Hello new friends.

Blackbeard_of_Perranporth

ZingPowZing wrote: »

Thank you for the tart replies. It gives an idea of the tone of the forum.

Having been told it takes c six weeks for the ombudsman to publish his findings; I shall look forward to a lively exchange when I can provide a link.

No problem, we are all on tender hooks here waiting for your good fortune. In the meantime, I find my good self inn the Bridge out west burning £20 notes like there are going out of fashion, hic hic, cheers!

Moglex

Blackbeard_of_Perranporth wrote: »

No problem, we are all on tender hooks here waiting for your good fortune. In the meantime, I find my good self inn the Bridge out west burning £20 notes like there are going out of fashion, hic hic, cheers!

How did you tenderise those hooks?

JJ_Egan

OP would probably be better off with a new thread when ready .
Especially as thread title is misleading if its a warning .

Takeaway_Addict

Come on OP just give an outline of how you were wrong!

[Deleted User]

I really shouldn't, Takeaway: unless the respondents are unrepresentative of the forum, every fact would be disputed. The FO will be publishing their final decision and I can link my beef to that.

Will look forward to a lively exchange with "financial advisers" and Hargreaves Lansdown fanboys.

Blackbeard's interpretation is about as accurate as my lottery ticket.

hollydays

It’s anybody’s guess what comes next.

We all have our theories.
Get on with it .

[Deleted User]

Ok, short story: you have to buy financial advice if you're looking into transferring a DB pension. I hired a Hargreaves Lansdown adviser. They recommended I do nothing, I insisted on transferring (so, just about the opposite from the assumption someone made above). I have absolute control of that SIPP now and I am very content but, for an insistent client, Hargreaves Lansdown is absolutely the worst choice. That's the warning I want widely seen. I shall put it on the pensions forum when the FO publish the case.

Kind regards.
ZingPowZing

bigisi

Anitclimax much?

Pollycat

ZingPowZing wrote: »

Ok, short story: you have to buy financial advice if you're looking into transferring a DB pension. I hired a Hargreaves Lansdown adviser. They recommended I do nothing, I insisted on transferring (so, just about the opposite from the assumption someone made above). I have absolute control of that SIPP now and I am very content but, for an insistent client, Hargreaves Lansdown is absolutely the worst choice. That's the warning I want widely seen. I shall put it on the pensions forum when the FO publish the case.

Kind regards.
ZingPowZing

Will be very interesting to read the responses you get on the Pensions board.

Be prepared to answer some very insightful questions.

peterbaker

ZingPowZing wrote: »

Ok, short story: you have to buy financial advice if you're looking into transferring a DB pension. I hired a Hargreaves Lansdown adviser. They recommended I do nothing, I insisted on transferring (so, just about the opposite from the assumption someone made above). I have absolute control of that SIPP now and I am very content but, for an insistent client, Hargreaves Lansdown is absolutely the worst choice. That's the warning I want widely seen. I shall put it on the pensions forum when the FO publish the case.

Kind regards.
ZingPowZing

I am already finding your warning interesting, OP. Hargreaves Landsdown were in 2016 accepting new DB transfer business from insistent clients - I almost got there myself. They'd quoted the necessary fee for the mandatory specialist advice from one of their in house advisers and it was very reasonable cf. fees that began to be seen a few months later.

But then the whole thing was clamped down upon via HMG/FCA pressure I think and HL became reluctant to discuss it further.

Fact is my DB Scheme quoted CETV reduced by 30% at one point thereafter (although they then admitted a mistake which took it back to nearer a 5% reduction), plus of course the thing so many stay at home Brits ignore is that Brexit devalued my pension pounds which I had planned to invest in property in a more stable part of Europe where the housing market is more predictable.

Hats off to you for extracting yours (at about the right time I would imagine) and making it work for you so far.

Will be interesting to read what the case was about because I found HL were very hesitant ultimately about whether they really wanted to be in the insistent client business niche ... I guess their PI arrangements dictated the pace in the end ... and we can imagine the mixed messages that may have filtered through to the sharp end of their operations for a while ...

Looking forward to see how the FOS report your case ...