Wellington court financial services ltd not paying out on FOS final decision RE: +£58k Pension- help enforcing & using form N322A - court claim issued

[honeybee13]

Hi.

 

I'm not clear what the screenshots and figures you've posted up represent - is that all the information you've been sent?

 

Someone I know deals with certain types of pension scheme and I managed to have a quick word. Normally the basis of the calculations should be included with the offer of compensation - is there more paperwork than you've shown us?

 

A couple of questions to start.

 

1. Were you taken out of a defined benefit [DB] scheme that guaranteed you a pension of a certain amount at pension age?

 

2. You've quoted various figures in post #5. How much was tranferred into the SIPP when it was set up?

 

3. Were you offered the possibility of being transferred back into the DB scheme if that's what you were in?

 

4. For what reason is it considered that you were missold the SIPP?

 

HB

 

 

[honeybee13]

Are these the people, Simmonds? They seem to operate in Ireland and Devon, although I saw an address in Melton Mowbray as well.

 

IFA involved in local government pension transfers loses permissions | Money Marketing

WWW.MONEYMARKETING.CO.UK

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The FCA has stopped a firm involved in transfers out of a local government pension scheme from engaging in such activity. 

 

HB

[honeybee13]

I think an important thing, as dx pointed out, is that Wellington Court do what the FoS says. One point told them to provide a simple-to-understand explanation of their calculation, which would help everyone here.

 

HB

[honeybee13]

Have you asked the FoS about what to do when you don't get replies and you haven't had the money?

 

HB

[honeybee13]

This is from the Law Gazette about enforcing FOS awards. It's from 2014 but hopefully not much has changed apart from the amounts.

 

The article mentions the FCA who from what I've read regulate Wellington in the UK.

 

Enforcing financial ombudsman decisions | Feature | Law Gazette

WWW.LAWGAZETTE.CO.UK

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Why are attempts to enforce Financial Ombudsman Service decisions in the legal system so onerous?

 

HB

[honeybee13]

That's amazing.

 

They tried telling the ombudsman that they didn't advise but the ombudsman didn't agree, did they?

 

HB

[honeybee13]

Are you planning to speak to the FoS on Monday? Depending on how it goes, it might be worth asking if you can get the FCA involved as well. As a bit of a long shot, you also have the Irish financial regulator.

 

Also, who are you in touch with at Wellington and have you had dealings with their compliance people at all?

 

This may have limited relevance but when I was searching on the internet, I came across this article from the trade press. They were told to stop advising on pension transfers.

 

IFA involved in local government pension transfers loses permissions | Money Marketing

WWW.MONEYMARKETING.CO.UK

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The FCA has stopped a firm involved in transfers out of a local government pension scheme from engaging in such activity. 

 

There's even a high court case against them by Pension Advice Specialists Ltd, accusing them of plagiarising a report they'd written. Sadly, I'm not eligible to join the site below and I haven't found anything about the case outcome so far.

 

Pension Adviser Sues Rival Over Alleged IP Infringement - Law360

WWW.LAW360.COM

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A British pensions adviser has sued a financial services company in London to stop it from using a report to make retirement recommendations...

 

They seem to have a lot of problems and I notice that the ombudsman says they're aware of other complaints about Wellington Court, so there may be other awards against them.

 

HB

[honeybee13]

200 people? That's a vast number. Have you formed a group?

 

I guess it's wirth contacting Ireland, the regulator seems to be the Central Bank of Ireland.

 

Regulation | Central Bank of Ireland

WWW.CENTRALBANK.IE

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This is the landing page for the regulation section of the Central Bank of Ireland's website.

HB

 

[honeybee13]

Simmonds, can I ask how you came to be in touch with Wellington Court please? I'm just wondering how they found you.

 

HB

[honeybee13]

Thank you.

 

HB

[honeybee13]

Hi. Noted about their email. Was it signed by anyone please?

 

How did it go with speaking to the ombudsman and/or the FoS on Monday, Simmonds?

 

 

[honeybee13]

Good idea. Did you have any luck with the FCA?

 

HB

[honeybee13]

Right, well done.

 

Did you speak to the FCA at all? I got the impression from something I read the other day that they could follow up on a company that wasn't honouring an award by the ombudsman.

 

HB

[honeybee13]

It is a bit, but I assume if they're able to tell Wellington what to do, they will have done it.

[honeybee13]

Simmonds, can you tell us what you said to Wellington Court in your emails of 21st and 22nd November please?

 

HB

[honeybee13]

That's disappointing but at least they have also reported it to the FCA.

 

Have you already spoken to a lawyer about this?

 

HB

[honeybee13]

Hello Jcb2007, welcome to CAG. I'm sorry to learn that you're caught up in this.

 

It would be great if you would start a new thread of your own and tell us what's happened please.

 

Best, HB

[honeybee13]

Hi.

 

Is this about Wellington Court FS please? I think we're going to need more information in order to advise.

 

HB

 

 

[honeybee13]

It's fine to upload a screenshot if you take out anything that could identify you. pdf is best.

 

HB

[honeybee13]

Thank you for the links, Jcb. I've read one of the cases so far and it's depressingly familiar. Wellington seem to be using obstruction as their main weapon.

 

Is there any news of progress with the FSCS please?

 

HB

[honeybee13]

Apologies, I'm not clear if you want advice with this or are just sharing the documents with us. Their reasons don't seem to accord with what the ombudsman said.

[honeybee13]

Hi.

 

I'll flag your post for our legal guys, they'll know what to do.

 

HB

[honeybee13]

@Andyorch and other legal people are usually around later in the evening so please bear with us.

 

HB

[honeybee13]

I think that's a good idea to get actuarial advice. I read the method the FOS wanted Wellington to use and thought it looked pretty complicated.

 

HB

[honeybee13]

Hi Simmonds. I expect the legal guys will be around later to advise.

 

JR is expensive, I wonder if they mean that or if it's just an idle threat.

 

Please don't do this unless @Andyorch thinks it's a good idea but I noticed in the ramblings for the set aside that they're saying the FCA agree that Wellington were framed by GM. The FOS didn't seem to think so. But there's an article online talking about the FCA telling Wellington to stop advising on some or all pension transfers.

 

IFA involved in local government pension transfers loses permissions | Money Marketing

WWW.MONEYMARKETING.CO.UK

---

The FCA has stopped a firm involved in transfers out of a local government pension scheme from engaging in such activity. 

 

HB