IFA gave advice but wont sign declaration

mazworld15

Hi all, if anyone has time to comment I'd be very grateful. I want to transfer my Final salary CETV to an A J Bell SIPP. It's 240k, I've had advice and a report, the advice was not to transfer but due to my circumstances I still want to do it.
A J Bell will accept it. The pensions administrator will not do it without the declaration which the IFA has refused to sign (even though it's obvious they have given advice as they have provided a detailed report).Not sure what I can do?

dunstonh

The IFA cannot refuse to sign it. The pension administrator is only required to know that you have had advice. Not what the advice was. As long as you have paid the adviser fee, they should sign the form. They can only refuse if you havent paid.

The pensions ombudsman recently confirmed that advisers cannot refuse to sign the form in "not recommended" cases. Although they can refuse to do the actual transaction itself. The latter not being applicable in your case.

Linton

What did you agree with the IFA when you engaged him/her?

mazworld15

dunstonh wrote: »

The IFA cannot refuse to sign it. The pension administrator is only required to know that you have had advice. Not what the advice was. As long as you have paid the adviser fee, they should sign the form. They can only refuse if you havent paid.

The pensions ombudsman recently confirmed that advisers cannot refuse to sign the form in "not recommended" cases. Although they can refuse to do the actual transaction itself. The latter not being applicable in your case.

Ahh thank you, that will be the problem, there was no charge for the report unless it was a positive recommendation.

mazworld15

Linton wrote: »

What did you agree with the IFA when you engaged him/her?

I didn't Linton I thought (and still do) it was obvious I should tfr, ill health etc, the IFA who was going to do the investment outsourced the pension transfer advice bit.

Linton

mazworld15 wrote: »

I didn't Linton I thought (and still do) it was obvious I should tfr, ill health etc, the IFA who was going to do the investment outsourced the pension transfer advice bit.

But its also obvious that the advisor cant accept the risk of you suing him unless you pay for the advice.

mazworld15

Linton wrote: »

But its also obvious that the advisor cant accept the risk of you suing him unless you pay for the advice.

He's already given me the advice and a very detailed report albeit the recommendation was not to transfer.

dunstonh

mazworld15 wrote: »

Ahh thank you, that will be the problem, there was no charge for the report unless it was a positive recommendation.

If that was the fee that was required (i.e. zero if advised unsuitable) then they are still required to sign the form. It was that scenario which recently caught out True Potential and was on Moneybox. The Pensions advisory service said they should sign the form to say advice was given. It is one of the risks to an adviser of contingency charging.

https://www.bbc.co.uk/programmes/b09vwzg4
17:46 to 22:00 if you wish to listen to it.

You should tell the adviser you will be raising a complaint if they don't as you have sought advice and you have received it.

The fee issue is only if you refuse to pay the agreed fee. In your case, the fee was nil. (based on what you have said)

mazworld15

dunstonh wrote: »

If that was the fee that was required (i.e. zero if advised unsuitable) then they are still required to sign the form. It was that scenario which recently caught out True Potential and was on Moneybox. The Pensions advisory service said they should sign the form to say advice was given. It is one of the risks to an adviser of contingency charging.

https://www.bbc.co.uk/programmes/b09vwzg4
17:46 to 22:00 if you wish to listen to it.

You should tell the adviser you will be raising a complaint if they don't as you have sought advice and you have received it.

The fee issue is only if you refuse to pay the agreed fee. In your case, the fee was nil. (based on what you have said)

Thank you so much for your help

mazworld15

mazworld15 wrote: »

Thank you so much for your help

Have emailed the IFA firm and said I want to make a complaint because they wont sign the form, they said OK but we still wont sign because we have not advised you to transfer
This is really getting me down now do I need to go through the whole process again with an IFA who will sign to say advice given even if the answer id no? Be grateful for any help x

mazworld15

I've opened the SIPP, A J Bell will accept the transfer but the pensions administrators will not do the transfer without this form even though I can provide them a copy of the report and advice.