IFA gave advice but wont sign declaration

xylophone

https://www.fca.org.uk/consumers/how-complain

dunstonh

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

That is the correct thing to do where the firm refuses to sign the administrator form.

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.

The adviser firm has to sign the administrator form. It is a declaration that carries liability. The report you have doesnt meet that criteria. So, its not the administrators in the wrong. It is the advice firm.

FatherAbraham

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.

If you thought the advice was going to be to transfer, why would you choose a contingent fee?

A non-contingent fee ought to be less in the case you expect. With a contingent fee, when paid, it has to cover the costs of both the cases where a transfer is recommended, and those where it is not.

On the bright side, you've saved some money by being wrong the about the actual outcome, while choosing a charging model which was wrong for your expected outcome. Congratulations!

mazworld15

FatherAbraham wrote: »

If you thought the advice was going to be to transfer, why would you choose a contingent fee?

A non-contingent fee ought to be less in the case you expect. With a contingent fee, when paid, it has to cover the costs of both the cases where a transfer is recommended, and those where it is not.

On the bright side, you've saved some money by being wrong the about the actual outcome, while choosing a charging model which was wrong for your expected outcome. Congratulations!

The IFA who was going to do the investment for me outsourced the advice, said this company's fee was 1% of the pot which was reasonable. I honestly expected to pay this both the IFA and myself were so sure the advice would be to transfer.

Brynsam

mazworld15 wrote: »

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

Help is at hand - free and impartial: https://www.pensionsadvisoryservice.org.uk

soulsaver

To be clear: The IFA you're dealing with face to face isn't a pension transfer specialist? But they've contracted out to another IFA who is?

If that's the case, it's the specialist that has to sign the declaration, your IFA's signature won't be accepted by your DB scheme.

And your IFA can't get the pension specialist IFA to sign?

Where are you?

mazworld15

Brynsam wrote: »

Help is at hand - free and impartial: https://www.pensionsadvisoryservice.org.uk

Thank you very much

mazworld15

soulsaver wrote: »

To be clear: The IFA you're dealing with face to face isn't a pension transfer specialist? But they've contracted out to another IFA who is?

If that's the case, it's the specialist that has to sign the declaration, your IFA's signature won't be accepted by your DB scheme.

And your IFA can't get the pension specialist IFA to sign?

Where are you?

Yes that's right am in Cumbria.

dunstonh

Have you had a written report on the advice yet?
Is the address of that pension transfer specialist different to the IFA? If so, the complaint should go to the transfer specialist.

mazworld15

dunstonh wrote: »

Have you had a written report on the advice yet?
Is the address of that pension transfer specialist different to the IFA? If so, the complaint should go to the transfer specialist.

Yes thanks I've got the report and the transfer specialist has acknowledged the complaint. I've emailed them and offered to sign something to say I wont hold them liable for my actions, record a phone conversation or even pay for an indemnity for them.Not sure if that was the right thing to do they haven't replied to that email.