Historical info about Bonus rates

Isbur

Hi very new to posting so please bear with me. I had an IFA advised me to cash in my Scottish Widows with profits Pension plan. Now offered redress by IFA for bad advice but in order to compare what they are offering with what my original pension plan would have offered I need the historical information about Scottish Widows Bonus declarations. Does anyone have an idea where this information may be in one place or spreadsheet or do I just have to get the detail year by year from the Scottish Widows press releases.

The IFA I had was Bluefin and they suggested I invest in Unregulated Collective Investment Schemes (UCIS). Had no idea there was a problem until they offered me an amount for redress two and a half years after I sold the recommended investment. Not a word from their staff member who dealt with me that they were even considering I had been wrongly advised. Has anyone else been surprised like this?

bigadaj

I'd be tempted to go to another ifa to review their offer. I'd want bluefin to cover the costs for that but pay the ifa myself and get them to reimburse to ensure there's no problem with conflict of interest and liability.

dunstonh

he IFA I had was Bluefin and they suggested I invest in Unregulated Collective Investment Schemes (UCIS).

What a surprise. Another upheld complaint in unregulated schemes. Anyone spotting a trend....

Has anyone else been surprised like this?

unregulated schemes are typically high risk, lack consumer protection (no FOS or FSCS protection) and prone to losing money (often all of it) or being outright scams. Unregulated schemes are really for larger investors with capacity for loss and a better understanding of investments. If that doesnt fit you then you would expect a complaint to be successful.

I won't go near unregulated schemes and because of that, I will shortly be losing my IFA status and having to call myself a restricted adviser.

I need the historical information about Scottish Widows Bonus declarations.

Normally you would expect the company to ask the old provider what the value would be had it not been transferred. This can usually be worked out. Bonus releases are unreliable as they only refer to the annual bonus. not the final bonus. The final bonus is based on your payment frequency, dates and amounts. So, cannot be obtained view press releases.

sandsy

dunstonh wrote: »

I won't go near unregulated schemes and because of that, I will shortly be losing my IFA status and having to call myself a restricted adviser.

Dunstonh, you don't have to give up independence if you don't advise on UCIS:

RDR and UCIS

RDR Guidance published by the FSA explained that firms’ independent status after 31 December 2012 would not be impacted if they decide not sell UCIS because they deem them to be unsuitable for their client base.

For full details please make sure to read the guidance.

Source: http://www.fca.org.uk/firms/financial-services-products/investments/ucis

Isbur

Thank you Dunstonh I will just have to persevere. Thank you also bigadaj, Bluefin have told me that it is not their job to compare what the old plan would have earned and if I want to approach someone to calculate this then it would have to be at my cost!!! Even though it's their mistake. I think my next stop is going to be the Financial Ombudsman, there shouldn't be any harm they've already admitted they gave me bad advice, I just don't agree with the amount or method of calculating the redress they've offered.

bigadaj

Isbur wrote: »

Thank you Dunstonh I will just have to persevere. Thank you also bigadaj, Bluefin have told me that it is not their job to compare what the old plan would have earned and if I want to approach someone to calculate this then it would have to be at my cost!!! Even though it's their mistake. I think my next stop is going to be the Financial Ombudsman, there shouldn't be any harm they've already admitted they gave me bad advice, I just don't agree with the amount or method of calculating the redress they've offered.

Well you'd need to employ the ifa yourself to ensure they are liable to you. You'll have to pay them of course but there's no reason their cost can't be included within your claim for costs and losses from the original advice.