Miss sold pension compensation

onthinice

I have a case where I was mis sold a pension in the 90,s I have contacted a company who said they can take my case on ,but they charge 35% plus VAT some others are advertising 15% plus vat on any monies recovered.
I knew it would be a minefield and doing it myself would just mash my brain, anyone out there have any advice or recommend any companys if that's legal on here.
cheers Ice

dunstonh

I have a case where I was mis sold a pension in the 90,s I have contacted a company who said they can take my case on ,but they charge 35% plus VAT some others are advertising 15% plus vat on any monies recovered.

You need to be really careful here. In the majority of cases, if your complaint is upheld, the redress payment will not be cash in hand. It will be placed in the pension. i.e. your pension value will be increased. However, the claims company will bill you for the full amount of the redress which you will have to pay out of your own cash.

I knew it would be a minefield and doing it myself would just mash my brain, anyone out there have any advice or recommend any companys if that's legal on here.

I doubt anyone would recommend a claims company as they charge you for using the free of charge complaints process and tend to have a lower success rate than personal complaints (claims companies tend to use template letters and these can include lies which are easily refuted/shown to be wrong. That destroys your credibility and in many cases, complaints can end up going with the most credible side). Plus, claims companies are not specialists in financial products. They are opportunistic chancers praying on those who do not realise how easy it is to complain.

If you feel you were mis-sold, then why would you need a claims company? You just give your reasons in a short letter. Easy and no cost to you.

onthinice

Thanks that sounds good to me .I noticed at the bottom of you post it says you are a Financial Advisor ,I will go to Adviser local to me.
Cheers

atush

You don't need an IFA to complain, but you could use one after with yoru pension.

bmm78

dunstonh wrote: »

I doubt anyone would recommend a claims company as they charge you for using the free of charge complaints process and tend to have a lower success rate than personal complaints (claims companies tend to use template letters and these can include lies which are easily refuted/shown to be wrong. That destroys your credibility and in many cases, complaints can end up going with the most credible side).

Very good point. Claims handling is a numbers game, and they tend to play the percentages with templates and stock lines of argument that may or may not reflect the specifics of the case.

The Ombudsman (if it goes that far) tends not to discriminate against people who are not financial services savvy and don't use the conventional jargon. If anything, a case put together as a layperson helps strengthen any argument that you weren't put in an informed position.

onthinice

Thanks for the advice and like you both have said doing it myself seems the only way I want to go. I don't want to be taken to the cleaners by another corporate Highwayman. And thanks again.

onthinice

Oh one more thing when I compose my letter to the insurance company who hold my account ,will I be dealing direct with Legal types and would it be best to keep it simple, need to find some sort of basic template as I tend to write with my heart than my head.

uknick

My partner was missold a pension and did the claim herself. Apart from taking an inordinate amount of time, I don't think there was any particular problem.

dunstonh

Oh one more thing when I compose my letter to the insurance company who hold my account ,will I be dealing direct with Legal types and would it be best to keep it simple, need to find some sort of basic template as I tend to write with my heart than my head.

Did L&G sell the pension? You complain to the seller not the insurer unless the seller was an agent of the insurer.

onthinice

Thanks both UK NICK That's the way im doing it and thanks again dunstonh .Have spoke to a IFA about an hour ago who is a friend of a friend and we are meeting next week . iT wasn't L and G it was an agent for Hearts of Oak. as you know another company bought them out.