However, the relief when you found the PIA one must have been the opposite.

kemmyjoe

When I read your comment I thought you must have a camera in my bedroom!!! This is going to take some reading up and months of waiting I suspect. I will look at PAS also. I'll let you all know the outcome.

kemmyjoe

Turns out I was mis-sold a pension! Thanks Dh. It's taken since Feb to finalise my claim following pension tracing service giving out of date info, finding the current administrators, the current administrators denying I was ever a member, not having a closing deferred benefit statement (presumably sent direct to the IFA 20yrs ago and not shown to me), FCA (was FSCS) saying they may close my claim through lack of evidence, my refusing to accept this, FCA going to HMRC for the relevant info, and now a decision letter awarding me a cash settlement.
I have no idea if the award is fair but is based on key facts:
Total deferred pension in 1993 was £1,454 of which £565.24 p.a. was GMP. Value of benefits lost now worth £75k.
CM Personal Pension value of benefits gained now worth £47.5k. FCA are awarding me the difference in values (taking in account future charges that will be payable and any windfall benefit that applies).
Something says that I have lost a lot more than the difference, but I really have no idea. Any thoughts on whether I should debate this. Having said that, it is an unexpected bonus, and I will be looking to buy AVC for the few years I have left til retirement. I would say to anyone if they feel they were mis-sold a pension that they have nothing to lose by completing a claim form.

robatwork

Well done for a) following through with your claim and b) following up here, hope it will help others.

Advising people out of final salary schemes into private pensions was almost always bad advice that just generated commission for the adviser.

atush

Thanks for letting us know the outcome, and congrats on standing yru ground and getting Comp.

dunstonh

Well done on the outcome. Sorry I couldnt reply earlier to say so.