📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Mark13

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.

Comments

  • dunstonh
    dunstonh Posts: 119,446 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    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.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.4K Banking & Borrowing
  • 252.9K Reduce Debt & Boost Income
  • 453.3K Spending & Discounts
  • 243.4K Work, Benefits & Business
  • 598K Mortgages, Homes & Bills
  • 176.6K Life & Family
  • 256.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.