Charges on long forgotten pension?

Malthusian

ecoMike wrote: »

A bit harsh!! Remember to chase something you've no idea is there!!

How is it Zurich's fault if you pay a 3-4 figure sum into a financial product while having no idea that you're doing so?

6.6. Basically says the "firm" must keep it's clients records up to date, implying the onus is on the firm to ensure this,

How are they supposed to do that if someone moves house and doesn't tell them?

If you'd notified Zurich of your change of address CASS requires Zurich to update their records. You didn't.

It's a big handbook so will take some time for me to study.

If you'd put this effort into keeping track of where you were paying 3-4 figure sums in the 90s, you wouldn't have forgotten about the pension and could have taken action on the high charges earlier.

Zurich is not going to give you some free money because you forgot about a pension you had with them and didn't notify them of a change of address, no matter how much time you spend reading FCA handbooks.

dunstonh

An hours research this morning reveals to me that lost and dormant pensions pots affect thousands of people and millions of pounds are being lost to them.

And millions are being spent locating people who didnt tell the provider their change of address.

CASS 6.6 Records, accounts and reconcilliations:
6.6. Basically says the "firm" must keep it's clients records up to date, implying the onus is on the firm to ensure this,

And they do that. However, they are not required to employ mindreaders and mystics. CASS requires them to update info based on what they are supplied. You didn't supply anything.

Please please if it says somewhere in the law of the land or FCA guidelines that the onus is on the client to keep his details up to date, I need to see it.

Individuals are not subject to the FCA rulebook.

However, a recent complaint against Santander by an individual failed because the individual failed to notify Santander of a change of address. As a result a letter went to the old address and was not read by the individual and as that letter was not read, something was missed. The FOS ruled that it was a requirement of an individual to keep Santander up-to-date with the address where there is an ongoing business relationship

Why did they contact me?

Because they are required to employ enhanced methods of tracing when you get to close to the retirement scheme age.

Were they required to by law?

no

If not required by law, are they employing people to do jobs that they don't have to do?

The regulator requires them to do it in the lead up to the retirement scheme age.

Who's paying for that then?

As with all costs, the consumer pays for it indirectly. So, every Zurich customer has paid for your failing.

lisyloo

ecoMike wrote: »

A bit harsh!! Remember to chase something you've no idea is there!!

How on earth can someone have no idea about a financial investment in their name???

Is there a pension fairy?

Until then I'm heading down the line of the onus being on the Financial body to keep it's records up to date

So in practical term, how do they know if someone has moved house?

redux

Their records were up to date. Instead of losing the account or cancelling it, they've maintained the statement history containing all items, and at the last address you told them.

ecoMike

"Financial firms under the FCA have an obligation to track down "gone aways" and reunite them with their accounts."

I have emailed the FCA to link me to the exact legislation.

Zurich with me have fulfilled that obligation. After 24 years!! I don't think they would have done that unless they had to. And if they had to because I'm nearing the end of my plan - 3 years - could somebody please show me the actual rules that say they have to do this and at what point, ie at the 3 year count down marker?

Is there a reasonable time frame for tacking a gone away client mentioned within any legislation? I shall find out when the FCA reply.

dunstonh

I have emailed the FCA to link me to the exact legislation.

The FCA is not a legislator. The have their own handbook with their guidelines and principles. Many of which are not rules.

The FCA will probably point you to:
https://www.fca.org.uk/publication/finalised-guidance/fg16-8.pdf

You will note the FCA refer to it as guidance and expectation.

Zurich with me have fulfilled that obligation. After 24 years!! I don't think they would have done that unless they had to

There is an expectation that they will trace before specific policy events. Zurich have fulfilled that obligation. A pension doesnt have too many policy events. It is for payment at retirement and retirement is the policy event of note.

could somebody please show me the actual rules that say they have to do this and at what point, ie at the 3 year count down marker?

Again, expectation and guidance are not rules or law.

Is there a reasonable time frame for tacking a gone away client mentioned within any legislation?

Not in legislation.

April fools was yesterday. It doesnt go on beyond the 1st.