is it still possible to claim misold pension

lorryw

Is it too late to make a claim for a possibly misold pension from 1993.
My husband had a frozen company pension (after being made redundant )and was advised to transfer it to a private pension after seeking advice from an insurance broker.
I have just found a mountain of paperwork and Im shocked at how naive we were.
It included a letter from the company dated 30/12/1998 in which we were advised that the IBRC had asked all insurance brokers to review personal pension plans to ensure appropriate advice was given. The letter assured us that we had given proper advice and the transaction"effected comply with the statutory rules under which I am bound. In view of the concerns which have been expressed in the media, I thought you my wish to be reassured"
We accepted this and put it in a drawer. It is only now, as we approach retirement that we feel that he was badly advised.

maggy50

It is not to late but be advised my uncle put in a complaint about his pension being mis sold by an agent /broker it has taken some time and after going to FOS they found against him claiming that he had been rightly advised to transfer his pension 1994 .

He also was naive and just shelved all paperwork until recently .

On the upside we have found that he had more pension than he thought and will be waiting for the new rules to come into force April before he makes his mind about either moving or investing elsewhere.

dunstonh

Is it too late to make a claim for a possibly misold pension from 1993.

It depends on what happened during the pension review that followed.

It included a letter from the company dated 30/12/1998 in which we were advised that the IBRC had asked all insurance brokers to review personal pension plans to ensure appropriate advice was given. The letter assured us that we had given proper advice and the transaction"effected comply with the statutory rules under which I am bound. In view of the concerns which have been expressed in the media, I thought you my wish to be reassured"

It was a mandatory requirement for all pensions sold in that period to be reviewed on suitability and you given information on the outcome. If you disagreed with that outcome, you could refer it to ombudsman. If you did not take it further, you generally lost the right to make a complaint later under the timebar rules.

You would need to contact the broker again to see if that is the case. Although the letter may state that too.

You may wish to read the comments about the FOS, including one on letter style and the time bar:
http://www.financial-ombudsman.org.uk/publications/technical_notes/pensions-review.html

lorryw

Thank you both for the information.
We weren't aware at the time we received the letter that we could appeal to the ombudsman and simply took the reassurances we were given as correct. With hindsight we should have been less gullible.To be honest the pages and pages of paperwork and figures are incomprehensible to both myself and my husband.

le_loup

Because they were incomprehensible does not make it a miss sale. You had an opportunity to review it or discuss it with someone who understood it. Why do you think you were miss sold?

greenglide

To be honest the pages and pages of paperwork and figures are incomprehensible to both myself and my husband.

If you don't understand the letters what is the basis on which you think you were missold?

It is possible that the product you were sold was appropriate.