Building on our financial services and claims background, we are proud to have achieved success on hundreds of cases, which have improved the financial wellbeing and brought justice and compensation for our Clients. Some examples of these are here:
Understanding the financial benefits you give up when transferring your Final Salary Pension
Following advice to transfer out of his ‘De La Rue’ Final Salary Pension, Mr W transferred a staggering £1,719,222 into a personal pension arrangement on the fateful day of 26th October 2017.
Having watched the value of his new pension pot deplete over the subsequent months, he became concerned that the advice may have been flawed and so Mr W appointed us to investigate the situation in February 2019. Eight months after being appointed, and nearly two years after the transfer occurred, Mr W was compensated the maximum amount available at the time of £50,000 (Fees and VAT apply) on 17th October 2019, for the unsuitable advice he received from the IFA. Alarmingly, by transferring out of the De La Rue Pension, Mr W had forgone benefits valued at £2,960,154, a deficit of £1,240,932.
Mr W has now re-appointed us to pursue further claims to recover his substantial losses.
British Gas final salary pension transfer to Sun Life of Canada personal pension
Following advice from Sun Life of Canada in 1991, Mr ‘A’ transferred his British Gas Final Salary Pension into a Personal Pension. The cash value at the point of the transfer was a modest £6,550, which, by 2019, had only grown in value to £57,000. Mr ‘A’ then made an enquiry following concern regarding the amount of retirement income his £57,000 would have generated. Following 6 months of liaising with Sun Life of Canada, it was calculated that by following the advice back in 1991, Mr ‘A’ had forfeited benefits of £360,000. In January 2020, Sun Life of Canada paid out the difference of £303,000 (fees + VAT apply) to Mr ‘A’ as compensation.
Advice to transfer NHS final salary pension into a Self-Invested Personal Pension (SIPP)
In 2011, Mrs ‘W’ was advised by an Independent Financial Adviser (IFA) to transfer her NHS final salary pension into a Self-Invested Pension Plan (SIPP). The ‘cash value’ of the transfer was £95,809. By March 2019 it had become apparent to Mrs ‘W’ that the investment held within her SIPP was not performing, in fact it was depreciating in value at an alarming rate. Mrs ‘W’ therefore instructed Money and Me Claims to seek compensation on her behalf. A year later in March 20, we have received an offer of just £90,000 from the IFA’s lawyers when in fact the total Mrs ‘W’ has forfeited by transferring out of the NHS Final Salary Pension Scheme is £283,000. More alarmingly, the terms of the offer restrict her from making any further (third party) claims and so on our advice, Mrs ‘W’ has instructed us to go back to the lawyers and negotiate an improved offer. Watch this space.
Advice to transfer pensions into a SIPP to invest in property, land and bio-fuel.
Mr ‘W’ was advised by an IFA to transfer his personal pension into a SIPP in 2011. Since then all his investments have failed and both the IFA and SIPP trustee have gone out of business. Mr ‘W’ initially appointed us to review his situation in June 2017. In March 2019, he received the maximum £50,000 (fees + VAT apply) in compensation relating to the unsuitable financial advice given by the IFA. Then, due to his overall losses, he re-appointed us to investigate whether further compensation could be pursued. In March 2020 Mr ‘W’ received an additional £58, 780 (fees + VAT apply) in compensation for the regulatory failings of his SIPP Trustee.
Advice to transfer a Tesco Final Salary & Phoenix Life Personal Pensions into a SIPP
In September 2017, Mr ‘H’ was initially advised by an Independent Financial Adviser (IFA) to transfer his Tesco Final Salary and Phoenix Life Personal Pensions, which totalled £419,787, into a Self-Invested Pension Plan (SIPP). Subsequently, in March 2018 Mr ‘H’ was advised by a second IFA to invest £417,128 (of the £419,787) into SVS Securities. Following negative media coverage surrounding final salary transfers and SVS Securities, Mr ‘H’ became concerned and appointed us in February 2019 to pursue a claim on his behalf. It was calculated that had Mr ‘H’ not transferred his pensions they would have been worth £602,853. Seven months later, Mr ‘H’ was offered the maximum £50,000 compensation from the Financial Services Compensation Scheme (FSCS) for the unsuitable advice provided by the first IFA. However, by transferring his final salary pension, Mr ‘H’ has lost a total of £183,066 (£602,853 - £419,787) and hence Mr ‘H’ has now re-appointed us to investigate whether he can claim further compensation from the second IFA and SIPP trustee.
Financial justice for being mis-sold a Free Standing AVC
Dr A was advised to set up additional pension provision via a product with Sun Life Financial of Canada, instead of paying extra contributions to a pension scheme provided by his employer, the NHS.
Following our intervention Dr A was given two offers in February 2013, by Sun Life Financial of Canada. Option 1 was to have £110,559.68 paid into a pension plan provided by Sun Life of Canada. Option 2 was an offer of £107,562.83 direct to Dr A.
Financial justice relating to a Final Salary Pension Transfer
In 2011, Mrs W was advised to transfer her Cheshire Final Salary Pension fund into a SIPP, to hold two alternative investment products, which have subsequently fallen in value.
Having engaged our services Mrs W’s was offered the maximum compensation available of £50,000 from the FSCS, in August 2015. This amount was paid direct into Mrs W’s NatWest bank account.
Financial justice for being mis-sold a SIPP, to hold Alternative Investments
In 2010 Mr J was advised to transfer his Personal Pension into a SIPP, in order to hold one alternative investment product.
Having engaged our services Mr J was paid £17,000 by the FSCS in April 2015, however, following further intervention with the FSCS, we were able to achieve a further £24,000 in compensation, following the FSCS’s decision to agree with us, on the value of Mr J’s investment. Therefore a total of £41,000 was paid due to poor financial advice and total loss of the alternative investment held within his SIPP. This amount was paid direct into Mr J’s TSB account.
Financial justice relating to a Final Salary Pension being transferred into a SIPP
In 2010 Mr M was advised to transfer his Final Salary pension into a SIPP, in order to hold two alternative property investment products.
Having engaged our services, Mr M was paid £50,000 by the FSCS in May 2015, as settlement of his claim, due to poor financial advice and total loss of one of the investments held within his SIPP. This amount was paid direct into Mr M’s Lloyds bank account.
Claims can sometimes be declined due to ‘time barring’ – if you think you have been mis-sold, please do not hesitate to get in touch, before it is too late.
Please note: the FSCS currently grant up to a maximum of £50,000 compensation for each regulated firm against which the claim is made that went into default before 1st April 2019 and up to a maximum of £85,000 after 1st April 2019.