Allied union pension review?

Highlander123

Hi , I am new to the site and came on to find out about this company that called me today. They got me to sign this review thing electronically . I now wish I hadn't as I know very little about them. I gave them most of my details but never gave them my nat insurance number. Hey said they would call back on Monday for it so they could continue. Is it possible that they can go ahead with it anyway.feel really daft for doing it now as I normally just hang up on these things. Can you unsign these electronic signatures? Any help is gratefully received . Is it possible to contact my pension provider to tell hem to halt any review or are they a legitimate company? Thank you for any assistance .

LHW99

Someone more knowledgeable than I am can perhaps say what authority an electronic signature gives, but googling the name you give brings up a website as No.1 result. At the bottom it says:
Allied Union acts as an introducer to companies that provide financial advice under the regulations of the Financial Conduct Authority. Allied Union are not authorised to give any advice, nor are liable for any financial advice provided by, or obtained through a third party.



Generally best not to have dealings with any company that cold calls - good companies don't need to.


Best to phone & write to your pension provider to warn them not to have anything to do with the company. Again better qualified people on here will confirm if that's the best course of action.

Highlander123

Thank you for the advice. It's much appreciated. I will call my pension provider tomorrow and notify them. I think I will call allied union in the morning to see if I can cancel the whole thing. Thanks once again .

dunstonh

Be on guard. Things we can tell from this company

1 - It is on the FCA register as a company that ceased to be authorised in 2012. It has no current authorisations (introducers are now regulated and listed on the FCA register)
2 - it says it offers free pension reviews. Since 2013 and the retail distribution review, authorised advisers cannot be paid commissions. They have to be fee based. However, unregulated schemes can pay commissions. If it was free and using regulated financial advisers doing it for free then how do they stay in business? They would have no income.
3 - it says on its website that one of the pension advisors (sic) will be in touch if you fill their contact in. They are not authorised to be pension advisers.
4 - The terminology on their website is dire. It makes incorrect references about pensions on its website and unsubstantiated claims that the FCA would treat as a breach if a regulated firm was saying them. (e.g. it says 80% of pensions are underperforming - they are not. It wrongly describes frozen pensions etc)

Other things that would put me on guard if I was being cold called (apart from the high volume of cold calling scams there are)...
This company used to be registered at companies house as CLAIMS MADE SIMPLE LIMITED (Company No. 07284050). The building they are in is home to a number of claims companies who have had enforcement action from the ministry of justice ( Client Connection, Lifestyle Claims and Redhawk Legal, ifonic,Cerys-Angharad). Swansea has the reputation for being the cold calling scam capital of the UK. They happen to be based in the same building as a number of claims companies that have had enforcement action taken against them. Could be bad luck on their part and you cant judge a business by others based in the same building. However, to have a firm with no FSA regulation for introducing offering something that cannot be done with regulated advisers using regulated investments operating out of a building known to house multiple firms with dodgy backgrounds, you do have to at least be on guard at the very least.

We do know that cold calling free pension reviews is an area that is rife with scams. The most common scam is the use of a company claiming to be an introducer offering free pension reviews. They go on to find out about your pension, tell you how rubbish it is (even when it is not) and then tell you to transfer it to some unregulated scheme paying big commissions (which are usually deducted from the fund value) and invest in overseas property, hotels, forestry, eco schemes, other fuels etc. Scheme often goes on to fail or erode your pension pot to zero. As it was unregulated, you have little or no consumer protection
FCA warning - http://www.fca.org.uk/consumers/financial-services-products/pensions/protect
http://www.moneywise.co.uk/news/2014-05-21/scam-watch-beware-free-pension-reviews
http://www.thisismoney.co.uk/money/pensions/article-2634937/Savers-warned-avoid-dodgy-cold-calls-offering-free-pension-reviews.html
http://www.ft.com/cms/s/0/3b8c96c0-e0f2-11e3-a934-00144feabdc0.html#axzz3F4RL1419

Highlander123

Thanks for the reply. They do look rather iffy the more you hear . I have had 4 different companies call me from goodness knows where offering me pension advice in the space of 1 hour last night. Hope they can't do anything with that e signiture that I did stupidly. I am phoning them now to tell them not to bother with it all.

dunstonh

Once you get on a mugs list, you will find all sorts of phone calls being made. Never act on cold calls.

make sure you let your pension provider know that you do not wish them to have info.