Mr G was advised by M2 Financial to transfer his previous Final Salary Scheme with PSA Peugeot Citroen to a personal arrangement with AXA in 2007.
Mr G transferred £27,953.15 from his scheme as he was advised by M2 Financial that there was a risk with his Final Salary Scheme, this was a concern for Mr G as he did not want to lose his pension.
M2 Financial made a promise to Mr G that the proposed pension would be worth more and he was offered a cash incentive to transfer.
Unfortunately, M2 Financial did not fully explain to the client the way in which his previous scheme worked and Mr G felt that had he been made aware of the risks involved with the transfer, he would have remained with the PSA Peugeot Citroen scheme regardless of the cash incentive.
Get Claims Advice wrote to Towergate Financial, who acquired M2 Financial in September 2009, with a letter of complaint due to the negligent advice Mr G received from M2 Financial.
Towergate Financial investigated Mr G’s complaint and concluded Mr G’s case to be “unsuitable” as they could not be satisfied that he was given the correct advice and information regarding the transfer of his Final Salary Scheme.
Towergate Financial completed their assessment of the financial impact that the transfer had on Mr G and made an offer of £221,054.71. Mr G has since accepted their offer and has stated that he has won a life changing amount of money with Get Claims Advice’s help.
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