Portal Financial Services LLP

taking_stock

if nothing else, the popularity of this thread (and how quickly it surfaces in a google search for Portal) illustrates that any Financial Services company needs to be careful about where they get their data and how it is used.... and NOT cold calling - whether by phone or post.


I've looked at Portal website and apart from having inaccuracies like 50% tax bracket (which disappeared a few years ago), they also have a tone I dislike, such as in "Many final salary schemes still give benefits which are hard to replicate. We can check to see if you are one of the lucky ones."


That should of course read along the lines 'Most final salary.... we can check.... one of the few unlucky ones".

FreeBear

Got one of these letters myself this morning - Suffice to say, I am NOT impressed, but made full use of the 1st class business reply. They will be getting a brick delivered tomorrow at their expense :rotfl:

I have my suspicions as to where they got my contact details from, and I will be pursuing that line with another brick in hand.

gahill29

I've received one of these cold call letters as well. Used their pre paid reply envelope to request removal of my details. Life is too short to work out where they bought my details from. I never select sharing, always deselect opt ins and am registered with MPS so ought not to receive these! Well see if Portal Financial respect my request.

greenglide

Used their pre paid reply envelope to request removal of my details.

So you admitted to them that the name and address details on whatever list targeted you were correct?

This could well increase the mailings you receive.

Put them straight in the bin or, if you must, write "not known", "deceased" or similar on the envelope and send them back.

sandsy

Just searched for Portal on the Ombudsman database - 8 out of 8 decisions upheld against them in the last 3 years.

Drp8713

sandsy wrote: »

Just searched for Portal on the Ombudsman database - 8 out of 8 decisions upheld against them in the last 3 years.

I just read the case for Mrs W 10/02/2016 and it is exactly the same scenario I described in my post on the first page of this thread.

I hope there are not too many more people who are losing out as a result of this company, and hopefully the ones that are find their way to the ombudsman.

Also good work from the Ombudsman its actually 10/10 complaints upheld.

Those UCIS investments in individual sectors like oil and solar energy were hugely high risk for uneducated investors and the decision to uphold the complaints isnt a suprise.

BobQ

Spruance wrote: »

This morning I received a letter from Portal Financial Services, of Rochester, Kent. A company that I have never heard of and hence with whom I have had no prior dealings. As far as I can tell they are not linked to any of the other financial institutions that I have business with.

The main thrust of the letter is to ask if I am 55 or over and maybe wanting to draw down part of my pension pot under the new Government pension rules.

Clearly they know that I am over 55 as otherwise why are they writing, unless of course they are writing to everyone in the country just on the off chance. Likewise I do have a private pension fund although I fail to see how they could possibly know that.

On the plus side the company does appear to be properly registered with the Financial Conduct Authority and is authorised - amongst other things - to conduct pension related work (FCA Registration no. 501272).

What I object to is the unsolicited approach and especially the style of the enclosure which I think that many people would feel obligated to complete and return.

The covering letter is signed by one Jamie Smith-Thompson who describes himself as a Partner. This is presumably the same person who is listed as contact person on the FCA website and whose direct company email address may also be found on the FCA website by searching for company ref 501272 here: https://www.fsa.gov.uk/register/firmRefSearch.do

Needless to say that I shall be telling Portal Financial that I do not want to do business with them and asking for them to delete my details as required by Data Protection legislation.

I would be interested to know if anyone else has been contacted by this company offering help with pension drawdowns.

They write to me every 6 months on the same theme. I doubt they really know my age but the recycle bin is where I file it.

PensionTech

Interesting article on Portal Financial's practices here:

http://www.moneymarketing.co.uk/fos-rules-against-insistent-client-pension-transfer/

Darren_Cooke

To stop the sort of approach Portal use I have started this petition

petition.parliament.uk/petitions/166980

Silvertabby

I remember Portal from my days as a LGPS administrator - they ALWAYS recommended that their clients would be better off transferring their LGPS benefits to a private pension scheme. Not a lot we could do if the transfer was to a legit pension fund, as we could only offer information, not advice. One case that sticks in my mind was a deferred pension with a transfer value of over £300K. We couldn't make the actual payment until we had received confirmation of GMP from HMRC - but Portal were on the 'phone nearly every day screaming for 'their' money.