Read our cookies policy.
Dazed_and_confused wrote: »
I suspect all it will take is a significant market crash, nothing out of the ordinary, just similar to those seen in the past and we will move into "PPI" territory.
At which point people like the op (no offence intended) will start to plead they were misled. Hopefully there will be sufficient audit trail nowadays to show they were going against the professional advice to stay put.
Albermarle wrote: »
If you go ahead with the current advisor, then check in advance that if it is a negative recommendation they will be still happy to sign a declaration that you have been through the correct process.
As long as they do this , then as said above , you can still transfer out of the DB scheme , without the need for any further advice or fees. In the jargon you will be known as an 'insistent client'
Although it seems you have made your mind up , might be worth looking at this .
jimi_man wrote: »
Presumably, if the decision of whether to transfer is going to be the OPs alone and will be made irrespective of any professional advice, then it doesn't actually matter who is used, other than they fit the criteria for completing the work and therefore just go for the cheapest possible.
Makes me think that there is a market opening for such a person, who will always give negative recommendations and can charge much less than other people. It doesn't seem that there would be any liability involved as it's a negative recommendation, but the criteria for taking advice has been fulfilled!
I think I will still speak to an IFA, just to get another perspective, I don’t think the work guy is really a fit for what I want.
Presumably, if the decision of whether to transfer is going to be the OPs alone and will be made irrespective of any professional advice, then it doesn't actually matter who is used,
The problem is the cost of the insurance I believe. I am pretty sure there have been cases of negative recommendation, insistent client transfer, it all goes pear-shaped and the client still successfully claimed against the advisor who told not to transfer.
Essential Money | Who & Where are you? | Work & Benefits | Household and travel | Shopping & Freebies | About MSE | The MoneySavers Arms | Covid-19 & Coronavirus Support