View more on these topics

Watchdog tells IFA to pay 5k into company-only pension

A Newport IFA has hit out at the Financial Ombudsman Service after being told to make a 5,000 compensation payment into a pension scheme that only accepted company contributions.

Shiregem Asset Manage-ment principal David Pan-try says his concerns over the legality of the payment were brushed aside by the ombudsman and he is alarmed that IFAs can be put in a position where fulfilling FOS requirements could lay them open to further censure.

The payment was eventually given to the clients in cash.

The original claim made against Pantry was for selling death-in-service cover to two company directors who, several years later, decided they did not need this cover as they had left their respective spouses, who would have benefited from the policy, and ran off together.

The ombudsman considered that the policy had been missold and also took Pantry to task over a pension transfer that he had carried out at the couple’s request, he says.

Pantry says: “I have been claim-free for over 24 years and this case stinks. It is worrying that people who are put in place to protect consumers do not know the rules and they are loading the industry with costs.”

The FOS says it cannot comment on individual cases.


Protection racket

Lifesearch senior technical adviser Kevin Carr and Friends Provident head of protection marketing Peter Hamilton are hereby banned from consuming alcohol together or getting anywhere near a karaoke machine. This is what happens when the world of pop and protection collide. Sing these words, if you can bear it, to the tune of Robbie Williams’s […]

Axa sees growth in contracting-in numbers

Axa says the number contracting back in to state second pension is rising despite Government figures that show older workers are still ignoring warnings on contracting out.Despite insurers efforts encouraging contracting in, according to the Department of Work and Pensions 2004 figures, 20.3m people remain contracted out. Some IFAs are loath to advise either way […]

Abe and Modi

Investment ideas to power returns

We believe the most exciting stockmarket opportunities today are in those places where a new generation of leaders are successfully transforming economies and companies in favour of investors. In a new investment guide and website, which is suitable for use with your clients, we set out our views on these reformers. Click here to find […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm