True Potential redress offer

ComicGeek

My wife and I moved our pensions to True Potential back in 2021, upon the (verbal only) advice of our IFA at the time. After a couple of years, I realised that this was a mistake and eventually moved everything over to a DIY platform and happily manage this all myself now.

I didn't complain at the time, just wanted to move on and forget my mistake. However, we have now both received redress offers from TP, so now I want to make sure that I'm getting a fair offer.

The performance of the TP funds have been compared against ARC indices, which I understand is the normal process - is it worth me trying to calculate this to check the figures, or just accept that TP would have calculated this correctly? Doesn't look like a simple calculation, as regular monthly payments were made into the account over the 3 years - but possible to do if worth my time?

We also had poor/zero service from our FA (who was our previous IFA who recommended the transfer) and we cancelled his services after 18 months. I'm thinking of making a complaint to see if we can get a refund for the 0.5% advice fee for the 18 months, which would be a significant amount. In my mind, this is intrinsically linked to the 'non-advised' transfer issue that has triggered the redress scheme, as our IFA/FA was desperately trying to stay hidden so he could pocket his 8% transfer bonus!

Any advice or suggestions? My instinct is never to accept the first offer, but also don't want to waste my time if limited chance of increasing the offer.

dunstonh

 is it worth me trying to calculate this to check the figures, or just accept that TP would have calculated this correctly? Doesn't look like a simple calculation, as regular monthly payments were made into the account over the 3 years - but possible to do if worth my time?

TP are operating a redress scheme, so the method should be defined and agreed with the FCA.So there should be limited scope for you to either haggle or for them to do something different to what was agreed with the FCA. However, if you have the data points and are good with spreadsheets, you can do it.

TadleyBaggie

Something similar happed to me, IFA wanted to retire and recommended his clients move to TP. I've been very happy with the service and performance so far.

ComicGeek

https://forums.moneysavingexpert.com/discussion/comment/81966986#Comment_81966986

It depends whether your IFA was honest about it - our long-term trusted IFA retired at short notice due to ill health, and it was his business partner who quickly made the move across to TP. Overall it wasn't a good move for us even compared to our previous pension plans - but at least it did get me to look into pensions in more detail, and ultimately set up DIY SIPPs with really low fees.

Was your IFA open about the 8% kickback that they get by moving clients across to TP?? Did they provide a written report explaining why they were recommending the move? I would guess not, as the advisors 8% offer from TP was subject to you moving to TP on a 'non-advised basis'. You probably had a phone call from your IFA recommending the transfer, but making sure nothing was put in writting.

The redress offer I've had through is for a reasonable amount of money, so would be worth you checking to see if you fall within this.

dunstonh

The redress offer I've had through is for a reasonable amount of money, so would be worth you checking to see if you fall within this.

Section 166 review is auto-opted in. So if someone falls within the dates in question, it would automatically be looked at. In most cases, it won't need any information provided. They will be looking at the files, and if a file falls short, then it will largely result in a redress payment.Even if there was no wrongdoing.

Somewhatnaive

Hello, newbie here. I've only just heard about this TP redress (from my extremely helpful FA). Is this recent? I haven't actually had anything from TP yet about it.

dunstonh

https://forums.moneysavingexpert.com/discussion/comment/81967266#Comment_81967266

It is a staged process. The mailings do not go out all at the same time and the investigations are manual and will be processed in batches.

The FCA have instructed TP to employ a third party company to review all pension switches to them bewteen 2019-2023 where you originated from an ex adviser who then got paid if you moved your pension to TP.

agsteele

We had a similar experience to others being transferred by our IFA to True Potential. Our daughter just had a letter offering a settlement but we moved three years ago having previously moved out investments to a different IFA. So, unless our old house purchaser kindly forwards a letter to us, we don't officially know about this process. Anyone know how to register a claim?

ComicGeek

https://forums.moneysavingexpert.com/discussion/comment/81968472#Comment_81968472

Do you still have your log-in details for the TP website/app? Even though the funds were transferred out, I can still log in and see all communications - the redress offer popped up as soon as I logged in yesterday.

dunstonh

We had a similar experience to others being transferred by our IFA to True Potential. Our daughter just had a letter offering a settlement but we moved three years ago having previously moved out investments to a different IFA. So, unless our old house purchaser kindly forwards a letter to us, we don't officially know about this process. Anyone know how to register a claim?

Typically, the final stage is to deal with non-responders and those where address has changed (where they will use a tracing company). You can contact them though but remember that a s166 review means TP are not handling the process. It will be a third party and TP won't necessarily have details of the people in the various stages.

Ibrahim5

What's this? A case of financial advisers lining their own pockets to the detriment of their customers? Surely not.