Mis-sold Pension

[losingmymind]

This has the potential to turn into a very long post, so I shall keep it as brief as I can.

 

I was mis-sold a pension by HSBC (Midland Bank at the time).

I was a teacher and was advised to opt out of Teachers Pensions early in my teaching career and then later was advised to opt back in.

I lost about a year and half of potential contributions to Teachers Pensions.

I thought HSBC were going to redress the situation.

Two years ago I discovered that they hadn't.

 

Since then I have emailed and written to HSBC with my complaint trying to get the situation redressed myself.

To date the bank has not responded to nor acknowledged any of my complaints.

I have not banked with HSBC since about 2000 so I suppose they think they can get away with it.

 

The last time I wrote, which was last December, I told them they had had more than enough time to look into my complaint and that if I did not hear back from them I would take it to the Financial Ombudsman.

I heard nothing by the date I gave them and the following day (9 January) made my complaint to the Ombudsman.

I have heard from the Ombudsman to say that they have received my complaint but that it is awaiting a case handler.

According to their website this could be as long as a 7 months wait!

 

I was retired from teaching 17 years ago on health grounds and have been in receipt of a pension that should have been more had HSBC bought back the lost contributions.

I am losing out financially every month, which has been pointed out to them in my complaint, but we are no further forward.

 

I don't seem to be able to get their attention over this matter.

Would it harm my case if I were to write again, this time telling them that it has gone to the Ombudsman, but threaten writing to their CEO or going public, going to Martin Lewis, Money Mail etc. just to get their attention?

 

I don't want to jeopardise anything by going public, so need some advice over what to do next as I don't know what I should do.

I'm trying to get this sorted out sooner than having to wait 7 months just for my case to be allocated to a handler.

 

I would welcome any suggestions please.

 

 

[dx100uk]

so you were/are part of the LGPS and are now receiving that pension

and you fell for or were lead to believe the serp's buyout option in the 1990's ? was the best thing to do by midlands?

but latterly got out of that (well done) but it appears midlands didn't redistribute the pension period back to LGPS?

 

dx

 

[losingmymind]

Yes, that's it in a nutshell, although it's Teachers Pensions. Maybe LGPS was before my time?

[ericsbrother]

you take your complaint to the Pensions ombudsman not financail  Start off by contacting the Pensions Advosory Service ( same office as PO) and they will kick things off.

Can you prove that you have been in regulat contact with HSBC over this or you may be times out

Edited February 28, 2020 by ericsbrother

[losingmymind]

Hi ericsbrother, thanks for your reply. I looked into the Pensions Ombudsman last year and their information says that they can't help with the mis-selling of pensions, but I will contact the Pensions Advisory Service to double check.

[ericsbrother]

the ombudsman can force the pension provider to put you in the position you would have been if you hadnt taken their advice.

that is not the same as looking at missold pensions in a general sense, you have to have somthing concrete and i think you do.

 

Your problem is the time that has passed hence asking what correspondece you have and how often do you raise things with the bank.

[losingmymind]

I see what you mean.

 

Although the mis-selling actually happened in the 90s,

long story short,

I thought it had been dealt with back then,

but then found out two years ago that there was a pension still in existence,

although by then it had been transferred or sold to ReAssure to manage.

 

 given that I have only been aware of this for under two years I do think I fall into the 3 years time limit.

I have been communicating with HSBC (not that they've reciprocated - they have ignored every communication sent) about the issue since last summer and have evidence of the correspondence sent (2 emails and 1 letter sent through the post which was signed for).

[ericsbrother]

last letter then stating that if they fail to look at your complaint then you are entitled to seek a resolution form the ombudsman.

You have to follow the correct procedures so start off by asking for a copy of the scheme rules and disputes procedure. that itself may give you reason to go to the ombudsman. You then follow thiose rules and if they dotn act correctly you can go to the ombudman

 

See where we are going with this?

[losingmymind]

I do see where you are going with this, but when I originally decided I was going to make a complaint I followed HSBC's outline for making a complaint and they're not responding to me, hence me taking it to the financial ombudsman (case not been allocated yet, so I'm going to speak with the Pensions Advisory Service tomorrow and decide whether I need to withdraw that complaint and pursue through the Pensions Ombudsman instead) Are you saying that there should be a proper complaints procedure for this sort of complaint and that I may need to start the process all over again?

[ericsbrother]

YES

 

you will need to know what the rules of the scheme are and then follow the complaint procedure or the ombudsman can nevr look at it. It they refuse to play ball you can make a complaint about that and they will be hit with a different stick but emailing them once every 17 years isnt the procedural route

[losingmymind]

I have been on the phone to the Pensions Advisory Service and the Pensions Ombudsman today (they're not in the same office any more) and have been told my case is one for the Financial Ombudsman because it is based on the financial advice I was given all those years ago. Looks like I'm just going to have to wait for my turn for my case to be looked into.