Pension moved without authorisation....HELP!

jamesd

As part of rectifying this a calculation of the value if the move hadn't happened will normally be made and extra pension contribution made to cover a loss, if there is one.

That the fund the adviser would use did better over some period than some other fund isn't particularly useful because the funds are likely to have different risk profiles. This means that just about every fund will look better or worse than dissimilar funds at some point, depending on what markets have been doing.

cfw1994

Albermarle said:

If they feel aggrieved by that, you are more than happy to raise their illegal behaviour with their Ombudsman.....

Maybe 'illegal' is a bit strong , more than likely it is just a mistake  /misunderstanding. These things happen .

Maybe it is....but moving the funds is certainly not 'legally allowed' in the scenario described, to my limited knowledge.....I'd use those words to spur them into ensuring they don't charge anything 😉
Perhaps I'm less forgiving of mistakes as I get older (shakes fist at clouds!)
Not sure it was a "misunderstanding" since they have apologised and appear to be scrambling to rectify their error.

Farside71

I would make sure that you register a formal complaint with them.  There are certain regulatory implications once you do that and you can then keep going as far as ombudsman if necessary.  Also means they won't try to fob you off and I would expect thy should make an initial compensation offer as part of their response to the complaint.

Farside71

cfw1994 said:

Albermarle said:

If they feel aggrieved by that, you are more than happy to raise their illegal behaviour with their Ombudsman.....

Maybe 'illegal' is a bit strong , more than likely it is just a mistake  /misunderstanding. These things happen .

Maybe it is....but moving the funds is certainly not 'legally allowed' in the scenario described, to my limited knowledge.....I'd use those words to spur them into ensuring they don't charge anything 😉
Perhaps I'm less forgiving of mistakes as I get older (shakes fist at clouds!)
Not sure it was a "misunderstanding" since they have apologised and appear to be scrambling to rectify their error.

Unfortunately mistakes like this and worse happen every day in financial services.  Dealing with complaints is a whole industry in itself for many large financial firms.  Once a strongly worded complaint is registered with them they will have certain deadlines to meet in terms of acknowledgement and response.  From what has been described so far there should imo be grounds for compensation for the error and also a calculation should be carried out to see if the customer has suffered any financial detriment.  Failure to rectify the situation quickly should increase the level of compensation

jamesd

Farside71 said:

I would make sure that you register a formal complaint with them.  There are certain regulatory implications once you do that and you can then keep going as far as ombudsman if necessary.  Also means they won't try to fob you off and I would expect thy should make an initial compensation offer as part of their response to the complaint.

The FCA has guidance on this which says that firms should treat an expression of dissatisfaction as a complaint and I'm sure that dissatisfaction has been reported to the firm.

Farside71

jamesd said:

Farside71 said:

I would make sure that you register a formal complaint with them.  There are certain regulatory implications once you do that and you can then keep going as far as ombudsman if necessary.  Also means they won't try to fob you off and I would expect thy should make an initial compensation offer as part of their response to the complaint.

The FCA has guidance on this which says that firms should treat an expression of dissatisfaction as a complaint and I'm sure that dissatisfaction has been reported to the firm.

That is correct - I have seen EODs being separated from complaints internally in an organisation and from what the OP says here this should definitely not be fobbed of as an EOD only. I don't think it will but I have no idea of the organisation involved here.

The OP needs to make sure that they have the acknowledgement of the complaint as a starting point really.  Then they can be sure it's been reported to whoever in the company deals with complaints rather than just the adviser trying to 'fix' it.

Albermarle

Unfortunately mistakes like this and worse happen every day in financial services.  Dealing with complaints is a whole industry in itself for many large financial firms.  Once a strongly worded complaint is registered with them they will have certain deadlines to meet in terms of acknowledgement and response. 

Unless you are dealing with Mercer , who sail past all deadlines without any acknowledgement or response , complaint or otherwise !