Bankrupt

Old Jun 18th 2009, 10:20 am
  #1  
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Default Bankrupt

As a 69 year old man with terminal cancer, I have been made bankrupt by the actions of a financial advisor who is now working in Dubai.
In 1997 I was persuaded to transfer my safe occupational pension into a risky draw down pension which ultimately failed when the stock market fell.
I took the pension company to the high court in UK and won a judgement that I had been given the wrong advice ( commission fees on draw down pensions was very high) however, my action had not been bought to court early enough and I lost the case on a technicality.
It was interesting that said advisor skipped off to Dubai after selling many of the risky pensions.
Now advertising himself as an expert on 'pension transfers' <snip>in Dubai has been reported by me to the DFSA .

Last edited by NorthernLad; Jun 18th 2009 at 11:04 am. Reason: Naming and shaming not allowed
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Old Jun 18th 2009, 10:57 am
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Default Re: Bankrupt

Originally Posted by seashore View Post
As a 69 year old man with terminal cancer, I have been made bankrupt by the actions of a financial advisor who is now working in Dubai.
In 1997 I was persuaded to transfer my safe occupational pension into a risky draw down pension which ultimately failed when the stock market fell.
I took the pension company to the high court in UK and won a judgement that I had been given the wrong advice ( commission fees on draw down pensions was very high) however, my action had not been bought to court early enough and I lost the case on a technicality.
It was interesting that said advisor skipped off to Dubai after selling many of the risky pensions.
Now advertising himself as an expert on 'pension transfers' <snip> in Dubai has been reported by me to the DFSA .
Did you have terminal cancer when you decided to move your entire pension with only 7 years till you were 65????

While I have sympathy, caveat emptor, innit.....

Last edited by NorthernLad; Jun 18th 2009 at 11:04 am.
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Old Jun 18th 2009, 11:11 am
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Default Re: Bankrupt

Originally Posted by seashore View Post
As a 69 year old man with terminal cancer, I have been made bankrupt by the actions of a financial advisor who is now working in Dubai.
In 1997 I was persuaded to transfer my safe occupational pension into a risky draw down pension which ultimately failed when the stock market fell.
I took the pension company to the high court in UK and won a judgement that I had been given the wrong advice ( commission fees on draw down pensions was very high) however, my action had not been bought to court early enough and I lost the case on a technicality.
It was interesting that said advisor skipped off to Dubai after selling many of the risky pensions.
Now advertising himself as an expert on 'pension transfers' <snip>in Dubai has been reported by me to the DFSA .
Wow talk about name and shame, I hope little old Reg is on this forum so that he may have the chance to defend himself, as this is a little one sided...I am also confused with 'judgement in my favour....I lost the case' that doesn't compute in my little mind.

I think you should be able to back this claim up with some physical evidence before posting Reg's name over the internet, just my opinion.

Lastly, why is it interesting that he came to Dubai? I, like nearly everyone here, came to Dubai to have a different lifestyle, challenge and opportunity to earn more money....perhaps that is what Reg did!
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Old Jun 18th 2009, 11:25 am
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Default Re: Bankrupt

He was found by the judge to have broken the rules of the regulatory body, in particular he wrote down non-existent assets to justify the tranferring of the pension funds
I lost the case on a tehnicality only, nothing to do with the advice he gave me.
You can have all the physical evidence you want by googling high court in London Shore v Sedgwick, I also managed to find others that he had advised wrongly, not sure how much evidence is needed.
I hope he sees it and recognises himself, I would like to hear his comments,
as I expected his name has been removed but I will be constructing my own web-site to expose him.
Do me a favour let him know - you sound very sympathetic towards financial advisors!! I hope you dont fall foul of any yourself
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Old Jun 18th 2009, 3:01 pm
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Does he now work for a well known pish company...De....
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Old Jun 18th 2009, 3:37 pm
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Default Re: Bankrupt

Sorry Commander, unable to pick up all of your message
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Old Jun 19th 2009, 10:38 am
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Default Re: Bankrupt

I'd like to know who this advisor is and which company he works for....might be able to do a bit of naming and shaming amoung some of my peers and get the tosser kicked out.

That said I think this serves as a good reminder to all to ask for referrals from existing clients when meeting an advisor and when it doubt get a second opinion.

N.
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