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

RoadToRiches

It is required that you take advice from a Pension Transfer Specialist and they should be independent so that they are working solely with your interests at heart and earn their fee from you and not some other third party who if they are not independent could be argued they were not looking after your interests but was after a cut from a third party.

Diplodicus

But DB Pension Transfer Advice is in the clients' interest in every case.

RoadToRiches

Ok go by the form that I was given in the CETV pack that specifically asks for a IFA sign off along with their FSA ID number and confirmation they are regulated to give this advice.

Diplodicus

An (I)FA to sign off.
Have to be regulated, don't have to be IFA.

RoadToRiches

Yes an IFA no getting around it.

Diplodicus

RoadToRiches said:

Yes an IFA no getting around it.

Not so, but many advocate using one rather than an FA including, naturally, the real IFAs who post.

Dale72

I eventually settled on an FA working for HL after finding virtually impossible to get an IFA to do it. Same process I assume, endless graphs and tables showing why i shouldn't do it. Less than 4 weeks in, AJ Bell Sipp value up by 4%. Can I claim my money back for their increasingly poor advice??

Diplodicus

Dale, I had the same experience except, in my case, the HL pension transfer specialist (WH) declined to sign for my provider nor name an alternative who would accept an insistent client without an accompanying adviser signature.

That was April 2018. My SIPP has doubled since I took control of it.

Dale72

But they know best, and have got the fee structure to prove it!!!

Diplodicus

Advisers know what is best for them - and probably us too.
 
Where I think the process is broken is the assumption that advisers would put their own interests behind those of their client.