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Pensión Redress non payment

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

Comments

  • born_again
    born_again Posts: 21,429 Forumite
    10,000 Posts Sixth Anniversary Name Dropper
    Take it forward to enforce is the way if they are not paying out.

    Life in the slow lane
  • dunstonh
    dunstonh Posts: 120,195 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    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 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 2023
    Insurers 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.
  • 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? 

  • dunstonh
    dunstonh Posts: 120,195 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    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? 

    Advisers are required to have PI (or an equivalent insured amount in reserves).    The FCA request details from adviser firms every 6 months and PI information is included in that.   

    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.
  • Gaily123
    Gaily123 Posts: 19 Forumite
    Sixth Anniversary 10 Posts Combo Breaker
    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 
  • dunstonh
    dunstonh Posts: 120,195 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    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 
    Typically, it is either slow insurers or the company is stalling to avoid paying £5000 excess (the typical ballpark excess) before it fails.  Or it doesn't have PI and is stringing along for as long as it can

    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.
  • xylophone
    xylophone Posts: 45,745 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    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?
  • 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?
    The Financial Advisor is not saying what the delay is.... I am assuming it is the insurer but he just responds to all my emails with the same ' you will be notified by email when the payment is made ' this is over a month now and he doesnt give any indication who is causing the delay
  • dunstonh
    dunstonh Posts: 120,195 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    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?
    The Financial Advisor is not saying what the delay is.... I am assuming it is the insurer but he just responds to all my emails with the same ' you will be notified by email when the payment is made ' this is over a month now and he doesnt give any indication who is causing the delay
    To be fair, the adviser will be scripted with the response to avoid any further liability.   
    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.
  • sandsy
    sandsy Posts: 1,757 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    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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