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I would appreciate if anybody could give me some advice on excess charges from Royal Skandia, a financial services provider.
To put a long story as short as possible: I started contributing 500$ per month into a managed pension account, but I had to lower my monthly contributions to 150$ after a year or so. Years later I found out that Royal Skandia has been deducting approx. 200$ every month as a servicing charge, because I had lowered my contribution level. I was never informed that this charge is being applied, and it is not visible in the annual statements either, as the performance of the account depends on a lot of factors.
Is there anything I can do to claim these charges back? I contacted the Financial Ombudsman Service, but they say that I should have informed myself back then, as the policy documents do contain a paragraph about such a charge, although the height of the charge is not stated anywhere.
So far, I have paid approx. 18,000$ of charges over all these years...
Any advice would be appreciated, thanks in advance!
I sympathise with your problem but I'm not sure how we can help as Royal Skandia seems to be based in the Isle of Man and therefore not subject to British law. Its parent company (Old Mutual) is based in the UK, but I'm not sure that helps.
You need to find out what IoM law has to say about the issue.
Steven
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Royal Skandia Contribution Servicing Charges
level. I was never informed that this charge is being applied, and it is not visible in the annual statements either, as the performance of the account depends on a lot of factors.
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