Draw down Pension and Lump Sum.

alfiemorris

I have a reasonable Draw down pension pot that my current Financial Adviser set up 4 years ago. He invested my Lump Sum on my behalf also in a separate fund. I am happy with the performances of both funds but I withdrew my adviser from managing the lump sum as I found that despite that he was in regular receipt of a sum of money, he wasn't or hadn't managed it from day one. Now I'm aware of the same situation regards my draw down pension. I last heard from him 14 months ago and it has been confirmed that he has not managed that at all! This again despite regular £65 monthly payments out of my fund! As a result I am now considering withdrawing his services altogether. If it's possible I've asked for a online log-in account on the draw down fund so I can do as he should have been doing. I'm interested to hear from others opinion on these matters as trying to find a truly "Independant local Adviser" is a tiresome prospect and I don't want to employ one that only appears to take.

sandsy

He's probably in breach of his contract to you and he's definitely breached FCA rules.

If he takes money from you each year, he has to give you an advice service for that money. You can cancel without penalty any time you like.