1 Comment

  1. Stephen
    March 17, 2019 @ 8:27 am

    “Pension Life is now submitting complaints to the Pensions Ombudsman against ceding pension trustees who handed over members’ pension funds to scams and scammers.”

    Great news! I have submitted mine – back end last year. The POS do say that the process could take several months.

    POS also expects you to have gone through the company’s IDRP – internal dispute resolution procedure first. Some trustees have a two stage process and you have to go through both stages. I went through stage 1 with my provider – Mercer – mid last year, didn’t see the point of going through stage two but was forced to by POS or they couldn’t proceed. So I went through the motions of Stage 2 in Dec and now the POS have agreed to review my case.

    “Complaints against negligent trustees will be published … ” – I assume after the complaint has been ruled on by POS? I am happy to give salient points of my case but don’t know “how much”. Too much might not be looked on favourably by the adjudicator.

    Have many been submitted already?

    I imagine victims of London Capital & Finance, reported here: https://bondreview.co.uk/2019/03/13/london-capital-finance-roundup-administrator-forecasts-80-losses-and-did-the-fscs-say-that-lcf-is-covered/ and on BBC’s Inside Out South West https://www.bbc.co.uk/iplayer/episode/m0003bqq/inside-out-south-west-11032019 – it starts about 11 mins into the programme – will be wondering if they too could seek redress for their losses. The problem is no one has yet published details of how the victims came to be invested in LCF and so determine if there is a party that has been negligent in its duty of care or acted unlawfully. Everyone has focused on where the money has gone but not how it got there. BBC Journalists have also made an insinuating link to Johnny Mercer, Tory MP for Plymouth Moor View and Work & Pensions Secretary Amber Rudd, trying for a tenuous headline grab! That’s not good journalism in my opinion.

    No one has yet answered: “How did victims get sold unregulated bonds when it is unlawful to invite or induce retail clients into these financial instruments”? Who was acting as “adviser”? And, “Where did the money come from? Pension Transfers or savings victims had direct access to?” If from Pension Transfers, then the above article might offer victims some hope.

    There are many important details not being investigated/published that may or may not mean victims might get some chance at redress.

    On a lighter note, whilst the author of bondreview.co.uk is a closely guarded secret, I personally believe the person to be a highly educated female senior citizen – like Miss Marple. The blogs leave tiny intriguing clues. In the article I linked to above, “she” uses the term “wireless” instead of radio – who says that these days? 😉

    Happy St. Patrick’s Day 2019!

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