Claim against financial adviser

bainbrip

I invested in a private pension which included yearly face to face review. I've never had face to face meeting just letter. I withdrew money and it went over tax resulting in £4,500 tax bill I wasn't aware of the £125,000 limit. Have I a claim against my adviser for A. Not having reviews B. Not telling me of higher limit resulting in tax bill 

kinger101

Did you tell the financial advisor you'd withdraw a large amount from your pension?

dunstonh

I withdrew money and it went over tax resulting in £4,500 tax bill I wasn't aware of the £125,000 limit. Have I a claim against my adviser for A. Not having reviews B. Not telling me of higher limit resulting in tax bill 

How would the adviser know that you chose to draw the pension like that?
If you do something non-advised, then you are responsible for that.

Was the pension bought before or after 1st Jan 2013?
What does your contract say about reviews?  (normally they wouldn't specify method as that can change over the years)

Marcon

bainbrip said:

I invested in a private pension which included yearly face to face review. I've never had face to face meeting just letter. I withdrew money and it went over tax resulting in £4,500 tax bill I wasn't aware of the £125,000 limit. Have I a claim against my adviser for A. Not having reviews B. Not telling me of higher limit resulting in tax bill 

Did you ask for a face to face meeting? Were you invited to arrange one but ignored the invitation (happens more often than you think...).

Did you adviser give advice on the money you say you withdrew, or did you just go ahead and withdraw it? If the latter, how could the adviser have told you anything about the consequences of an action they didn't know about?

Ibrahim5

If the adviser had done his job he would have been warning against large withdrawals at the annual review. Should be claiming the fees back for those annual reviews that never happened. Too busy playing golf or polishing his Porsche are NOT acceptable excuses.