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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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Last year I had got a financial advisor to put a pension

Customer Question

hi, last year I had got a financial advisor to put a pension into a company, of which he did so, its now with L.V. I had paid him eight thousand pounds to set this up, I have have just received my yearly statement, to find that I have been paying him for 4 hundred and eighty pounds every 3 months, this pension is in a draw down pension of which I have not actioned yet, surely he should contact me to inform me of how my pension is doing, is it up to him to let me know and contact me, I feel that he should be contacting me every step of the way, as I have not head from him in over a year, have I got the right and stop this payment to him and search for another financial advisor, and can I get a repayment from him as I have not been advised in over a year, thanks. m. carr.
Submitted: 1 year ago.
Category: Law
Expert:  Ash replied 1 year ago.
Hello my name is ***** ***** I will help you.Were you advised of the charges beforehand please?
Customer: replied 1 year ago.
I cant remember, I do know that there was a charge for setting it up.
Customer: replied 1 year ago.
are you there?
Expert:  Ash replied 1 year ago.
Yes. The Adviser needed to make clear there was a charge for setting it up. If not then it cant be recovered.You need to ask for a copy of the terms and conditions, you can do this under the Data Protection Act 1998.If there was no agreement to charge then you can seek your money back.You need to write and set out your losses and request a refund within 14 days or say you will go to Court within 14 days. You should make sure you send this signed delivery and keep a copy.If they do not refund you then you can issue proceedings in the County Court. You can either do this online at: www.moneyclaim.gov.uk or by completing form N1 http://hmctsformfinder.justice.gov.uk/courtfinder/forms/n001-eng.pdf and take it to your local County Court.The Court will then issue a claim which a copy will be sent to the Defendant who will have a limited time to defend it, if not you can enter Judgment and enforce.If the claim is for £10,000 or less it will be a small claim so you will not need legal representation. Over this value you would need representation for trial.Can I clarify anything for you about this today please?Alex
Customer: replied 1 year ago.
this is not about claiming, this is about should he be in contact, on a regular basis, and keep me informed of how my pension is doing. and what I need to do to start taking a pension. , which begs the question has he even looked into my pension for the past year, and should he be advising me, some where in that year.
Expert:  Ash replied 1 year ago.
Exactly. The advisor will be regulated by the FCA and you can complain to the Regulator: http://www.fca.org.uk/They are independent and can examine your complaint for free regarding this conduct.
Expert:  Ash replied 1 year ago.
Can I clarify anything for you about this at all? Alex
Customer: replied 1 year ago.
yes, does he have to contact me and let me know how my pension is doing throughout the year, as he is taken money out every three months, should he let me know every three months how its doing.
Expert:  Ash replied 1 year ago.
Does he have to - no. Should be really - yes if you are paying a fee.But complain to the FCA they can certainly look at this.
Expert:  Ash replied 1 year ago.
Does that clarify? Alex
Customer: replied 1 year ago.
ok thanks for that, so you say he doesn't have to, but yes he should if I'm paying is that right bye law.
Expert:  Ash replied 1 year ago.
You are paying for it so he should!
Expert:  Ash replied 1 year ago.
If I could ask you you rate my answer before you go today please, otherwise the site doesnt credit me for the time spent with you. Thanks in advance. Alex
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Customer: replied 1 year ago.
ok, thanks
Expert:  Ash replied 1 year ago.
Thank you and good luck