fraudulent company? Portfolio Management International (PMI)

wwalker

I’d like to ask for your advice regarding a company called Portfolio Management International (PMI) who sold me investments with Scottish Provident and Hansard International.

I took out these 'Offshore pensions' whilst working as an expat abroad in the Czech Republic. As offshore pensions do not have any relation to UK personal pensions in this case they were a set of investment policies.

The problem has arisen because this was set out as a long term savings plan and the charges were placed accordingly. Because my income has drastically decreased I could not afford to contribute to the plan over the past several years and so the policy charges have increased – like many policies if I were to transfer the plan there are severe penalties for doing so.

I’ve taken the matter to an IFA who, after looking at the original letter, claims it is difficult to establish whether I was truly made aware of the consequences of stopping the plan and the overall charges. Whilst it makes many references to being flexible neither the IFA nor I agree with this.

If a person wishes to complain I was told the first port of call is generally the person who provided the advice - the problem here is that I was given the advice whilst abroad. I have since made several attempts to contact PMI’s representative in the UK however with no success. I have contacted the FSA who have no record of PMI on their books for regulation purposes in this country and advised me to contact a solicitor however I am convinced that PMI’s offices no longer exist as they do not answer their phone and the number is constantly engaged – I suspect a solicitor wouldn’t know how to reach them either.

I am now being sent letters from the 2 companies saying if I do not continue with my contributions (which I cannot now as my income is much lower) that I may lose my original investment as the contract will lapse.

I am seriously concerned that I will lose these investments which I worked so hard for. I’d be very grateful if you could make any suggestions as to how I could progress.

dunstonh

If a person wishes to complain I was told the first port of call is generally the person who provided the advice

The company giving the advice.

I am seriously concerned that I will lose these investments which I worked so hard for. I’d be very grateful if you could make any suggestions as to how I could progress.

No good answer here I'm afraid.

You have no consumer protection on three counts. 1) you were not resident in the UK and therefore not protected by the FSA 2) The firm you got advice from was not regulated by the FSA 3) its an offshore investment and the FSA do not regulate most offshore investments.

Your only action possible would be court action but if the firm was a limited company and no longer exists then you have no entity to take to court.