THE SITUATION
Craig Muers served in the Armed Forces as an adult from 1989 to 1992, following four years’ service as a junior. In November 1992, a representative from Hill Samuel Financial Services (HSFS) unexpectedly visited him and recommended transferring his Armed Forces Pension Scheme (AFPS) claiming it would not perform if it remained where it was. Mr Muers acted on HSFS’s advice and transferred his AFPS to a Personal Pension Plan with Scottish Equitable, which is now managed by Phoenix Life. The Service Personnel & Veterans Agency confirmed that the amount transferred was £2,230.74.
Mr Muers was unaware that he was eligible for compensation or that he may have suffered a financial loss until he came across one of Money and Me Solicitors (MMS) Facebook ads, which prompted him to reach out to us.
OUR APPROACH
Following a thorough investigation, including MMS having to trace information from over three decades ago, we determined that Hill Samuel Financial Services was responsible for unsuitable advice given to Mr Muers regarding the transfer of his AFPS. This, in turn, led us to lodge a formal complaint to Phoenix Life.
THE OUTCOME
The outcome was positive, as on 29th April 2024, Phoenix Life upheld the case. On 6 September 2024, only thirteen months after beginning the claim, we were delighted to inform Mr Muers that we had achieved a successful outcome for him, as Phoenix Life had
agreed to award him £17,588.63, by way of compensation for the loss he had suffered.
It should be noted that the claim had no impact on his personal pension arrangements with Phoenix Life.
Mr Muers stated, “I wouldn’t have been able to pursue a claim on my own, and had I not seen the ad on Facebook, I would never have known that I had lost money.” He further added, “Money and Me Solicitors simplified the claim process, lovely people to deal with and
provided a great service. I would give them a 100% recommendation.”
