Please help, cannot collect pension pot without form signing!!!

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  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
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    Plus, the bit that seems wholly illogical:
    If the Financial Adviser recommends "do nothing", and urshieb's husband decides to transfer, how can the FA justify a refusal to sign a form testifying to the fact that he has provided urshieb's husband with financial advice?
    Yet I can assure urshieb that the Financial Ombudsman will stick up for the adviser in this situation.
    It's all legit!

    There's a lot of cant about Financial Advisers protecting "people like us" from ourselves but, to the outsider, parts of the process looks quite unfair.
  • xylophone
    xylophone Posts: 44,413 Forumite
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    https://forums.moneysavingexpert.com/showthread.php?t=6032686&page=7

    Post 133 seems to cover the ground.
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
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    Alternatively - as this forum is populated with Financial Advisers - the op should maybe just ask which of you is willing to admit your trade with a signature on the relevant form.
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
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    urshieb wrote: »
    Thank you for your replies. We know it costs a lot for an IFA to sign the form, its just finding one that will sign it. It is literally one piece of paper verifying that we have taken advice - which we did, but all they were interested in was taking over our finances! Royal London have not offered any advice other than an extra complaint form to take the complaint further and explain that whilst they sympathise their hands are tied until the form is signed. It is over £40,000 but once all the taxes (which we are fully conversant with) are taken out it wont be a lot more. We will travel anywhere in the UK and pay the fee to get it signed.

    Disgraceful state of affairs.
  • Triumph13
    Triumph13 Posts: 1,730 Forumite
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    ZingPowZing wrote: »
    Disgraceful state of affairs.
    Yes, but don't blame the IFAs. Blame the courts and regulators who have been finding against IFAs and pension firms even when the customer ignored very clear recommendations not to do the stupid thing they did. If the IFA and their insurer knows that no matter how hard they advise someone not to do something, if the customer goes ahead anyway then the IFA will still get blamed for not having advised against it even harder, then what on earth are they supposed to do?
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
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    Poor lambs.

    I assume the FA is refusing to trouser his fee in the event of not being able to persuade his client.
  • sandsy
    sandsy Posts: 1,720 Forumite
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    Just for the record, I'm not a financial adviser and have a healthy scepticism of the quality of financial advice but I think the legislative intent of the advice requirement is sound. And most - but not all - of the financial advisers on this forum speak a lot of sense.
  • jamesd
    jamesd Posts: 26,103 Forumite
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    sandsy wrote: »
    Government were really worried that people like you wouldn't see the value in the valuable guaranteed products they hold.
    No, government wasn't. The original freedoms had no advice requirement.

    The Commons pensions committee was worried and unfortunately the government responded to those thoughts with a change that typically requires uneconomic advice not to do things like taking a bad GAR.

    "Typically" means common value, circumstances and advice costs, not million Pound DB transfers.
  • MEM62
    MEM62 Posts: 4,752 Forumite
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    urshieb wrote: »
    Please can someone advise where or how you get a financial adviser to sign a form.

    Financial Advisers do not just 'sign forms'. The policy you have has a GAR and therefore the advisor is obligated to conduct a full review before making any recommendations. Also, this type of transaction is high risk from the advisors point of view and this will be reflected in his charges.

    You may consider that you are financially sophisticated and only need a 'rubber stamping exercise' from an advisor but the regulations do not work that way. There have been many cases where insistent clients and those that are financially astute enough to know the risk in a transaction have complained to the regulator after the event and the regulator has found against the advisor. This is why it is high risk for the advisor and may do not wat to be involved in this area of the business.
  • urshieb
    urshieb Posts: 4 Newbie
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    Firstly we are NOT likely to complain about an adviser who TICKS the 3 boxes (YES the 3 tick boxes regardless of who believes this or not, I will scan it and post it if need be) that confirms we have taken advice. I resent this suggestion, the current blame and claim climate drives us crazy.
    Furthermore, they are NOT signing to say that they advise us to take the whole amount, disagree with us taking it or anything, simply that they have run through options.
    Of the 4 options we want the one that states my husband can take the whole amount. We are highly intelligent people, I claimed my NHS pension when I was 55yrs old, the lump sum is invested. My husband has other pensions to collect when he retires at 66yrs.
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