Portafina

missile · 26 April 2017 at 9:03AM

Eventually received 23 pages of "advice". However we are still not in a position to make an informed decision.
There appears to be a significant variation in the valuation from the pension provider and Portafina. During the telephone sales pitch from a prepared script, she was not able to reconcile the variations. We were promised an explanation, so far ..... nada.

missile · 26 April 2017 at 3:22PM

Thanks for your comments.
They have prepared a comprehensive report which I can comprehend.
The issue we have is the basis for their comparison. The valuation from the existing provider is far less than the valuation quoted by Portafina.

There may be a simple explanation, but their advisor was unable to clarify. Until we understand how they have arrived at their valuation we cannot make an informed decision.

Malthusian · 26 April 2017 at 3:56PM

Unless you are desperate to have your life savings dumped into

Hypa Raithwaite LP Fund, which makes loans to a Yorkshire property developer, £24,000 into Venture Oil Investment, and £18,000 split between Kudos Asia, a leisure resort in Thailand, and EOS Solar, a solar energy scheme in Cyprus.

it seems rather academic.

missile · 26 April 2017 at 10:02PM

We requested valuation from provider and supplied that to Portafina. We have asked repeatedly how Portafina got their valuation but they have not responded.
The person who phoned appeared to be reading from a script and was unable to answer basic questions. The written report is signed by a.n.other.
We approached Portafina.

Trying_to_live_the_dream · 3 May 2017 at 11:17AM

Portafina quote 'best possible retirement' for us it has been the worst possible retirement, we were fobbed off last year by an "Advisor" advising us that returns on our pension investment would be "imminent" nothing materialised despite several phone calls, we then began to realise things were not right and delved deeper to find numerous Financial Ombudsmans complaints, we complained to Portafina only to be basically directed to the Ombudsman this all began a year ago, we have had to down size to release money to live on and are now at risk of losing our home, all because Portafina invested in non regulated investments just like all the other poor 25 plus souls they have dragged through the FOS. Our complaint was upheld by the FOS a few months ago, a phone call was received from Portafina a couple of weeks ago (following letters from us to find out what they are doing about it), the Portafina rep advised they would respond early last week, over a week later and nothing from them, I am not sure what mind games they think they are playing but to cause so much anxiety, stress and grief to a couple who trusted them with all of their pension pot after 40 hard years of working is just beyond me we just wanted a "best possible retirement'.

JoeCrystal · 3 May 2017 at 12:03PM

This is really shocking to hear and I am amazed to see that this firm is still in business. I hope you manage to get your due compensation!

Trying_to_live_the_dream · 3 May 2017 at 1:09PM

Thank you, yes shocking, we want to live that dream before we are too old but have been put through absolute anquish with broken promises and hopes.

missile · 3 May 2017 at 2:59PM

Got a phone call yesterday asking to arrange a call with an advisor to progress our transfer.

What about the e mail you were going to send?

You can discuss any issues during the telephone call

Please send us the e mail you promised

We need to arrange a telephone call

and repeat until we hung up

You will be surprised to learn their rep Portal Financial has not responded to our PM.

Trying_to_live_the_dream · 3 May 2017 at 4:24PM

Thank you, yes we will and beyond until we receive what we are entitled to, no one should be treated in this way.
QUOTE=Trying to live the dream;72492554]Portafina quote 'best possible retirement' for us it has been the worst possible retirement, we were fobbed off last year by an "Advisor" advising us that returns on our pension investment would be "imminent" nothing materialised despite several phone calls, we then began to realise things were not right and delved deeper to find numerous Financial Ombudsmans complaints, we complained to Portafina only to be basically directed to the Ombudsman this all began a year ago, we have had to down size to release money to live on and are now at risk of losing our home, all because Portafina invested in non regulated investments just like all the other poor 25 plus souls they have dragged through the FOS. Our complaint was upheld by the FOS a few months ago, a phone call was received from Portafina a couple of weeks ago (following letters from us to find out what they are doing about it), the Portafina rep advised they would respond early last week, over a week later and nothing from them, I am not sure what mind games they think they are playing but to cause so much anxiety, stress and grief to a couple who trusted them with all of their pension pot after 40 hard years of working is just beyond me we just wanted a "best possible retirement'.[/QUOTE]

coyrls · 8 May 2017 at 3:27PM

DuncanChalmers1948 wrote: »

Yes, I believe this firm is legit. They are registered with the FCA and operated under the name Portal Financial until recently when they rebranded. I would check their charges as I understand these firms can charge up to 5% on transfer. Hargreaves Lansdown would be a much cheaper option if you are happy with execution only or if you are seeking retirement income assistance try Retirement Line, they did a wonderful job for me. Best regards Duncan Chalmers.

I think you should read the whole thread before you make such a comment.

Do you have any connection with Retirement Line? You seem to be promoting it on other threads as well.

Portafina

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