Pension fees refunded can I now trust this FA

JMW77

My partner set up a pension with a financial advisor ,it was just an average pension as in not a high risk .

About 18 months after this pension was started ,we had a letter from a company saying that for the work the FA will be doing they have overcharged us . So I take it they were investigated .
My partner was offered the payment back in cash or he could put straight into his pension .( he could only take this payment if he didn't pursue the FA any further in the future) I think I posted on here, as that sounded dodgy but someone said what more did we want we were being given the money back)

Actually I dont have the figures to hand but he was paid back most of what he had paid in to date.

So what I'm really asking is do we now trust this FA as he keeps ringing trying to arrange an appointment I take it to review pension ,I feel uneasy about this.

Any advice appreciated .

dunstonh

he could only take this payment if he didn't pursue the FA any further in the future)

Standard wording on any refund/redress payment.

So what I'm really asking is do we now trust this FA as he keeps ringing trying to arrange an appointment I take it to review pension ,I feel uneasy about this.

If its an FA, then find an IFA. FAs tend to be more expensive anyway. Remember the adviser is being paid for this ongoing servicing. if they dont deliver it they have to refund. If you refuse to have the review, they do not need to refund.

JMW77

Thank you, he also asked my partner to fill out a questionnaire on savings , life insurance etc ,so were a bit worried he's going to try the hard sell on other financial products.

JMW77

Checked them on financial conduct authority , in which once section is lapsed , the mortgage section is no longer authorised , and authorised representative is on another section .
Doesn't sound trustworthy to me .

Alexland

If the relationship has broken down to the point where you are avoiding the FA then it's time to either find an IFA or go DIY.

dunstonh

Thank you, he also asked my partner to fill out a questionnaire on savings , life insurance etc ,so were a bit worried he's going to try the hard sell on other financial products.

If he is an FA, then he could well be a sales rep.

and authorised representative is on another section .

appointed rep sounds like he is a network member. Most of these are FAs.

Doesn't sound trustworthy to me .

Nothing there to say not trustworthy as such.

It could be a simple mistake or it could be that he has failed to carry out any ongoing servicing and is now being told he has to do it or turn off the ongoing fee. If the latter then you should walk away. Either DIY or use an IFA (never use an FA).

Clive_Woody

There are plenty of IFAs out there, if you do not feel comfortable or trust your current FA then I would move your business to someone you trust and feel happy managing your financial affairs.

Even if he is 100% above board, you are not obliged to stay with him. Shop around or ask friends for IFA recommendations .

Marcon

Are you suddenly going to have confidence in this person if strangers on a forum say yes, it's fine? Read your own post and you've got your answer.