Claiming/ complaining re mid sold (?) FSAVC

jimjames

Ibrahim5 said:

Sadly it is very true. They would go from person to person trying to sell commission earning products

Maybe you need to reconsider your info. Sales agents might have done that but IFAs were less likely to and certainly aren't now. If you go to a car showroom the chances are that the salesman will try to sell you a car that earns them money. Any sales role is like that.

dunstonh

The fact it was an Allied Dunbar policy seems to have passed Ibrahim5 by.    As always he only does anti-IFA posts and adds nothing to the discussion.  But making the claim that "IFAs are always very focused. They would do anything to get their commission"   is pushing it far even by his standards.

It would be very interesting to see him back up his claim by telling us how an IFA could earn a commission from an Allied Dunbar sales rep selling this FSAVC.

Ibrahim5

It doesn't matter if it was an FA or an IFA the process was the same. "Do you know when you retire your pension will be a lot less than your salary? You need this to help make up the shortfall. Can you afford £100 a month? Sign here". Have you got any colleagues who I can get to sign? No mention of buying added years or any other suitability questions. Stopping paying into the main pension was never mentioned to us. The commission was seen as free money so the adviser would suggest that the product was mutually beneficial. Then it was "you also need life insurance, income protection and critical illness". Sign here.

JoeCrystal

Sound like you got your own extremely embittered history with the financial advisers Ibrahim5 which you never got over! That is rather sad. At least your rather harsh and somewhat rude language now makes a lot more sense, which is unfortunate. That would also explain why your contributions in this pension forum are basically nothing more than unhelpful strings of tirades, but hey, if it makes you feel better for venting your deep frustration, then do so. Just bear in mind that more posters are likely to skip your posts since you tend to have nothing to say that actually help the questioners for a practical purpose and, indeed, can be rather tiresome. 

Ibrahim5

You need to re-read the OP and think. Here you have a teacher who was sold FSAVC. FSAVC were sold to gain commission for the adviser. The teacher's pension has 1/80th accrual rate so after 40 years the pension would be half the salary. So you find a teacher and warn them that if they are earning £30K they would retire on £15K. They need a FSAVC. No other questions needed. If the teacher signs they gain hundreds of pounds for doing very little. Move on to the next teacher. Commission was paid for years afterwards. No reviews needed. So if you got enough teachers you ended up with a whole load of trail commission which is 'money for nothing' otherwise known as an IFA business which could be bought and sold.
This behaviour completely explains what happened to the OP.
One complaint is that they never informed the teacher that they could buy added years. Mine was invested really badly and they never reviewed them. Funny how reviews weren't needed when the commission rolled in anyway.
Commission was banned and the latest wheeze is ongoing fees. Over 90% of clients pay ongoing fees. It means that advisers are only interested in you if you have enough investments. They will then charge you annual fees which are enormous for what is actually done. The FCA has warned that people are paying for reviews they might not need.
I have done 527 posts. Dunstonh has 108000. If you don't want to read mine OK but I think I might do a few more thousand for balance.

DT2001

Allied “Crowbar” were tied salesmen.
The sale of private pensions in the 80’s has been portrayed as Govt. sponsored - a way for the people to fund their own retirement.
We have moved on and there is much more transparency and accountability within the industry however nothing is perfect!

Good luck OP with finding the paperwork and claiming. By the way how did the investment do?

AlanP_2

Ibrahim5 said:

I have done 527 posts. Dunstonh has 108000. If you don't want to read mine OK but I think I might do a few more thousand for balance.

Yes, and it seems like 526 of them say the same thing over and over again and do not make any attempt to answer the question asked or help the poster.

Dunstonh on the other hand has posted over 200* more often and doesn't just Cut & Paste the same old thing each time. Instead they attempt to answer the points raised.

RogerIrvine

Actually they do. He has posted "please seek advice from an Independent Financial Adviser" 108,000 times.

dunstonh

RogerIrvine said:

Actually they do. He has posted "please seek advice from an Independent Financial Adviser" 108,000 times.

In accordance with the old board rules that required disclosure and to satisfy regulatory requirements.   And technically, its not 108,000 copy and pastes as it is in the sig and not copied and pasted each time  
You will see similar disclosures in the sigs of the other IFAs and the mortgage advisers that post on this board.

Ibrahim5

It's irrelevant whether it was sold by a financial adviser or an independent financial adviser. An Allied Dunbar financial adviser would sell their FSAVC while an independent financial adviser would sell one from another company. Either way they were sold so the adviser could get their commission. Just print an agreement out, find a teacher and earn hundreds of pounds plus continuing payments. Get them to pass it on to another teacher and earn the same again.