What a pensions shambles!

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What a pensions shambles!

Postby MarkN » 10 Jun 2015 12:31

Beware of those that tell you you can get your hands on all of your pension money... the experiences of many in the UK have been covered in the following article in the UK Daily Mail. If you have a QROPs or are thinking of moving to a QROPs bear in mind that the jurisdiction to which you move will also need to amend it's legislation and we have been told by some that this will not be until the end of the year at the earliest. There is a scandal brewing:

What a pensions shambles! Revolution in crisis as savers are barred from taking out cash and charged £1,000 just for advice... and scandal could be worse than PPI

George Osborne’s pensions revolution in crisis as string of failings emerge
Firms refusing withdrawals for fear of being sued for negligence in future
Savers being forced to pay up to £1,000 for advice and others turned away
Delays of up to 90 days in paying out and sky-high charges for withdrawals
Do you have a pension horror story after the changes in April? Email [email protected]

George Osborne’s pensions revolution was in crisis last night with thousands of savers unable to spend their nest eggs as they want.

Just 65 days into the new regime, financial giants are under siege from furious customers.

The Chancellor had promised savers easy access to their cash. But today a Money Mail investigation can reveal a string of disastrous failings.
George Osborne’s pensions revolution is in crisis with financial giants under siege from furious customers after it emerged that savers are being forced to pay for advice, being turned away and facing pay-out delays

They include:

Firms refusing withdrawals for fear of being sued for negligence in years to come;
Savers being forced to pay up to £1,000 for financial advice if they want their money;
Customers turned away because they have only small pensions;
Delays of up to 90 days in paying out cash;
Sky-high charges for withdrawals or for switching to rival firms;
Insurers knocking thousands off the value of pensions customers want to access



See the full article here: http://www.dailymail.co.uk/news/article-3117474/What-pensions-shambles-Revolution-crisis-savers-barred-taking-cash-charged-1-000-just-advice-scandal-worse-PPI.html

Caveat Emptor!!

All The Best,
Mark Nowell DipPFS
3D Global Financial Services
Toumazis Linopetra Centre
St Athanasios Street 61
P.O. Box 53720
Limassol 3317
Cyprus
Tel: +357 25828292
Fax: +357 25873460
email: [email protected]
web: http://www.3dglobal.com
MarkN
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Posts: 156
Joined: 15 Mar 2007 09:07
Location: Limassol, Cyprus

What a pensions shambles!

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Re: What a pensions shambles!

Postby dorsetfam » 06 Jul 2015 21:06

There's some dodgy radio adverts going on at this end of the island Mark regarding 'cashing in your pensions'
Mind you a quick trawl of recent financial threads here should make people keep well clear of the firm / individuals involved.
Make the most of your life.
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Posts: 115
Joined: 11 Nov 2010 16:47
Location: Coral Bay

Re: What a pensions shambles!

Postby Royal » 06 Jul 2015 21:25

"You don't get owt for nowt" - or as you Southerners say "no such thing as a free lunch".
Royal
 
Posts: 85
Joined: 29 Jun 2015 06:51

Re: What a pensions shambles!

Postby MarkN » 07 Jul 2015 15:08

You are both right... I personally think this has the chance to be as much of a mis-selling problem as Payment Protection Insurance has proved to be for the banks. Watch this space...
Mark Nowell DipPFS
3D Global Financial Services
Toumazis Linopetra Centre
St Athanasios Street 61
P.O. Box 53720
Limassol 3317
Cyprus
Tel: +357 25828292
Fax: +357 25873460
email: [email protected]
web: http://www.3dglobal.com
MarkN
Own Section Moderator
 
Posts: 156
Joined: 15 Mar 2007 09:07
Location: Limassol, Cyprus

Re: What a pensions shambles!

Postby dorsetfam » 11 Jul 2015 10:06

Mark, how would the UK regulators take action against the firms in Cyprus for mis-selling?
Make the most of your life.
dorsetfam
 
Posts: 115
Joined: 11 Nov 2010 16:47
Location: Coral Bay

Re: What a pensions shambles!

Postby MarkN » 13 Jul 2015 13:11

dorsetfam wrote:Mark, how would the UK regulators take action against the firms in Cyprus for mis-selling?


It is unlikely that the UK regulators would get involved, unless the firms operating here are regulated in the UK.

complaints from people based outside the UK

" I’m a UK citizen currently living in Europe. Would I still be covered by the Financial Ombudsman Service if I had a complaint – or would I need to go to a European equivalent?"

Whether you could bring the complaint to us would depend on where the business that provided the financial service was based – not on your particular nationality or on where you were living at the time.

Broadly, we cover businesses that provide retail financial products and services in or from the UK. For complaints against businesses based outside the UK, you may be able to get help from an equivalent complaints-handling body.

Look on the website of the European consumer financial complaints network ("FIN-NET") to see if there is an ombudsman scheme (or some other complaints-handling body) dealing with complaints against banking, insurance and/or investment businesses based in the relevant European country.


FIN-NET can be found at http://ec.europa.eu/finance/fin-net/index_en.htm

All the best,
Mark Nowell DipPFS
3D Global Financial Services
Toumazis Linopetra Centre
St Athanasios Street 61
P.O. Box 53720
Limassol 3317
Cyprus
Tel: +357 25828292
Fax: +357 25873460
email: [email protected]
web: http://www.3dglobal.com
MarkN
Own Section Moderator
 
Posts: 156
Joined: 15 Mar 2007 09:07
Location: Limassol, Cyprus





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