It turned out, he had been transferred out of the NHS pension scheme on leaving his practice in 2000, having consulted an adviser recommended by his accountant.
The adviser’s letter was incompetent and incorrect on figures presented, but the GP totally trusted the adviser to give the best advice.
The GP complained to the adviser, a member of Burns Anderson, in March 2011. After the maximum allowable delay, his complaint was rejected as timed out.
A very detailed complaint was made to Fos in September 2011. Despite frequent chasing, it was only passed to an adjudicator in June/July 2012.
This was the time Honister Capital/Burns Anderson went into liquidation. Fos established the complaint was not out of time but it went to FSCS.
The decision letter has just been issued. FSCS estimates the ‘total compensatable loss’ amounts to £464,870.61. The FSCS can only award £50,000.
Administrators Grant Thornton says the company’s primary insurer has contended it is not at risk for the policy year ended 2 July 2011.
Grant Thornton has said that it is aware of other claimants taking legal advice. I wonder if advisers involved with such claimants would contact me to discuss a possible way forward.
The GP has been let down at every turn. From a transfer value of non-protected rights of £330,755.84 and protected rights of £39,674.84, the adviser took £42,780.79 in commission over the years.
A decent man, who has served his community, has had his retirement ruined.
Rosemary Heaversedge
Principal, Shropshire Independent Financial Services
Shrewsbury
