Mis Sold Pension help

Michele18

My husband agreed to transfer his personal pension of £30k after being cold called and promised that his money would be invested into low risk investments, that his pension would grow and that he would get yearly statements. That was nearly 3 years ago and we have heard nothing from the company at all.

We have found out that the trustees have been suspended and are being investigated for fraud and that the pension regulator has appointed an independant trustee. We have rang them to be informed that there is little money left and that we will find out in a couple of years.

Do we have a case for mis selling?

LHW99

Unfortunately if he was cold called whoever got him to transfer was probably unregulated at best. If you can name the company he dealt with someone on here may know about it. If unregulated there's unlikely to anyone around now to complain against, and if it was a scam company there definately won't be.

Marcon

No, just a case for fraud - but unless there was a regulated adviser involved, sadly you have little chance of any redress.

dunstonh

My husband agreed to transfer his personal pension of £30k after being cold called and promised that his money would be invested into low risk investments, that his pension would grow and that he would get yearly statements. That was nearly 3 years ago and we have heard nothing from the company at all.

Acting on cold calls usually means you end up being scammed.

Statements on pensions are issued annually on stakeholder pensions and personal pensions and half yearly on SIPPs (moved to quarterly in 2018). So, when you say you acted on cold calls and have heard nothing, alarm bells start ringing.

Do we have a case for mis selling?

If there was a regulated advice company involved in the chain then you make the complaint to them. If there was no regulated advice company (and many of these scams do not use an intermediary) then you are unlikely to be able to complain.

Never ever act on cold calls. Virtually all cold calls are scams.

Michele18

It was Optimum Retirement Plan.t

Michele18

Optimum Financial Solutions, it says authorised and regulated by the FCA.

dmelife

They are in liquidation

JoeCrystal

Unfortunately, it is a scam, pure and simple. I googled it and found this document, quite an interesting read.

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