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Pensión Redress non payment

Gaily123
Posts: 19 Forumite

I was awarded pensión redress ( DB pension advice ) by the Ombudsman and the Financial advisor eventually sent me my calculation. However since then he is reluctant to commit to when my redress payment will be made and has suggested to me that if I ‘want to take the matter to be enforced if I am not happy With the delay’ I am welcome to do this
The Ombudman has reminded him
of his obligation but the IFA wiññ
not give any information as to when this will be paid. Ombudsman ruling was June 2023
The Ombudman has reminded him
of his obligation but the IFA wiññ
not give any information as to when this will be paid. Ombudsman ruling was June 2023
0
Comments
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Take it forward to enforce is the way if they are not paying out.
Life in the slow lane2 -
However since then he is reluctant to commit to when my redress payment will be made and has suggested to me that if I ‘want to take the matter to be enforced if I am not happy With the delay’ I am welcome to do thisThe adviser won't be the one making the payment. The PI insurer will be. The adviser won't know how long the insurer will take,Ombudsman ruling was June 2023Insurers are slow but you would expect to have had it by now. It may be now worth setting deadlines for action in case the adviser has no PI insurance.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.1 -
It may be now worth setting deadlines for action in case the adviser has no PI insurance.
Can the adviser be regulated without having PI insurance? Or are you implying that the matter fell outwith the PI cover?
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MarkCarnage said:It may be now worth setting deadlines for action in case the adviser has no PI insurance.
Can the adviser be regulated without having PI insurance? Or are you implying that the matter fell outwith the PI cover?
However, a possible scenario is that the firm is going under and hasn't paid premiums and the shareholders are trying to extract as much money from the company as possible before the inevitable closure.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.1 -
I really don’t know what is going on. The Ombudsman has suggested that the delay is with the insurers and perhaps I ought to pursue the enforcement through the court but I wondered if anyone had had any similar experience of this0
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Gaily123 said:I really don’t know what is going on. The Ombudsman has suggested that the delay is with the insurers and perhaps I ought to pursue the enforcement through the court but I wondered if anyone had had any similar experience of this
There are not really many more scenarios than those.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.1 -
https://www.legislation.gov.uk/uksi/1993/1978/made
What reason does the Financial Adviser give for the delay in making payment? Is he blaming his insurer?0 -
xylophone said:https://www.legislation.gov.uk/uksi/1993/1978/made
What reason does the Financial Adviser give for the delay in making payment? Is he blaming his insurer?1 -
Gaily123 said:xylophone said:https://www.legislation.gov.uk/uksi/1993/1978/made
What reason does the Financial Adviser give for the delay in making payment? Is he blaming his insurer?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Advice firms need to deal with complaints, including redress, promptly under FCA rules. Suggest in your next communication that you refer to the relevant rule and point out the firm's obligation to comply with it. You need to make reference to rule DISP 1.4.1R. You can read it yourself here:
https://www.handbook.fca.org.uk/handbook/DISP/1/4.html
The word promptly appears a few times. Section (5) of the rule seems particularly pertinent to your case.
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