Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • forzarobur
    • By forzarobur 10th Apr 18, 1:11 PM
    • 13Posts
    • 0Thanks
    forzarobur
    Financial Ombudsman Service
    • #1
    • 10th Apr 18, 1:11 PM
    Financial Ombudsman Service 10th Apr 18 at 1:11 PM
    Hi Everyone,
    Not happy with the value Prudential have given me regarding my with profits pension policy, or the reasons for poor performance, I am going to contact the FOS to help fight my case.

    Anybody out there used the FOS, are they any good or is it not worth the effort.
    Many Thanks
Page 1
    • ermine
    • By ermine 10th Apr 18, 1:29 PM
    • 661 Posts
    • 985 Thanks
    ermine
    • #2
    • 10th Apr 18, 1:29 PM
    • #2
    • 10th Apr 18, 1:29 PM
    Hi Everyone,
    Not happy with the value Prudential have given me regarding my with profits pension policy, or the reasons for poor performance, I am going to contact the FOS to help fight my case.
    Originally posted by forzarobur
    You first have to exhaust the formal complaints process with the original supplier (Prudential in your case) before the FOS will take your case on. So do that first.

    What are the grounds of your complaint? It's not enough to just say it isn't as much as you'd like it to be, you have to have some documentary evidence of what you were promised when you took it out.
    • Aegis
    • By Aegis 10th Apr 18, 1:30 PM
    • 4,895 Posts
    • 3,109 Thanks
    Aegis
    • #3
    • 10th Apr 18, 1:30 PM
    • #3
    • 10th Apr 18, 1:30 PM
    Hi Everyone,
    Not happy with the value Prudential have given me regarding my with profits pension policy, or the reasons for poor performance, I am going to contact the FOS to help fight my case.

    Anybody out there used the FOS, are they any good or is it not worth the effort.
    Many Thanks
    Originally posted by forzarobur
    FOS don't deal with complaints solely about investment performance, so you are unlikely to succeed on that basis. You could argue that the pension was not suited to your requirements and make a complaint against the adviser who recommended it to you, but that still won't take account of investment performance, only the level of risk to which you were exposed.
    I am an Independent Financial Adviser
    Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.
    • newatc
    • By newatc 10th Apr 18, 2:12 PM
    • 233 Posts
    • 271 Thanks
    newatc
    • #4
    • 10th Apr 18, 2:12 PM
    • #4
    • 10th Apr 18, 2:12 PM
    There is no evidence in your post that would indicate you would be successful in your claim. You really need to check all the documentation you received to find any statements that were misleading or incorrect.
    • dunstonh
    • By dunstonh 10th Apr 18, 3:30 PM
    • 92,652 Posts
    • 59,975 Thanks
    dunstonh
    • #5
    • 10th Apr 18, 3:30 PM
    • #5
    • 10th Apr 18, 3:30 PM
    Not happy with the value Prudential have given me regarding my with profits pension policy, or the reasons for poor performance, I am going to contact the FOS to help fight my case.
    The ombudsman will not involve itself in complaints of poor performance. They will initially accept it. Verify what it is your are complaining about, check there are no issues with Pru that could result in incorrect data and then reject your complaint.

    Anybody out there used the FOS, are they any good or is it not worth the effort.
    I think you misunderstand what the FOS is. It is an independent arbiter of complaints. It is not a consumer champion or a consumer rights body.

    Pru WP funds generally do very well in their context/risk profile. It is only plans with significant guarantees (where the value is in the guarantee rather than the value) where bonus rates tend to be next to nothing. However, that is pretty consistent across the board as the insurance company is taking on the liability to cover the guarantee. And as the regulator requires guarantees to be covered as a priority, this usually sees the WP fund associated with the guarantees invested in near cash or bonds. And as many of those funds are in a shortfall to the liabilities, there is little scope to offer bonuses.

    So, what you see as poor performance may be nothing of the sort. If a fund is in near cash assets then you will get near cash rates.
    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.
    • Dox
    • By Dox 10th Apr 18, 9:57 PM
    • 531 Posts
    • 314 Thanks
    Dox
    • #6
    • 10th Apr 18, 9:57 PM
    • #6
    • 10th Apr 18, 9:57 PM
    Complete waste of time if you are simply whining about poor performance, as opposed to some sort of breach of the rules/maladministration. Wrong Ombudsman too, by the sound of it. The Pensions Ombudsman deals with complaints and disputes which concern the administration and/or management of both occupational and personal pension schemes, while the Financial Ombudsman Service investigates complaints about the advice received when taking out a pension. They can also help with some complaints about the administration of personal pension schemes.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

537Posts Today

5,487Users online

Martin's Twitter
  • It's the start of mini MSE's half term. In order to be the best daddy possible, Im stopping work and going off line? https://t.co/kwjvtd75YU

  • RT @shellsince1982: @MartinSLewis thanx to your email I have just saved myself £222 by taking a SIM only deal for £7.50 a month and keeping?

  • Today's Friday twitter poll: An important question, building on yesterday's important discussions: Which is the best bit of the pizza...

  • Follow Martin