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  • FIRST POST
    • jnielow
    • By jnielow 9th Apr 17, 8:09 AM
    • 49Posts
    • 4Thanks
    jnielow
    Portafina-Are the Legit?
    • #1
    • 9th Apr 17, 8:09 AM
    Portafina-Are the Legit? 9th Apr 17 at 8:09 AM
    Hi All,


    Have been away for a long time, so hope everyone is ok!!!.


    I just wanted to ask if anyone has had any dealings with the above company regarding a pension review?. They seem to be legit,registered with companies house and the FCA.


    Any pointers or advice would be welcomed many thanks.


    Jason
Page 3
    • Malthusian
    • By Malthusian 6th Sep 17, 2:59 PM
    • 4,907 Posts
    • 7,909 Thanks
    Malthusian
    Maybe Portafina could tell us where they get their leads from ? I have been getting letters from them for several years, around every 2 months at a guess. I have no problem with this, it's a consistent supply of scrap paper. I've never paid into a pension because I have been ill and on very limited income for most of my life, so it is a bit of a puzzle why they target me, or do they just target anyone ?
    Originally posted by ms11
    Do you get cold calls or junk mail from anyone else? Have you set up Direct Debits with charities, have you made PPI claims, have you ever put money into binary trading or anything like that?

    If you've never done anything to get yourself put on a suckers list it might have been whoever lived in your property before you.
    • Algee55
    • By Algee55 26th Nov 17, 1:56 PM
    • 1 Posts
    • 0 Thanks
    Algee55
    Misleading message?
    I keep getting letters from Portafina suggesting that I can take 25% of my pension as a tax-free lump sum.
    I know enough about these things to be pretty sure that I can only get 25% of my entire pension tax-free if I withdraw the whole pension. That means the other 75% would be taxable. The letters I receive could easily be misleading to a less informed recipient.
    I throw the letters straight in the bin because if I wanted to withdraw money from my pension I would go directly to my pension provider, or find out how to do it myself and just do it.
    • davieg11
    • By davieg11 26th Nov 17, 9:31 PM
    • 275 Posts
    • 161 Thanks
    davieg11
    The last mug in my workplace to cash in their active db pension said they only got charged 6% from Portafina. Poor sods will have spent it all by the time retirement comes along.
    • Malthusian
    • By Malthusian 27th Nov 17, 10:23 AM
    • 4,907 Posts
    • 7,909 Thanks
    Malthusian
    I know enough about these things to be pretty sure that I can only get 25% of my entire pension tax-free if I withdraw the whole pension.
    Originally posted by Algee55
    The junk mailers are right and you are wrong. You can take the 25% tax free lump sum by itself and transfer the rest to an income drawdown policy, without taking any taxable income.

    But yes, if you do need to withdraw money you should seek independent advice from a reputable IFA, not an outfit that sends junk mail.
    • GetThatDebtDownDude
    • By GetThatDebtDownDude 3rd Mar 18, 4:11 PM
    • 1 Posts
    • 0 Thanks
    GetThatDebtDownDude
    Strongly agree with Malthusian. I have received several mail shots from Portafina. They go in the recycling. I have sought independent advice from a reputable IFA via unbiased.
    • dunstonh
    • By dunstonh 14th Sep 18, 3:59 PM
    • 95,781 Posts
    • 63,477 Thanks
    dunstonh
    Portal/Portafina have made the financial press again today for misselling.

    https://www.ftadviser.com/sipp/2018/09/14/ombudsman-finds-in-favour-of-insistent-client/

    Ombudsman decision seems spot on. However, what is interesting is that they have had at least 19 ombudsman decisions published this year. 17 of them upheld.

    I recommend that anyone who has used this firm and was put in unregulated investments immediately raise a complaint and expect to have to go to the FOS and expect the firm to appeal the decision.

    Most advisory firms don't have a single FOS decision against them. This firm is a serial offender. with 33 published decisions so far and they are coming in at around 2 a month at the moment.

    At that rate, I wouldn't be surprised if we see them close down and dump the liabilities onto the FSCS.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Dorian1958
    • By Dorian1958 19th Sep 18, 3:14 PM
    • 159 Posts
    • 127 Thanks
    Dorian1958
    Rather surprised to receive junk mail from Portafina today (I hardly get any) trying to persuade me to extract 25% cash free from my pension. I acted on this by scribbling on the letter requesting I be removed from their database iaw the GDPR 2018, and posted it back to them, along with the glossy literature. If everyone did this they would need bigger recycling facilities at their office in Rochester.
    • AnotherJoe
    • By AnotherJoe 19th Sep 18, 4:31 PM
    • 11,457 Posts
    • 13,220 Thanks
    AnotherJoe
    I keep getting letters from Portafina suggesting that I can take 25% of my pension as a tax-free lump sum.
    I know enough about these things to be pretty sure that I can only get 25% of my entire pension tax-free if I withdraw the whole pension. That means the other 75% would be taxable. The letters I receive could easily be misleading to a less informed recipient.
    Originally posted by Algee55
    Since this thread has been resurrected and for the avoidance of doubt in case anyone else is reading Algee55's post, he's totally wrong about having to withdraw the whole pension. Ironic since he titled his post "misleading message "
    • Malthusian
    • By Malthusian 19th Sep 18, 6:08 PM
    • 4,907 Posts
    • 7,909 Thanks
    Malthusian
    Rather surprised to receive junk mail from Portafina today (I hardly get any) trying to persuade me to extract 25% cash free from my pension.
    Originally posted by Dorian1958
    Given what Dunstonh said about the number of FOS decisions going against them, clearly they need as many suckers as they can find to extract commission from before the music stops.


    If everyone did this they would need bigger recycling facilities at their office in Rochester.
    They will probably just dump it in a lay-by on the way to dumping their liabilities on the FSCS.
    • dunstonh
    • By dunstonh 24th Sep 18, 12:31 PM
    • 95,781 Posts
    • 63,477 Thanks
    dunstonh
    https://www.ftadviser.com/pensions/2018/09/24/adviser-sees-100-complaints-upheld/

    Article says that the FOS have received 128 complaints against Portafina so far, of which the majority have been upheld. 84 upheld and 41 ongoing.

    This would make them the worst advice company out there in terms of complaints.

    People who have been missold by this company really need to be acting before it is too late. The level of complaints they are getting is likely to see them go into administration.

    And shame on MSE. Remember how our posts were removed or edited by MSE for warning people about this company.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Opinion1
    • By Opinion1 26th Oct 18, 9:09 PM
    • 1 Posts
    • 3 Thanks
    Opinion1
    Hi, I work for an Independent Financial Adviser and my husband received the Portafina letter 'Time to cut your losses with your current pension scheme?' this week. I find it disturbing that a financial adviser firm can send 'cold call' letters to an unknown individual and offer to tick a box to have full servicing rights without meeting that individual, explaining the fees and having a client agreement (contract) signed. By ticking this box and signing the form you are effectively sacking your existing adviser.
    My offer of information to you is: please meet your new adviser before signing any paperwork of this nature. Thank you for reading.
    • dunstonh
    • By dunstonh 26th Oct 18, 11:14 PM
    • 95,781 Posts
    • 63,477 Thanks
    dunstonh
    Hi, I work for an Independent Financial Adviser and my husband received the Portafina letter 'Time to cut your losses with your current pension scheme?' this week.
    Somewhat ironic that portafina are saying that whilst at the same time they are suffering record number of FOS complaints against them (they now account for 10% of complaints made against advisers.

    Jamie Smith-Thompson, managing director of Portafina told FTAdviser that it had since changed its advice strategy. He said: "These complaints stem from a period before the pension freedoms and before a number of subsequent clarifications from the FCA on advice relating to pensions.
    What a load of BS.

    "So it is fair to say that our advice strategy has evolved a lot over the years and is certainly different now to the period that the complaints arose from."
    yet they reject most FOS adjudicator decisions and refer them to an ombudsman who has ruled against the firm in over 90% of the cases. So, they are not taking ownership of their acknowledged bad advice.

    According to Portafina, the 128 complaints made to the Fos account for less than 1 per cent of its total advised clients. "To put that number into some kind of context, we have advised nearly 20,000 clients in that time. Whilst still far too high for my liking, the 128 complaints represent about 0.6 per cent of our advised clients."
    Putting it in context, over 85% of advice firms have never had a single FOS complaint against them. Most have had barely any complaints against them at all. This company has had 128 so far.

    20,000 people advised in that time. Those 20,000 need to seriously review what they were sold and start complaining whilst they still can. And once again, the FCA is found wanting. Not looking at the companies that cause the problems because they are too busy focusing on minor issues

    https://www.ftadviser.com/your-industry/2018/09/24/portafina-responds-to-flurry-of-fos-complaints/

    There are now claims companies that are targetting people who have used Portal/Portafina. You do not need to use a claims company and the stuff that Portal/portafina sold is being upheld in complaints in over 90% of cases at the FOS. It is very simple to do it yourself. Just do it while you can as companies suffering this high volume of complaints are unlikely to find PI insurance at their next renewal which would require it to shut down. Or it will run out of money due to the volume of complaints.
    Last edited by dunstonh; 26-10-2018 at 11:19 PM.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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