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  • FIRST POST
    • Pisces74
    • By Pisces74 10th Nov 19, 5:53 PM
    • 2Posts
    • 0Thanks
    Pisces74
    Compensation for transferred pension
    • #1
    • 10th Nov 19, 5:53 PM
    Compensation for transferred pension 10th Nov 19 at 5:53 PM
    Rather stupidly I transferred my old Army pension to a QROP`s scheme. I am now considering using a private claims company to seek compensation. My question is are the FOS or FCA as effective at getting compensation as a "no win, no fee company"?

    Thanks
Page 1
    • Davy Jones II
    • By Davy Jones II 10th Nov 19, 6:30 PM
    • 411 Posts
    • 752 Thanks
    Davy Jones II
    • #2
    • 10th Nov 19, 6:30 PM
    • #2
    • 10th Nov 19, 6:30 PM
    Who do you hope will compensate you if, as you suggest, it was your decision?
    • diggingdude
    • By diggingdude 10th Nov 19, 9:41 PM
    • 1,297 Posts
    • 1,749 Thanks
    diggingdude
    • #3
    • 10th Nov 19, 9:41 PM
    • #3
    • 10th Nov 19, 9:41 PM
    were you forced to transfer? can yo prove it?
    House owner as of 27.3.2019
    • sandsy
    • By sandsy 10th Nov 19, 10:08 PM
    • 1,519 Posts
    • 937 Thanks
    sandsy
    • #4
    • 10th Nov 19, 10:08 PM
    • #4
    • 10th Nov 19, 10:08 PM
    If you have a case, all a claims company does is send it to FOS and take a proportion of any compensation you receive.

    Alternatively, you can approach FOS yourself and keep 100% of any compensation.

    The key issue in both cases is whether you have a case.
    • Marcon
    • By Marcon 10th Nov 19, 10:52 PM
    • 1,350 Posts
    • 1,058 Thanks
    Marcon
    • #5
    • 10th Nov 19, 10:52 PM
    • #5
    • 10th Nov 19, 10:52 PM
    FOS won't take the case until you have had a 'final response' from the adviser who recommended the transfer, so your starting point is to make a formal complaint to the relevant firm.

    Do remember that the advice could well have been sound, based on the information you provided and what you told them at the time. Hindsight may well have persuaded you that you were daft to transfer, but that doesn't mean someone else was to blame for your error of judgement.
    • Malthusian
    • By Malthusian 11th Nov 19, 10:35 AM
    • 6,965 Posts
    • 11,243 Thanks
    Malthusian
    • #6
    • 11th Nov 19, 10:35 AM
    • #6
    • 11th Nov 19, 10:35 AM
    My question is are the FOS or FCA as effective at getting compensation as a "no win, no fee company"?
    Originally posted by Pisces74
    As sandsy said, it's the same thing, only more expensive. All the no win no fee company is make a complaint to the FOS or FSCS (after making a formal complaint to the adviser).

    If you want a higher chance of losing your case and to forfeit an obscene chunk of your compensation in the event you win, you should use the no win no fee company. Otherwise you should write the complaint yourself. Going to the FOS is very straightforward and does not require specialist advice, unlike going to court.
    • Pisces74
    • By Pisces74 11th Nov 19, 11:23 AM
    • 2 Posts
    • 0 Thanks
    Pisces74
    • #7
    • 11th Nov 19, 11:23 AM
    • #7
    • 11th Nov 19, 11:23 AM
    Thanks, much appreciated.
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