This is the case study of Ms R., in which both Money and Me Claims and Money and Me Solicitors have acted for her in pursuing the losses she has suffered as a result of the unsuitable financial advice she received.
THE SITUATION
In January 2015, Ms R. acted on what has now been proven to be unsuitable advice and transferred her Armed Forces Pension Scheme (AFPS) into a Personal Pension arrangement with Scottish Life (a division of Royal London). The Service Personnel & Veterans Agency confirmed that the amount transferred was £73,581.90. By December 2022 her Personal Pension Fund had grown to a value of £101,148.78. As the funds had increased in value, Ms R. saw no reason to doubt the advice she had been given when she transferred her AFPS, until she saw a Facebook advertisement and decided to appoint Money and Me Claims (MMC) to carry out an investigation.
OUR APPROACH
After conducting an in-depth investigation, MMC established that had Ms R. remained in the AFPS, the equivalent ‘hypothetical value’ of that pension would have been £253,438.46. After including charges related to her personal pension, it was calculated that she had suffered an actual loss of £177,879.19 by transferring her pension.
THE OUTCOME
During the investigation, Ms R.’s case was taken over by Money and Me Solicitors (MMS) and on 29th November 2022, we were delighted to inform Ms R. that we had achieved a successful outcome for her. The Financial Services Compensation Scheme (FSCS) awarded her £85,000.00 in compensation for her losses. This was the maximum compensation she was eligible for at the time under the FSCS’ rules.
In September 2023, Money and Me Solicitors submitted a subsequent claim for compensation against the Service Personnel and Veterans Agency, as it is believed that the organisation also has liability for Ms R.’s losses. That claim is currently on-going.
Ms R. expressed her satisfaction with our service, stating:
Money & Me Solicitors have recently won my case for compensation against Cowley and Miller Independent Financial for unsuitable advice to transfer my Armed Forces pension. I cannot speak highly enough about the whole team; they have all been fantastic all the way through the claim process. I was kept fully informed throughout the whole journey with the utmost care, professionalism, and sincerity. To be honest, I never expected to get any kind of justice. Receiving the compensation is life changing for me and my family, as we are now able to look at buying our own house, something I did not think would ever be possible…… A huge thanks to the team at Money & Me Solicitors. – Ms R.
