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Frequently Asked Questions
General
Can I make a complaint myself? Yes, all the complaints we deal with can be made directly to the provider. You can also complain directly to the Financial Ombudsman Service (FOS) for free. However, with 14 years of experience, our experts will take some of the stress and deliberation out of the process.
How long will my complaint take? Once we have submitted the complaint it will take the provider up to 8 weeks to investigate your claim and reach a decision. This may be longer if we believe that the wrong decision has been issued and we refer your case to the Financial Ombudsman Service (FOS).
What should I do if my provider contacts me directly? If you receive any letters we ask that you inform us as soon as possible so we can review it and progress your case. If you receive a phone call from your bank or provider, we would encourage you to refer them to us to handle their query.
What happens if my claim is unsuccessful? We operate on a No Win No Fee basis, if your claim is unsuccessful there is no fee to pay. If we achieve compensation for you the claim is then subject to a fee.
Investments
Am I able to claim if I made money from the investment? Yes, the investment recommended may not have matched your attitude to risk and therefore may not have been best suited to you.
What if my investment is ongoing? That is not a problem, we look into both ongoing investments and investments that have been surrendered/matured.
I withdrew my investment 5 years ago, is there a time limit to when I am able to complain? There are time limits, although this will vary depending upon your specific situation.
Some of my portfolio lost money, am I able to claim this back? We judge every case on its own merits, to understand whether you are able to claim this back you would need to talk to one of our expert advisors.
My investment lost money, what do I do next? We can help review the advice you were given to make sure the advice was suitable, if it wasn’t we can start a complaint on your behalf.
I've had my investment looked into before for mis-selling, can I have it looked into again? No unfortunately not, once a case has been investigated we cannot look into this again.
I've attempted to investigate my investment complaint myself and have been given FOS rights, can you take this case on? Yes, if it’s within 6 months of the final decision date given by your provider.
Endowments
My endowment has matured or has been surrendered, can I still complain? Yes, depending on when your policy was sold and whether the company who sold it to you still holds records on your policy. If you still have paperwork, this would be beneficial for your complaint.
Can I still claim if I have already sold my Endowment onto another party? Yes, but we would need to know the value you received from the other party.
What is Time Barring and am I affected? Time barring usually follows warning letters issued by insurance companies informing the consumer there is a risk their Endowment policy may not meet the mortgage target and be subject to a shortfall at maturity. If you have been issued with a warning letter you may have a restriction on how long you can wait to claim, however under some circumstances it is still possible to complain after this time limit.
What if I am still paying but I am retired? Continuing payments into retirement could affect your ability to maintain both the premiums and mortgage payments. This means the mortgage may have been mis sold as it has the potential to cause you financial hardship.
What about Savings endowments? If you were sold a savings endowment but were unaware it invested in stocks and shares, you may have taken on a higher risk than you were willing to accept. If this is the case, there may be a basis for a complaint.
What about Whole of Life cover? Was the life cover policy you were sold was unexpectedly subject to premium increases or a reduction in cover? If so this could mean the policy was unsuitable for your requirements, and you may be entitled to compensation.
Pensions
My adviser has ceased trading and I think they have gone bust, can I still complain? Yes, we may be able to obtain redress from the Financial Services Compensation Scheme on your behalf if you have the adviser’s details.
Will I have to pay tax? Most awards are paid net of tax or in some circumstances free from any tax liability. We will advise you of the tax position of any claim so there will be no surprises.
What happens to any money if my claim resulted in redress being paid? The redress payment will either be made in the form of a top up to your pension or a cash settlement may be payable to you. This depends on the provider and your circumstances at the time.
Pension Transfers
I have transferred my pension over 30 years ago, can I still complain? Yes, you can. The firm responsible may attempt to “timebar” the complaint but our specialist team may be able to challenge and over-turn this.
My adviser said transferring my pension was the best thing to do to make it grow and if I left it where it was it would lose money? The advice you got may have been suitable, but there may have been hidden costs, penalties or invaluable guarantees that were lost as a result of the transfer. Our specialist team will check and report to you their findings.
My pension is doing well. Why should I complain? Since the government introduced pension freedom rules in 2015, millions have been lost to scams and fraudulent pension transfer activity. Our specialist team will check that your pension transfer provided value for money, no invaluable guarantees were lost and that it is adequately protected and secure.
I had several small pensions with different providers. I was told they needed consolidating into one single pension to make life easier for me? This is a popular reason used for transferring pension pots, but it is not always best to hold all your eggs in a single basket.
SIPP (Self Invested Personal Pension)
My adviser said my SIPP was the best way forward for me SIPP’s became very fashionable after the financial crash in 2008 and since pension freedom laws were introduced in 2015. The SIPP itself isn’t normally the problem, it’s the assets the SIPP holds and how much in fees and charges are being incurred that matter. Our specialist SIPP team will check the reasonableness of the charges and that your funds are secure, helping you to obtain full consumer protection in the event of the markets collapsing or your funds disappearing altogether.
My adviser has gone bust but my SIPP provider is still trading. Is there anything I can do? SIPP providers have come under increasing scrutiny and have a duty of care under due diligence to review the suitability of the investments held within their SIPP wrapper. This is relevant where a high risk, esoteric, non-mainstream, illiquid investments (e.g. carbon credits, off plan overseas hotel developments, Storage pods, green oil etc.) has been placed in the SIPP. A complaint can be made against the SIPP provider.
FSAVC (Free Standing Additional Voluntary Contribution)
I took out an FSAVC pension with an insurance company, a colleague at work said this was a bad idea. Since 1989 employers must offer their employees an “in house” AVC facility and because it is employer related they cover all of the costs and charges for running it. Some employers offered subsidised schemes such as added years. If you were sold an FSAVC as a means to top up your works pension scheme it is likely that you have been financially disadvantaged. Our specialists can check this for you.
Annuities
I retired early due to ill health. I wasn’t told that I may be entitled to a larger income from my pension. Retirees or their spouses who smoked, took regular medication e.g. blood pressure or cholesterol, diabetic’s, those who were overweight and even those who reside in certain high-risk post code regions may qualify for what’s called an enhanced annuity. If you simply took the annuity offered by your pension provider, you may have been financially disadvantaged by doing so.