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I submitted a claim for bad advice from an IFA received in 1990 for transferring a Deferred Pension into a with profits fund. The Deferred pension guaranteed appx £4500pa form June 2022. The With Profits value today of £22,000 will buy a similar annuity providing just over £500pa.
I wrote to the FOS and they ruled that the IFA sent me letters in 1996 and 1999 offering a review in accordance with the regulator. I knew nothing about such reviews and the FOS obtained copy letters for me. The first letter was sent appx one month before I moved home but I did not see that letter. However, a follow-up was sent to my old address 2 months after I had moved and was not redirected. I did let my pension fund know that I had moved in the week that I moved in May 1996. Then, in 1999, they sent another two letters to my old address as the regulators wanted all NON-Responder's to the 1996 letters to be given another chance. So in summary, I received copies of the 4 letters 22 years later (this year). The FOS ruled that 'On Balance, I was aware of the issue as the first letter was sent to the correct address!!! This is ridiculous as 'On Balance.....75% of the letters were sent to the wrong address.!' (The fact that I did not see the first letter is irrelevant now as the 1999 letters were sent to all non-responders anyway BUT not me. The IFA did not follow guidance to validate addresses and could have checked with my pension provider who was STILL paying commission to the IFA. Quite a shambles and I have been wring 'to and fro' for 30 months now.
Regardless of the FOS referring to time bars in relation to claiming bad advice, can I take the IFA to court for negligence as I have only been recently made aware of the letters. It is well within 3 years of becoming aware of their existence. Over 20 years of retirement it represents a loss in excess of £100,000.
I wrote to the FOS and they ruled that the IFA sent me letters in 1996 and 1999 offering a review in accordance with the regulator. I knew nothing about such reviews and the FOS obtained copy letters for me. The first letter was sent appx one month before I moved home but I did not see that letter. However, a follow-up was sent to my old address 2 months after I had moved and was not redirected. I did let my pension fund know that I had moved in the week that I moved in May 1996. Then, in 1999, they sent another two letters to my old address as the regulators wanted all NON-Responder's to the 1996 letters to be given another chance. So in summary, I received copies of the 4 letters 22 years later (this year). The FOS ruled that 'On Balance, I was aware of the issue as the first letter was sent to the correct address!!! This is ridiculous as 'On Balance.....75% of the letters were sent to the wrong address.!' (The fact that I did not see the first letter is irrelevant now as the 1999 letters were sent to all non-responders anyway BUT not me. The IFA did not follow guidance to validate addresses and could have checked with my pension provider who was STILL paying commission to the IFA. Quite a shambles and I have been wring 'to and fro' for 30 months now.
Regardless of the FOS referring to time bars in relation to claiming bad advice, can I take the IFA to court for negligence as I have only been recently made aware of the letters. It is well within 3 years of becoming aware of their existence. Over 20 years of retirement it represents a loss in excess of £100,000.
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