THE SITUATION
Michael McBride from South Wales served in the Armed Forces for 15 years. He acted on what has now been proven to be unsuitable advice from Knavesmire Financial Insurance Services (now Sesame Limited) and transferred his Armed Forces Pension (AFPS) valued at £17,320.55, to Friends Provident in September 1997.
OUR APPROACH
Prior to engaging with Money and Me Solicitors, Mr McBride had approached two separate Claims Management Companies (CMC). He realized that dealing with pension claims was complex, so he did not want to pursue it on his own. The first company dismissed his case due to insufficient evidence, and the second CMC folded during the Covid period.
When Mr McBride finally appointed Money and Me Solicitors, we conducted a thorough investigation, and found Knavesmire Financial Insurance Services liable for the advice which prompted us to file a complaint. The outcome was positive and on 2nd November 2023, Sesame Limited upheld the case. After completing the loss calculations, it was established that had Mr McBride remained in the AFPS, the equivalent ‘hypothetical value’ of his AFPS would have been worth £120,866.72. His existing pension fund with Sesame had grown over the years to £56,180.09 meaning Mr McBride had suffered an actual loss of £56,180.95.
THE OUTCOME
We were delighted to inform Mr McBride that he had been awarded £51,748.62 by Sesame after they deducted 20% tax.
He was incredibly happy with our service and the compensation we secured for him.
Mr McBride stated “I would have given up if I was pursuing it myself which would have been a shame since I didn’t realise how much money I had lost” – Mr McBride
