Who will accept a DB to SIPP transfer from "insistent client"

random129

Malthusian said:

Generally I am in favour of people being able to cash in their DB pension if they insist on it (and want it badly enough to jump through the hoops). However I'm also against banks helping themselves to free money from people's DB pensions.

Correct me if I'm wrong but you seem to be all in favour of IFA's helping themselves to free money for providing advice NOT to do something. Are you an IFA by any chance?

squirrelpie

random129 said:

Correct me if I'm wrong but you seem to be all in favour of IFA's helping themselves to free money for providing advice NOT to do something. Are you an IFA by any chance?

The whole point of advice is for somebody to tell you what they think. In this case whether you should transfer or not, with reasons. I can't see any reason why the thinking process is any different dependent on what the result happens to be. So your question makes no sense to me.

For the avoidance of doubt, I am not an IFA or otherwise involved in the [edit: professional] financial business at all.

[Deleted User]

squirrelpie said:

random129 said:

Correct me if I'm wrong but you seem to be all in favour of IFA's helping themselves to free money for providing advice NOT to do something. Are you an IFA by any chance?

The whole point of advice is for somebody to tell you what they think. In this case whether you should transfer or not, with reasons. I can't see any reason why the thinking process is any different dependent on what the result happens to be. So your question makes no sense to me.

For the avoidance of doubt, I am not an IFA or otherwise involved in the [edit: professional] financial business at all.

No. What queers the market is the necessity of buying that advice.

Do you really believe that statement, squirrelpie? Even financial advisers on this board acknowledge that advice can be skewed by their own interest. And that is certainly a concern of the FCA, who are alarmed at the data returned from firms offering DB pension transfer advice. Overall, their recommendations are all too often incompatible with the best interests of their clients.

squirrelpie

ZingPowZing said:

Do you really believe that statement, squirrelpie?

I'm not sure what you're doubtful about in my statement? But yes I believe what I wrote. Read it carefully and note what it does not say.

Tommyjw

Jeez as a frequent viewer of this forum, it is crazy how the same person is spouting the same nonsense on every single variation  of DB transfer threads.

[Deleted User]

 I can't see any reason why the thinking process is any different dependent on what the result happens to be. 

The whole mess results from the premise that financial advisers would offer impartial advice. It did not happen. In reality advisers, like everyone else, put themselves first. Read the FCA's own findings and ongoing concerns or ask for a link to them.

random129

squirrelpie said:

random129 said:

Correct me if I'm wrong but you seem to be all in favour of IFA's helping themselves to free money for providing advice NOT to do something. Are you an IFA by any chance?

The whole point of advice is for somebody to tell you what they think. In this case whether you should transfer or not, with reasons. I can't see any reason why the thinking process is any different dependent on what the result happens to be. So your question makes no sense to me.

For the avoidance of doubt, I am not an IFA or otherwise involved in the [edit: professional] financial business at all.

A lot of people only ask for advice because it is a legal requirement if they want to transfer their DB pension. The law does not state that they have to take any notice to the advice given so if they are advised to not transfer they can still exercise their statutory right to transfer against the advice of the IFA, at least in theory. Problem is it's actually not possible unless the IFA advises to transfer because the IFA will refuse to transfer the funds and a receiving fund will not accept the funds without the approval of an IFA. That's bad enough but worse still is an IFA will charge circa £5,000 for you to find out if they will allow you to transfer.

I hope it makes more sense to you now? If not read the problems I am having on my thread...

https://forums.moneysavingexpert.com/discussion/6275744/unable-to-transfer-my-db-pension-can-anyone-help/p1

random129

Spot the similarities...

A Nigerian Prince offers you £200,000 if you will help him. All you have to do is pay him a £5,000 admin fee and in return you will receive £200,000. You pay the £5,000 and surprise surprise you don't get the promised £200,000. You have been scammed out of £5,000.

The UK government offers you the opportunity to transfer your £200,000 DB pension fund. All you have to do is pay their friends, I mean an IFA, £5,000 for advice. If the advice is not to transfer don't worry the law still allows you to transfer. You pay the £5,000 and are advised not to transfer. You don't worry because the law is on your side and you can still transfer but the reality is you can't. You have been scammed out of £5,000.

HappyHarry

random129 said:

Spot the similarities...

A Nigerian Prince offers you £200,000 if you will help him. All you have to do is pay him a £5,000 admin fee and in return you will receive £200,000. You pay the £5,000 and surprise surprise you don't get the promised £200,000. You have been scammed out of £5,000.

The UK government offers you the opportunity to transfer your £200,000 DB pension fund. All you have to do is pay their friends, I mean an IFA, £5,000 for advice. If the advice is not to transfer don't worry the law still allows you to transfer. You pay the £5,000 and are advised not to transfer. You don't worry because the law is on your side and you can still transfer but the reality is you can't. You have been scammed out of £5,000.

Since when was the UK government a friend of IFAs? Did I miss something? From FCA regulation and "thematic reviews", to the funding of the FSCS, I doubt you will find many decent IFAs who claim the government is a friend of their businesses.

Don't blame the IFAs for the legislation and regulation that got us to this place. We didn't agree it, we didn't want it, we didn't like it being forced upon us.

You have had a lot of assistance and helpful comments from IFAs on this board since you started posting about your predicament. 

As one of the IFAs on here that help many posters out on a pro bono basis, I, and others are quite frankly fed up with your and other posters uncalled for and unwarranted comments when we are trying to assist.

Quite frankly, your attitude stinks. 

Thrugelmir

random129 said:

Spot the similarities...



The UK government offers you the opportunity to transfer your £200,000 DB pension fund. All you have to do is pay their friends, I mean an IFA, £5,000 for advice. If the advice is not to transfer don't worry the law still allows you to transfer. You pay the £5,000 and are advised not to transfer. You don't worry because the law is on your side and you can still transfer but the reality is you can't. You have been scammed out of £5,000.

70 mph is the legal speed limit on UK motorways.  Exceeding this limit , if caught, can result in a combination of penalty points and a fine, possibly even a ban.  Does this deter people. No they perceive the risk to them personally to be small. Should it result in an accident, in financial terms it's not them that picks up the cost either.