SIPP pension mis-sold?

Norfolk_Norris

Hi Guys

Not much of an update, but just to keep ya'll posted on the progress...

The FSCS have said that they are now trying to establish that the company is "in default"; they said that they have to check that, because the company was a partnership, they explore every avenue of innability of them to compensate before the FSCS do.

The FCA register shows the company as 'applied to cancel'.

Looks like it'll be a long drawn out process, but at least someting's being done, rather than nothing at all.

Norfolk_Norris

Hi People

Wonder if anyone could give a bit of guidance regarding my complaint.

I asked the FSCS where we are currently with the complaint, and they replied the following:

"The Financial Services Compensation Scheme (FSCS) must consider all claims in line with our rules, as set by the Financial Conduct Authority (FCA). Under these rules, before we can consider the eligibility of any claim made against a firm authorised by the FSA, we must be satisfied that the firm in question is financially unable to meet the claims that have been brought against it. We can only consider a claim for compensation if no other party is in a position to do so.

In your email you have asked for an update on your claim. I can confirm that we are currently investigating the solvency position of ********* LLP to decide whether we can declare the firm to be ‘in default’ under our rules (i.e. we are satisfied that it is unable, or likely to be unable, to pay claims against it). This opens the way for us to pay compensation to those people who have eligible claims against the firm.

Once our investigation into the solvency position of the firm is complete, and if we are able to declare it ‘in default’, we will then go on to consider the specific facts of your claim to decide whether we can compensate you under our rules.

Unfortunately, it is difficult to give an exact timescale as to when we will be in a position to write to you about your claim. Reviews into the solvency of firms are, by their very nature, time consuming, as we are dependent on receiving information from third parties, over whom we have no control. As soon as these investigations are finalised we will contact you again."

My questions are:

- what kind of investigations actually take place, regarding the individual and company
- does the fact it is an LLP affect this?
- do the 3rd parties have a time limit to respond or can they drag it out indefinitely?
- the company currently show as 'dissolved' on companies house, and 'applied to cancel' on the FCA website, with the strike off date back in December 2014; isn't this enough to show that they would now be unable to cover the claim?

I am not expecting a quick result to all this, and just wondered what exactly is going on behind the scenes... does anybody have an idea?

Many thanks
Norris

gadgetmind

No idea, but it's a long time to leave someone with these worries.

atush

I assume it just takes a long time to get back paperwork proving the LLC would up and if any assets were left etc etc. Lots of i's to dot and t's to cross.

It is a long time, but at least they are at it.

In the meantime, have you been over to the debt free board and getting help with paying down your debt?

Norfolk_Norris

atush wrote: »

I assume it just takes a long time to get back paperwork proving the LLC would up and if any assets were left etc etc. Lots of i's to dot and t's to cross.

It is a long time, but at least they are at it.

In the meantime, have you been over to the debt free board and getting help with paying down your debt?

Hi atush; this all started in 2010 - debt situation has changed a lot since then, but thanks for the suggestion.

Norfolk_Norris

Hi - would anyone know how the FTSE WMA Stock Market Income Total Return Index calculation would work on £20,000 invested in 2010?

What would the approximate growth be as at this year?

Many thanks
Norris

atush

http://markets.ft.com/research/Markets/Tearsheets/Summary?s=PII:FSI

According to this, it is up 6.57% in the past year. If that is total return incl divs or not I dont know. But isuspect it is.

Linton

According to Trustnet the index has gone up a total of 47.6% including dividend reinvestment since March 2010 - 8.1%/year average. Add the index to the graph.

Norfolk_Norris

Hi Guys...

...2 months further on from my last update request from the FSCS about the default position of the advisor, and still nothing.

Just had the pension administrator take their £500 annual fee from the massivley eroded remains of the fund again - each year I see this, it stings that bit more.

Proving a person/company is unable or unlikely to be unable to compensate is obviously a lot more complex than I had imagined?!

I will keep ya'll posted of course...

Regards
Norris

atush

thanks for the update.