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

[Simmonds7]

I won my claim through FOS which went to Ombudsman for final decision. 

 

They were given 28 days to pay which runs out this Friday 19th November 2021.  I am getting ready to file N322A form to courts so I can enforce the order.

 

  It has already been 2 years to get this far and I'm sick of being messed about so am going for it.  I will drop dead with shock if they actually pay on Friday.

 

  The question I have is how do I work out how much they owe me?  This is for a FA Company transferring a pension into a sipp.

 

  I put in a claim originally for £130,000 when I started the claim with fOS, using what the pension would of been worth if left where it was, interest and compensation.

 

  I have no idea how to work out what the amount is that the FOS have awarded using their formula.

 

  Help please.

Edited November 17, 2021 by dx100uk
added A few blank lines only..dx

[dx100uk]

This thread appears useful

 

https://www.consumeractiongroup.co.uk/topic/413601-enforcing-an-foss-final-decision-at-county-court-using-form-n332aresolved/

[Simmonds7]

I have read this and it was very helpful but I still don't know whether to use current value or retirement value.  Have attached calculations pictures.  Thank you for your reply.

 

2015-04-15 calculations Screenshots.pdf

[dx100uk]

it can only be today value surely? 

 

i would assume you are talking about the statutory flat rate 8% interest ?

 

use the statint sheet it does it for you.

it was designed for PPI but same interest from fos

 

 

[Simmonds7]

Thank you.

 

I am trying to work out what the Amount awarded is.

 

invested was £52,800.  Pension was valued at £92,000 by previous pension before moving into sipp. 

 

Fos award states...

The Orbis SIPP.........for half the
investment: FTSE UK Private Investors Income
Total Return Index; for the other half: average rate from fixed rate bonds.

From date of investment to date of my final decision

8% simple per year on any loss from the end date to the date of settlement

 

I work it out as follows...

£77,908.84 owed (used https://www.pensionclaims.co/pension-redress-calculators)
£44 Court fee
£1,478.95 sipp fees for 5 years (295.79 pa)
£300 compensation
£28075.13 interest from 2015 to today (on original £52,800)
Total = £107,806.92
£8,624.55 8% fee for late payment
Owes total £116,431.47

 

Would this be correct?  I don't want to put the wrong amount owed on Court form and give them am excuse to challenge the CCJ or get myself into trouble.

 

Thank you for all the help

[dx100uk]

i know we have a few pension experts here i hope they will pop in.

 

could you not give the fos a quick ring ?

[Simmonds7]

I will give them a ring today.  I did ask before and they weren't very helpful.

 

Can anyone help me otherwise I'm going to guess and hope it is not to high.

[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

 

 

[Simmonds7]

Thank you for replying.  I have attached the FOS final decision letter.

 

Original amount invested was £52,800.  We have had no communication at all from FA company that mis sold it.

 

Representative.Decision .pdf

[Simmonds7]

The award states...

That for half the
investment: FTSE UK Private Investors Income Total Return Index;

for the other half: average rate from fixed rate bonds.

 

From date of investment to date of my final decision

 

Amount originally invested was £52,800

 

8% simple per year on any loss from the end date to the date of settlement

 

Had no communication from company that I have won against.

Edited November 19, 2021 by dx100uk
unnecessary previous post quote removed

[dx100uk]

i have sorted your pdf its back up

i'll read later too see if i can help with correct calc 

though i suspect it will be the statint sheet you need as already pointed too

 

[Simmonds7]

Thank you dx100uk

 

Exact amount invested was £52,809.19 on the 14/04/2015

[dx100uk]

An extremely quick read shows redress due regarding annual sipp fees too?

 

i can see this is complex and i think needs the fa to do something that the fos required them to do before a final figure can be realised??

 

Dx

[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

---

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

 

HB

[Simmonds7]

Yes honeybee that's them

Edited November 19, 2021 by dx100uk
unnecessary previous post quote removed

[dx100uk]

just type no need to keep hitting quote

[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

[Simmonds7]

I agree but Wellington court financial services ltd are not replying to my emails and have made no contact.  Unsure how to get them to pay

[honeybee13]

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

 

HB

[Simmonds7]

I've told them that they haven't replied to me and have made no contact.  I have had no reply.  They really are useless.  I contacted my MP today who have chased the FOS for me too.  

[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

---

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

 

HB

[Simmonds7]

I have finally had an email from Wellington court financial services ltd. 

 

Here it is, I'm am lost for words on their stupidity....

 

"Please kindly ask yourself the following basic principles of any enquiry/redress which should be based on the facts; “ what, why, when, how, where and who”, The Six Honest Men.

We repeat you have not been a client of Wellington Court Financial Services Ltd.

 

You have not received advice from Wellington Court Financial Services Ltd. There is no evidence that you have been a client of Wellington Court Financial Services Ltd for example; basic due diligence documentation, copy of ID or passport, copy of your utility bill, Know-Your-Client, Terms of Business, Suitability Reports, etc. Have you provided and obtained those documents from Mr John Picket of JCP Direct or any other third party?

Any redress should be forwarded to:
• Guinness Mahon Trust Corporation/Orbis SIPP, Hartley Pensions Ltd who acquired the pension assets of Guinness Mahon Trust Corporation and the trustee Hartley Pensions Trustees Ltd,
• and/or the person who advised you and/or you were speaking and instructing directly,
• and/or your unnamed accountant,
• and/or Mr John Picket of JCP Direct as confirmed by you who you were dealing with.

Please cease and desist from making an unwarranted claim and threats. Wellington Court Financial Services Ltd reserve the right to protect its interests and good name with the utmost vigour of the law.

Yours sincerely,
Wellington Court Financial Services Ltd"

 

 

[honeybee13]

That's amazing.

 

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

 

HB

[Simmonds7]

Thats correct. The ombudsman stated that they clearly know us and that they did give advise.  They were paid by Guinness Mahon as FA fees.

 

Not sure what to reply.  I obviously will attached the FOS final decision again to make sure.

[dx100uk]

Made that up down the pub no doubt with their mates

 

Quite honestly i would be sending that to the fos.

 

dx