GPI Europe

McNeil65

It just seems obvious to me that a regulated transfer which has been assessed by both the regulator and the ombudsman, with accusations of fraud no less, which resulted with no action, is clearly a false allegation. The GPI financial planner should not be subjected to such false allegations.

TVAS

Do you read the financial press Telegraph/Times, do you listen to MoneyBox? 

If you did you would realise that a firm cold calling you to transfer your pension is an immediate put the phone down.

Before you got the call you did not think you would lose out. They have made you think this as they only get paid if you move it. 

Do you know who regulates Financial Services retail products in the UK? The FCA who have a register of firms. I searched for GPI Europe to see if they a registered having looked at their website where I noticed they are based in Slovakia.

They only have temporary permission and worse they are only allowed to transact INSURANCE and REINSURANCE business there is no mention of pension transfer business which needs a particular permission.   

I am sure they have glossy magazines, they were charming and professional looking. This is because people think all criminals are dirty smelly and uncouth. They are not.

Rip all up all the documentation block them on your phone (landline) and your mobile and forget about it. 

NEVER NEVER NEVER TAKE ACTION DUE TO RECEIVING AN UNSOLICITED PHONE CALL EVEN IF IT IS ONLY A MOBILE PHONE, UTILITY SWITCH, CHANGE OF BROADBRAND PROVIDER. IT IS ALWAYS GOING TO GO WRONG. 

TVAS

I agree with McNeil65 only to the extent that facts should be provided. So when one says the FCA were useless I need the reason they gave. It is probably because the product was not regulated so they could not provide compensation. 

However I would say that only the firm GPI Europe could pay the full compensation, maximum FOS compensation was £160,000 before 6 April 2019 so even if they pursued the case and agreed a loss, the member would have only received less than 25% of his transfer value.

I wonder why you have not mentioned the name of the adviser as you say if he has a criminal record this is a statement of fact.   

Linton

In previous cases where a transfer ended up in serious loss the actual transfer-out was legit carried out by someone suitably authorised.  The problem was in where it was it transferred to.  I believe that a dodgy DB transfer deal may well use a regulated outfit to manage the transfer out but the money ends up in fraudulent or extremely high risk "investments" quite unsuitable for the purpose.

TVAS

Linton is correct and this to me is at best designed to take pension before the minimum retirement age and most or all as cash in an overseas country. At worst they will invest in a high risk investment, carbon credits, Indonesian rain forest, solar panels. The whole investment will be lost.

The best scenario mentioned above will result in a tax bill as you would have taken an unauthorised payment.