A National Health Service (NHS) doctor has emerged victorious after a lengthy battle dating back to the middle of 2022 over a mis-sold Free-Standing Additional Voluntary Contribution (FSAVC) plan.
The doctor, whose identity remains undisclosed due to privacy reasons had seen social media adverts regarding FSAVCs being mis sold and had often had a nagging suspicion that the FSAVC plan he had been sold by Abbey Life was not his best option.
Dr S read many customer reviews and found that it was clear that It IS Your Money had huge expertise in these matters and decided they could help him navigate the complex process of seeking compensation for financial mis-selling. The decision to involve a It IS Your Money proved to be crucial.
Dr S had a little amount of information on the FSAVC plan but was able to provide a policy number and after thorough checks within our library of policy information, we were able to confirm the plan was an FSAVC rather than any Personal Pension. This meant we were able to send the complaint.
Abbey almost immediately replied with a questionnaire which we were able to go through with the client. Some of the questions in the questionnaire can often be complex so we also like to complete these with the clients.
Abbey Life then asked for more information regarding the Dr’s NHS pension and details of his annuity who was with a different provider. Requests for information like this at this stage normally give a good indication that firms such as Abbey Life are preparing to carry out a calculation to establish what losses have occurred.
NHS pensions team can sometime take a while to provide the information needed and this was further complicated by DR S being out of the country for long periods, but we finally got all the information which was required for Abbey Life.
It was then surprising that Abbey Life rejected the complaint and asserted that the FSAVC plan was sold to the Dr S on an “execution-only” basis, implying that he made an informed decision without receiving any advice from the seller.
A thorough investigation by two of It IS Your Money’s most senior staff was now required and upon closer scrutiny, it became evident that the circumstances surrounding the sale were far from transparent.
It IS Your Money were able to appeal this rejection using the information already held and the point-of-sale information Abbey Life provided. The most pivotal piece of information found and highlighted was the individual financial adviser details. It was clear that there had been financial adviser involvement and therefore advice given.
Abbey Life agreed with the appeal and upheld the complaint. They took a few more months to carry out the calculation on the complaint but came back to us with an offer of over £54,000.
The doctor’s triumph, with the invaluable support of “It IS Your Money,” underscores the importance of seeking professional assistance when confronted with these complex legal and financial matters. CMCs like “It IS Your Money” play a crucial role in levelling the playing field for consumers, empowering them to challenge corporate misconduct and secure fair treatment.
Furthermore, this case serves as a potent reminder of the prevalence of mis-selling practices within the financial industry and some underhand tactics within complaint handling. It highlights the need for heightened vigilance among consumers and the importance of holding financial institutions accountable for their actions.
If we had taken the rejection on face value and not appealed, we wouldn’t have won the significant sum of money for Dr S who was extremely grateful for our excellent service.