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The HfP chat thread – Saturday 7th August

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We are running this daily chat thread on Head for Points during the coronavirus outbreak.

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Comments (214)

  • David says:

    Struggling to find availability in business to Maldives – book it as Man-mad, mad-mle,mle-man. You get to fly with Qatar and its 180k when booked as multi-carrier redemption compared with 150k peak BA and the taxes are lower!

  • Sloth says:

    Looking for opinions please…I don’t want to go into huge detail at, as I have an ongoing complaint with my former pension scheme and don’t want to prejudice as you never know who is reading… 🙂

    Long story short..I transferred a pension from works provider into a SIPP held elsewhere. The transfer took much longer than it should have done due to an issue on their side which they have admitted. After numerous call from me chasing it up, essentially I had to tell them/force them to resolve it which they have finally done…I have made an official complaint about their incompetence and my time/effort of constantly chasing whilst they knowingly sat on the issue and telling me there was nothing wrong and I would just have to wait, but I also have claimed for loss of opportunity, ie the gain that I could have made in the time I was ‘out of the market’. I have calculated this by using the price of the funds I have now bought minus the price I could have bought them at if they had resolved the issue at the time and transferred my funds without delay

    I guess what I’m asking is, is that reasonable? It’s around 5% or £6k. It’s just irritating to have lost out on that gain due to their incompetence

    Thanks in advance

    • tony says:

      I know some stuff about this. The problem inevitably seems to lie on the migrating end of the transaction, not the receiving end. That’s where you need to direct your complaint, which from my reading you are doing.

      There was presumably a target transfer time disclosed as part of the process – 4 weeks maybe?

      I think if you’re reasonable, you can make whatever claim you want. Picking sample dates that especially favour your new strategy are unlikely to get a good response from either their complaints team or the ombudsman, but build an argument saying the average price of old funds over that month was X, average price of new funds was Y and so on and you might get a better/quicker outcome.

      • Sloth says:

        Thanks, yes I’m directing the complaint at the migrating provider as it’s squarely their error, was a system error which they knew about and just ignored, telling me there was no issue and I would just have to wait when I kept chasing

        Regarding prices, I’m not looking to take random dates to unfairly benefit, hence I thought the price on the date I actually got reinvested in the SIPP, minus the price on the date I should have been invested, had they transferred the monies when they should have done was reasonable. Thanks, so seems I’m not far from the mark and I also found this, although I’m not claiming that much! 😀

  • Lady London says:

    28 days is viewed as reasonable. Ceding providers are supposed to include some basic checks that it doesn’t look like you’re being scammed within that. If no good reason for delay then 28 reasonable to expect and some do quite a bit less.

    FCA and Pensions Regulator are being asked to look at this issue – it’s on the ceding side. There are league tables of slow ceders, I think Sanlam published one. Slow release of funds by providers is another phrase that comes up.

    I’d be merciless as your claim seems quite fair and well grounded. I don’t quite believe it was just IT.

    It will come down to reasonableness. Me, I’d send the Chairman of the Trustees, with a cc marked (ie not bcc) to the CEO of the Administrator company, a cover letter headed Compensation Claim. Put some text about unfair ceding delays which have caused you £x loss plus considerable stress and time spent trying to resolve their delays repeatedly. You therefore request compensation of at least (the £x) to be paid to you within 30 days.

    Attach Part II being a list of all your contacts to them and the mess step by step. It should make tiring reading

    Attach Part III being detailed financial calculation of your loss. You can’t start the loss period for at least 28 days after they would have received your instructions.

    There is no maximum time allowed in law it’s whether there is good reason for ceding delay. So still woolly area to claim in. The above is a shot across their bows to get their attention.

    If nothing reasonable in 28 days give them 21 days failing which you will open a case with the FOS and may also seek the assistance of the FCA and The Pensions Regulator. (btw none of these will give you quick action but the FOS should eventually come up with sonething.)

    Compo for time out of market I’ve seen reported has looked pretty pathetic given the level of abuse so make your case well.

    Go for it and see what they will offer.

  • Gary says:

    Has anyone stayed at Anantara Algarve? Any thoughts? TripAdvisor reviews seem a bit of mix bag.

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