Mark13

Mark13_2

Hi,
wonder if anyone can help. I was advised to transfer my existing work pension policy back in 2003 into a Section 32 Buy out plan, being told there were numerous advantages in retirement and that the whole amount went to my estate in the event of dying early. I was given a load of projections and growth rates etc.
Sadly it was pointed out last year by another financial adviser that this had proved to be 'quite awful advice'. I have just received an independent review which points out that so far I have lost £488,000 in the process and that I still have another eleven years in which the two pots will grow even further apart. The FSCS have informed me that I am liable for compensation. However, this will in no way come anywhere close to the lost amount as they can only pay a certain amount.
Obviously, hindsight is a wonderful thing but I was duped nearly a decade ago and wondered whether there is any action I can take in order to attempt to retrieve a better form of compensation.

many thanks.

dunstonh

Obviously, hindsight is a wonderful thing but I was duped nearly a decade ago and wondered whether there is any action I can take in order to attempt to retrieve a better form of compensation.

Bottom line, no. With the FSCS involved, that means the original firm must no longer exist and have no assets. So, there is no entity for you to go after.