True Potential Wealth Management (TPWM) has made the headlines following publicised decisions by the Financial Ombudsman Service (FOS) where the FCA-regulated firm has been found to have provided unsuitable advice to its clients about their pensions and investments. FOS investigates disputes between financial institutions and their clients.
Several of the FOS decisions in question relate to what TPWM calls ‘non-advised sales’, but which its clients have taken as ‘advice’. In these cases, the client often has a pre-existing relationship with the adviser and has moved their money from their existing fund to a True Potential fund following a ‘Direct Marketing Offer’ (DMO), suffering losses and poor-performing investments as a result. A pattern has emerged of these DMOs often being sent after the adviser moves from another wealth management or Independent Financial Adviser (IFA) firm to join True Potential.
In these cases, TPWM argues that the transfers were ‘non-advised’, namely they did not constitute financial advice. In turn, TPWM has argued that it is not responsible for the new funds’ poor performance; however, FOS investigators have concluded that the actions of the advisers following the DMO, did in fact, amount to regulated advice and TPWM was responsible.
These actions included:
While the DMO itself is not considered by FOS to be ‘advice’ if it is given without any communication from the adviser, the actions taken by the adviser following the DMO are.
TLW Solicitors’ financial mis-selling team has significant experience in successfully dealing with mis-sold pension transfer claims on behalf of clients who have lost out.
If you are, or were, a TPWM client and transferred your pension because of your adviser’s recommendation, you may be entitled to compensation. Get in touch with the team for a no-obligation discussion about a possible ‘no-win, no-fee’ refund claim.
or call us on 0800 169 5925
Following the introduction of pensions freedoms in 2015, pension holders were able to freely access the funds in their Defined Benefit Pension Schemes (DBPS), Company Pensions and Final Salary Pension Schemes.
With these valuable schemes, the employee was generally guaranteed a pension that was either an average of their earnings during their career, or a predetermined percentage of their wage during the years before retirement. The ratio would usually be based on the length of employment with the employer and often included significant death benefits.
For many people who worked in public sector roles, such as in Local Authorities, Teaching, the NHS, Armed Forces or the Civil Service, or large corporates or publicly owned businesses such as British Steel, British Coal, British Telecom or Jaguar Land Rover, these new pension access freedoms led to them being persuaded to move their retirement savings into a Self-Invested Personal Pension (SIPP). Whilst SIPPs appeared an attractive alternative, ultimately, they could come with the risk of high management fees, low returns, and unstable investments which may become insolvent.
The default position from industry regulator, the Financial Conduct Authority (FCA), is that transfer from a DB scheme is generally, in most circumstances, unsuitable.
If you were given poor financial advice by True Potential Wealth Management and have been left with less than you were expecting in your retirement, TLW Solicitors can help you make a claim.
Our specialist team of financial mis-selling lawyers can get an up-to-date valuation of the pension that you would have had, which often shows just how much money has been lost.
Speak to us today to find out if you have a claim.
Working on a ‘no win – no fee’ basis, TLW Solicitors’ experienced financial mis-selling lawyers can help you through the compensation claims process, whether this is settled in the early stages directly with True Potential Wealth Management or through the Financial Ombudsman Service (FOS).
TLW Solicitors’ financial mis-selling team has extensive experience of dealing with financial mis-selling claims, sometimes even if an initial claim has been knocked back previously. We will ensure that the correct claims information is submitted, your case is swiftly progressed and that you receive the refund or compensation that you are rightfully owed.
If you or a loved one are a current or former client True Potential Wealth Management and believe that you have received unsuitable advice relating to your pension pot, you may be entitled to compensation.
Get in touch with TLW Solicitors for a no-obligation conversation about your possible True Potential Wealth Management refund claim. You can call us on 0800 169 5925, email info@tlwsolicitors.co.uk or complete one of the forms below.
Time limits can apply, so anyone wishing to bring a claim should do so without delay.
Meet Sarah, who heads up our experienced Professional Negligence Claims team.
Sarah and her colleagues are on hand to help with your claim.
