Pension has finally landed - As an insistent client acting against advice -*DOORS CLOSED 03/09/2021*

Dale72

Dale72 said:

xylophone said:

A little disingenuous, as its been a joint effort by the industry as a whole to bring the shutters down, instead of reforming themselves.

I am not an IFA and I do not have any connection with an IFA.

The financial advice industry is governed by the law of the land.

As matters stand at the moment, the law requires that advice be taken in respect of certain pension transfers (but not that it should be followed).

The fact that there are obstacles in the way of not following the advice is not the fault of the advisers.

They need to be able to show that they provided what was (in their professional opinion), advice appropriate to the circumstances of their clients and they need to be able to justify their advice in a court of law if it is challenged.

It is not the fault of the advisers if pension providers are unwilling to accept transfers against advice.

 With regard to stakeholder pension providers, it does seem to me that their stance needs to be challenged.

Yes it is the fault of the advisors, its their poor advice which ultimately led to where we are now, its logical. Ok, do you think Sipp providers would have stopped accepting insistent clients if no one had ever complained to the FCA about an IFA, of course not. Now the FCA in the complaints upheld against IFAs (unless they are suggesting the IFA should have done something it was impossible for them to do) say they gave poor/misleading/incomplete advice. Therefore if IFAs had given better advice originally we wouldn't have a problem! It's not my opinion, it's logic based on the facts we have to hand.

Clearly the logic is undeniable!!

xylophone

If they advise knowing that a client is to transfer anyway and that there are no ways to do that then they are selling them a service that they can't use as intended. And that's failing to treat their client fairly.

If an adviser is told "I have come to you under sufferance and whatever you say, I am going to transfer out", then he simply shouldn't take on the business?

Dale72

xylophone said:

If they advise knowing that a client is to transfer anyway and that there are no ways to do that then they are selling them a service that they can't use as intended. And that's failing to treat their client fairly.

If an adviser is told "I have come to you under sufferance and whatever you say, I am going to transfer out", then he simply shouldn't take on the business?

Thats what mine told me, he did give me an opportunity to backtrack, otherwise he would have missed out on the business.

xylophone

Thats what mine told me,

What did he tell you?

Ibrahim5

Dale72 said:

xylophone said:

If they advise knowing that a client is to transfer anyway and that there are no ways to do that then they are selling them a service that they can't use as intended. And that's failing to treat their client fairly.

If an adviser is told "I have come to you under sufferance and whatever you say, I am going to transfer out", then he simply shouldn't take on the business?

Thats what mine told me, he did give me an opportunity to backtrack, otherwise he would have missed out on the business.

LOL. An IFA isn't going to miss out on the opportunity to charge massive fees just because of the way the customer has introduced himself.

Dale72

He was an FA with HL, I said I'm transferring whatever advice you give, so he said in that case I can't help you, to which I quickly said well of course there maybe something that crops up during the process that I hadn't thought of.....So all was good. We both knew the score though.

xylophone

He was an FA with HL, I said I'm transferring whatever advice you give, so he said in that case I can't help you, to which I quickly said well of course there maybe something that crops up during the process that I hadn't thought of.....So all was good. We both knew the score though.

Did he give you a nod and a wink?

And if, once you had received the advice, you had discovered that AJ Bell had pulled out of the "insistent client" market before you could organise the transfer?

Dale72

He was very professional, but whether he actually believed that I would consider not transferring based on his recommendation, well I doubt it. As for AJ Bell they did pull the rug, after I'd engaged the FA but before he gave his recommendation. It was a bit of a hairy moment but I put my case to AJ Bell and they agreed that as I'd checked in with them the week before they stopped accepting then they would honour my transfer, cheers AJ. Of course I still waited until I got the advice before committing to them as a transfer to HL was my prefered option.

HappyHarry

Ibrahim5 said:

Dale72 said:

xylophone said:

If they advise knowing that a client is to transfer anyway and that there are no ways to do that then they are selling them a service that they can't use as intended. And that's failing to treat their client fairly.

If an adviser is told "I have come to you under sufferance and whatever you say, I am going to transfer out", then he simply shouldn't take on the business?

Thats what mine told me, he did give me an opportunity to backtrack, otherwise he would have missed out on the business.

LOL. An IFA isn't going to miss out on the opportunity to charge massive fees just because of the way the customer has introduced himself.

I disagree.

Dale72

HappyHarry said:

Ibrahim5 said:

Dale72 said:

xylophone said:

If they advise knowing that a client is to transfer anyway and that there are no ways to do that then they are selling them a service that they can't use as intended. And that's failing to treat their client fairly.

If an adviser is told "I have come to you under sufferance and whatever you say, I am going to transfer out", then he simply shouldn't take on the business?

Thats what mine told me, he did give me an opportunity to backtrack, otherwise he would have missed out on the business.

LOL. An IFA isn't going to miss out on the opportunity to charge massive fees just because of the way the customer has introduced himself.

I disagree.

I believe your an IFA HH, so what would you have done if I had said to you what I said to my FA. I only ask because I thought it was a little strange that he seemed to be going by the book with regard to the advice but (I believe) clearly knew I was going to transfer anyway?