True Potential - Miss-Selling?

LavenderBees

Hey Lovelies, 

I was with True Potential for quite some time until around 2020 - never heard a word from them apart from an annual statement - no advice offered etc. I was transferred to them when my local IFA became part of them in some way. 

I've been contacted today by a firm called Pacific Legal in Glasgow saying that they are investigating that True Potential may have overcharged me my fees. I've googled and also searched on this forum but I can't see any reference to it.

Anyone heard of anything like this or should I be on scam alert?   

LavenderBees

Found it - True Potential Sets Aside £100m for Client Redress As FCA orders Section 166 Review

There's also info in there that impacted people will be contacted so not to use any claim management company. I have spent a while over lunchtime googling the Pacific Legal company and fees inc VAT of 48% seem the norm. I think I will just wait and see if I get a nice surprise...Hope this helps someone 

flaneurs_lobster

You've presumably found this?

https://pacificlegal.co.uk/ongoing-advice-fees/true-potential/

Were True Potential charging you for advice that was never given? Seems to be the basis for any claims.

If so then I'd be contacting TP myself and asking for my money back. You could probably sign up with PL but they'll be asking you all the same questions that TP would and taking a large chunk of any monies obtained.

Not clear to me if such claims against TP are just for return of fees (+ presumably interest) or if there's "compensation" (for what and at what level I've no idea) in the mix too.

dunstonh

I've been contacted today by a firm called Pacific Legal in Glasgow saying that they are investigating that True Potential may have overcharged me my fees.

Couple of things to note here:
a) your pension details are not in the public domain.  So, how did this firm know you had a TP pension?
b) your fee details are between you and the advice frm.   i.e. you pay what is agreed.   How does this firm know what your fee was or whether it was set incorrectly (i.e. overcharged as they claim)?

So, how did this ambulance chaser get hold of your details and under what basis of the data protection right do they feel they are entitled to hold your details?

Claims companies are not allowed to make false claims or submit try-it-on complaints.    However, that doesn't seem to stop many of them.  i.e. throw enough mud and hope something sticks, often on a technicality.     So, does this company know you have been overcharged or is it speculating or it describing something different to what you have posted here?

Anyone heard of anything like this or should I be on scam alert?   

As above, I would be concerned about your pension data being in the hands of a claims company when that data is protected.   So, a data breach is a possibility.

I would also be concerned about their claims you were overcharged.  That is not something that TP are known for (or any advice firm for that matter).  In most cases, the charges are input on a percentage basis and automated.  So, if a charge was say 0.50%, then the computer would calculate that.

Normally the issue is if you paid an adviser charge and the adviser did not deliver the services in relation to what was agreed.

You dont need to employ a claims company.  You just contact the advice company but you can also check for yourself.    You state you never received any advice after moving to TP.      So, have you been paying an adviser charge each year since moving to TP?  if yes, and you have not had advice, then you are within your rights to request a refund of advice charges.   If no, then there is nothing to reclaim as you haven't paid it.

You can also check your statements as charges disclosures are issued every year.  If there is no adviser charge showing then no adviser charge was made.   And therefore nothing to complain about.

Do note, that TP have product charges, fund charges and adviser charges.   It is only the adviser charge that is th issue. 

The S166 review is something different that True Potential have been told to carry out under FCA rules.    A S166 review is pro-active.  i.e. they are required to contact everyone who was potentially affected (usually all transactions between two dates).    The S166 review is for non-advised cases. It is not for advised cases.    So, you don't need to employ an ambulance chaser if you fall within that review.   However, if you do daftly sign up with an ambulance chaser and it is the S166 review that is the issue then they do nothing as the terms of the S166 review are set by the regulator.  If you are affected by the review and redress is paid, then the claims company has made some very easy money at your expense.

S166 reviews are designed by the regulator so that anyone affected doesn't need to make a complaint or use an ambulance chaser.   Those affected are contacted pro-actively.  They are also carried out by independent third parties and not by the financial firm (TP in this case).

LavenderBees

dunstonh said:

I've been contacted today by a firm called Pacific Legal in Glasgow saying that they are investigating that True Potential may have overcharged me my fees.

Couple of things to note here:
a) your pension details are not in the public domain.  So, how did this firm know you had a TP pension?
b) your fee details are between you and the advice frm.   i.e. you pay what is agreed.   How does this firm know what your fee was or whether it was set incorrectly (i.e. overcharged as they claim)?

So, how did this ambulance chaser get hold of your details and under what basis of the data protection right do they feel they are entitled to hold your details?

Claims companies are not allowed to make false claims or submit try-it-on complaints.    However, that doesn't seem to stop many of them.  i.e. throw enough mud and hope something sticks, often on a technicality.     So, does this company know you have been overcharged or is it speculating or it describing something different to what you have posted here?

Anyone heard of anything like this or should I be on scam alert?   

As above, I would be concerned about your pension data being in the hands of a claims company when that data is protected.   So, a data breach is a possibility.

I would also be concerned about their claims you were overcharged.  That is not something that TP are known for (or any advice firm for that matter).  In most cases, the charges are input on a percentage basis and automated.  So, if a charge was say 0.50%, then the computer would calculate that.

Normally the issue is if you paid an adviser charge and the adviser did not deliver the services in relation to what was agreed.

You dont need to employ a claims company.  You just contact the advice company but you can also check for yourself.    You state you never received any advice after moving to TP.      So, have you been paying an adviser charge each year since moving to TP?  if yes, and you have not had advice, then you are within your rights to request a refund of advice charges.   If no, then there is nothing to reclaim as you haven't paid it.

You can also check your statements as charges disclosures are issued every year.  If there is no adviser charge showing then no adviser charge was made.   And therefore nothing to complain about.

Do note, that TP have product charges, fund charges and adviser charges.   It is only the adviser charge that is th issue. 

The S166 review is something different that True Potential have been told to carry out under FCA rules.    A S166 review is pro-active.  i.e. they are required to contact everyone who was potentially affected (usually all transactions between two dates).    The S166 review is for non-advised cases. It is not for advised cases.    So, you don't need to employ an ambulance chaser if you fall within that review.   However, if you do daftly sign up with an ambulance chaser and it is the S166 review that is the issue then they do nothing as the terms of the S166 review are set by the regulator.  If you are affected by the review and redress is paid, then the claims company has made some very easy money at your expense.

S166 reviews are designed by the regulator so that anyone affected doesn't need to make a complaint or use an ambulance chaser.   Those affected are contacted pro-actively.  They are also carried out by independent third parties and not by the financial firm (TP in this case).

Apologies, I really wasn't clear and posted in haste earlier. Thank you for your concern around my data being protected. It was an advert type message in my Facebook feed asking anyone who had used TP to give name and contact phone no. I was curious so did, knowing I can listen to what they say and investigate/block as necessary. definitely not a data breach.

I cringe when I write this but I have absolutely no idea what charges were in place throughout my time with TP. I did receive statements probably annually but I only ever looked at the final figure, not anything else. When I transferred away from TP in 2020, I kept everything until last year when I had a BIG CLEAROUT. So I actually have no statements to check.

Am I the only one scared of pensions? I have always paid in and taken advantage of employer contributions but never understood them really....so they were easy to ignore....

Thank you (again) for taking so much time to explain what this is about. I blocked the ambulance chaser earlier this afternoon. Apart from my name and mobile no, they have nothing else. I wasn't going to tell them anything until I'd checked info out.

I feel better for understanding that if there is anything that has been incorrect, I will be contacted. 





 

richies

I've also seen the same ads on Facebook and did similar research... I'm quite sure there will be claims upheld about True Potential.

I actually challenged them directly a couple of years ago when I withdrew my assets, as I spotted Advisor Charges on my statement when I knew my advisor had left the company several years before. I got them to refund some of the charges, but only for a small period of the total time. 

Like you, I've had a clear out (while moving house) and don't have my full history of paperwork. 

I really want to pursue True Potential for any money due back, particularly as the funds performed really badly and I lost quite a bit as a result. 

But I will really begrudge paying a Claims Management Company when they are quoting unfair charges themselves. 

At the moment I'm going to watch and wait, and hope TP do make contact with me proactively to put things right. I'll chase them myself if I don't hear in another month or two.

If anyone has already tried to quiz them on this I would love to hear how it went! 

Thanks

MEM62

LavenderBees said:

dunstonh said:

I've been contacted today by a firm called Pacific Legal in Glasgow saying that they are investigating that True Potential may have overcharged me my fees.

Couple of things to note here:
a) your pension details are not in the public domain.  So, how did this firm know you had a TP pension?
b) your fee details are between you and the advice frm.   i.e. you pay what is agreed.   How does this firm know what your fee was or whether it was set incorrectly (i.e. overcharged as they claim)?

So, how did this ambulance chaser get hold of your details and under what basis of the data protection right do they feel they are entitled to hold your details?

Claims companies are not allowed to make false claims or submit try-it-on complaints.    However, that doesn't seem to stop many of them.  i.e. throw enough mud and hope something sticks, often on a technicality.     So, does this company know you have been overcharged or is it speculating or it describing something different to what you have posted here?

Anyone heard of anything like this or should I be on scam alert?   

As above, I would be concerned about your pension data being in the hands of a claims company when that data is protected.   So, a data breach is a possibility.

I would also be concerned about their claims you were overcharged.  That is not something that TP are known for (or any advice firm for that matter).  In most cases, the charges are input on a percentage basis and automated.  So, if a charge was say 0.50%, then the computer would calculate that.

Normally the issue is if you paid an adviser charge and the adviser did not deliver the services in relation to what was agreed.

You dont need to employ a claims company.  You just contact the advice company but you can also check for yourself.    You state you never received any advice after moving to TP.      So, have you been paying an adviser charge each year since moving to TP?  if yes, and you have not had advice, then you are within your rights to request a refund of advice charges.   If no, then there is nothing to reclaim as you haven't paid it.

You can also check your statements as charges disclosures are issued every year.  If there is no adviser charge showing then no adviser charge was made.   And therefore nothing to complain about.

Do note, that TP have product charges, fund charges and adviser charges.   It is only the adviser charge that is th issue. 

The S166 review is something different that True Potential have been told to carry out under FCA rules.    A S166 review is pro-active.  i.e. they are required to contact everyone who was potentially affected (usually all transactions between two dates).    The S166 review is for non-advised cases. It is not for advised cases.    So, you don't need to employ an ambulance chaser if you fall within that review.   However, if you do daftly sign up with an ambulance chaser and it is the S166 review that is the issue then they do nothing as the terms of the S166 review are set by the regulator.  If you are affected by the review and redress is paid, then the claims company has made some very easy money at your expense.

S166 reviews are designed by the regulator so that anyone affected doesn't need to make a complaint or use an ambulance chaser.   Those affected are contacted pro-actively.  They are also carried out by independent third parties and not by the financial firm (TP in this case).

It was an advert type message in my Facebook feed asking anyone who had used TP to give name and contact phone no. 

Take any financial advice, advertising, 'news', offers or other information on social media with the largest pinch of salt possible.  Pretty much none of it is credible and much of it will lead you to a scam.    

Marcon

richies said:

But I will really begrudge paying a Claims Management Company when they are quoting unfair charges themselves. 

Then don't use one.  They don't have some sort of magical access to paperwork a claimant has lost or destroyed. Their results are often worse than those obtained by an individual pursuing their own complaint - certainly the %age of successful claims is lower. You might like to read this: https://www.financial-ombudsman.org.uk/news/financial-ombudsman-service-start-charging-professional-representatives-refer-cases