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Mis-selling & Deception by an IFA. How can I get maximum satisfaction?
Comments
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Why is the IFA asking you questions he should know already?
Back to 2004: Why did you move from Royal London?
I have't spoken to the IFA about my pension since the day I transferred it in 2004, so he wouldn't know. I spoke to him on Friday & he said they are standard questions he has to ask (following instruction from his Compliance Team), in order to calculate my loss/their offer.
Well, the IFA (who was a recent "mate") was hounding me to "review my finances". I'm quite lazy on that stuff & was happy to leave them & at the time, had no intention of adding to them. I repeatedly told him "there's nothing in it for you, I won't be paying anything in for years". He said "no problem, I'm happy to do it as a friend..........". The policy was Scottish Life & he said they were getting out of pensions etc.. What I didn't know until last week is that they were already took over by Royal London. When they sent me the correspondence they sent to the IFA (but not me), the letterhead is Royal London.
The IFA now says that he hired a 3rd party company back in those days to check details. He said one of the questions is "are there any GARs" Y/N. He says they looked in the file & it's ticked as NO. The correspondence from Royal London very clearly shows there are.0 -
Level or inflation-linked, and to what inflation measure? Single or dual life and if dual what spousal pension level (assuming you have a spouse at the time that becomes relevant)? Any guarantee (to pay out for a minimum number of years after purchase if you die)?
The details will depend on the present/future values calculation for the increasing amounts. The value at 65/67 looks good enough even if it's level and if it is inflation-linked it's excellent.
How old you are now and when you really want to retire also matters. 7.561% at 55 even if level is a good deal.
Someone else will probably beat me to the extra return per year calculation but in principle I'd be telling someone who plans to retire at 55 to take the GAR at 55.
Yikes, the 1st sentence is a bit over my head. I'm going to have to find a way to post this PDF......
I'm 55 now. Yes, I have a wife, she's 50.
When do I want to retire? Well I don't know. My youngest is 17, so could be on the payroll for a few years yet. I'm lucky to be in a job where I could work 3 months a year or 1 day a week, so I may decide to leave it until I have to take it! 70+. My official State pension age is now 67.
I'm really angry, because this greed & negligence is forcing me to make these decisions now. I wish I'd never met this person.0 -
The policy was Scottish Life & he said they were getting out of pensions etc
Scottish Life were one of the biggest pension providers in the UK. Indeed, they are the largest UK supplier of pension income drawdown. They were owned by Royal London and have recently rebranded all their sub-brands under the Royal London brand. There has never even been a hint they were pulling out. Indeed, they have been expanding with purchases.What I didn't know until last week is that they were already took over by Royal London.
They were already part of RL when you did the transaction.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Scottish Life were one of the biggest pension providers in the UK. Indeed, they are the largest UK supplier of pension income drawdown. They were owned by Royal London and have recently rebranded all their sub-brands under the Royal London brand. There has never even been a hint they were pulling out. Indeed, they have been expanding with purchases.
They were already part of RL when you did the transaction.
Thanks dunstonh
You're confirming what I already now know. The whole exercise was carried out for the purpose of financial gain. HIS, not mine.0
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