Money Puzzle

A Message from Lord Pickles and Lord Blunkett, followed by Money Puzzle's best practice article

The ability to listen and learn from one another has always been vital in parliament, in business and in most aspects of daily life. But at this particular moment in time, as national and global events continue to reiterate, it is uncommonly crucial that we forge new channels of communication and reinforce existing ones. The following article from Money Puzzle is an attempt to do just that. We would welcome your thoughts on this or any other Parliamentary Review article.

Blunkett signature Rt Hon The Lord David Blunkett
Pickles signature Rt Hon The Lord Eric Pickles

Highlighting best practice
Co-director Norma Mackey
Money Puzzle is a claims management company based
in Glasgow, specialising in pensions mis-selling, in
particular self-invested personal pensions. Founded
in 2009, Money Puzzle is dedicated to providing an excellent
service for clients for whom the whole process can be traumatic
and stressful. They are challenging the status quo within the
financial services sector. With 55 years’ experience between
them, Co-directors Norma and Trevor Mackey discuss the
development of the business and explain how their work is
questioning established financial regulation.
We established Money Puzzle in the midst of the financial crisis in 2009. Initially,
we dealt with PPI claims. We were then asked in 2013 to consider a potential
mis-sold pension. After an in-depth interview with the client regarding the
circumstances behind the sale, we agreed that further investigation was necessary.
After reviewing the relevant documentation, we were able to submit a successful
complaint against the firm responsible. Despite our experience within financial
services, we were still required to carry out a large volume of research regarding
pensions and providers. It became apparent that firms, in particular pension
administrators, were not aware of their regulatory responsibilities.
In 2014 we submitted our first complaint against a pension administrator for their
failings. This was rejected by the firm and subsequently referred to the Financial
Ombudsman Service (FOS) for consideration. Initially, the FOS did not believe that
cases against the administrators could progress; however, we believed this not to
be the case. We continued to fight the regulator on the matter and in early 2017
we received our first adjudication from the FOS confirming that they found in
favour of our client. This was a monumental turning point for the business and our
clients. With our knowledge, experience and determination we have fulfilled our
promise to clients “to leave no stone unturned in achieving justice”.
Customer-focused business
We are not a large corporate but a small firm providing a tailored and personal service
to our clients. Clients will often deal with the same person from start to finish during
their complaint process. This allows us to build a solid client relationship offering
trust, consistency and reassurance. Our clients do not fit into any particular profile;
we have worked with people who are white-collar professionals to those who are
unemployed. We carefully assess each new claim on its own merits. Every potential
client takes part in an in-depth interview about their potential claim. We also obtain
client files from any firms involved so that we can investigate matters thoroughly.
If we determine there has been a mis-sale, we will take all necessary steps to win
our client compensation. We work on a “no win no fee” basis, and our fee is one
»Co-directors: Norma and
Trevor Mackey
»Founded in 2009
»Based in Glasgow
»Services: Independent claims
management company
specialising in financial mis-
»No. of employees: 5
»Money Puzzle is proud to be
supporting adults with autism
into work in conjunction with
the National Autistic Society
Money Puzzle
of the lowest in the industry. Fees
within this industry are often a negative
talking point and we are pleased to
see that other firms have started to
reduce their fees in line with us. We
have also carried out some pro bono
work for particularly vulnerable clients.
We are very aware clients have lost
pension funds and we want to ensure
clients retain as much compensation as
possible. We are totally committed to
clients, and this has led to working on
certain claims for nearly five years.
We manage around 450 to 500 clients
at any time. Having worked with off-
the-shelf client management systems
we decided that many were either
too generic or worked on a reactive
basis. This was not how we wanted to
manage client complaints. We therefore
decided to invest in our own system,
giving us the ability to proactively drive
cases forward. This, combined with
our rigid processes for each part of
the claim, allows us to manage cases
efficiently and effectively.
Overcoming challenges
We have always confronted our
challenges head on, and we take the
same determined approach, whether
we are dealing with pension providers
or regulatory bodies. To continue to
service our clients, we need to be
aware of evolving regulation and
legislative changes. Our company
ethos embraces compliance and we
recognise the benefits of it.
Recovering all the information required
for a claim can also prove a challenge.
Firms can be obstructive, and they often
aren’t forthcoming with information.
Data loss by firms is commonplace and
this makes formulating a cogent claim
However, our largest challenge to date
is undoubtedly bringing claims against
the pensions administrators. Overturning
the opposition was a momentous
occasion and we are very proud to have
made such an impact. While we have
achieved successful decisions, there
are still challenges ahead before these
cases can conclude. To ensure that we
consider all potential outcomes, we have
consulted with barristers and solicitors
in the City of London. Their review of
our cases was positive while their input
was invaluable andreassuring.
Looking forward
We have had offers for the business,
but so far there hasn’t been an offer
that makes sense for us. While we don’t
want to turn into a large corporate, we
have ambitions for sustainable growth
that will allow us to work with more
clients, but retain our personal service.
The opportunity to lobby the Financial
Conduct Authority and The Pensions
Regulator to improve regulation and
policing of this market would be
very welcome. Substantive change
in regulation could lead to a huge
reduction in the number of mis-sold
pensions, and our experience in
the sector would allow us to offer
vital expertise to the process. First
and foremost, we are committed to
preventing financial mis-selling, and
we will continue to pursue this in the
future through Money Puzzle.
Co-director Trevor Mackey
We therefore
decided to
invest in our
own system,
giving us the
ability to
proactively drive
cases forward

This article was sponsored by Money Puzzle. The Parliamentary Review is wholly funded by the representatives who write for it. The publication in which this article originally appeared contained the following foreword from The Rt Hon Theresa May MP.

The Rt Hon Theresa May MP's Foreword For The Parliamentary Review

By The Rt Hon Theresa May MP

This foreword from the then Prime Minister appeared in the 2018/19 Parliamentary Review.

British politics provides ample material for analysis in the pages of The Parliamentary Review. For Her Majesty’s Government, our task in the year ahead is clear: to achieve the best Brexit deal for Britain and to carry on our work to build a more prosperous and united country – one that truly works for everyone. 

The right Brexit deal will not be sufficient on its own to secure a more prosperous future for Britain. We also need to ensure that our economy is ready for what tomorrow will bring. Our Modern Industrial Strategy is our plan to do that. It means Government stepping up to secure the foundations of our productivity: providing an education system that delivers the skills our economy needs, improving school standards and transforming technical education; delivering infrastructure for growth; ensuring people have the homes they need in the places they want to live. It is all about taking action for the long-term that will pay dividends in the future.

But it also goes beyond that. Government, the private sector and academia working together as strategic partners achieve far more than we could separately. That is why we have set an ambitious goal of lifting UK public and private research and development investment to 2.4 per cent of GDP by 2027. It is why we are developing four Grand Challenges, the big drivers of social and economic change in the world today: harnessing artificial intelligence and the data revolution; leading in changes to the future of mobility; meeting the challenges of our ageing society; and driving ahead the revolution in clean growth. By focusing our efforts on making the most of these areas of enormous potential, we can develop new exports, grow new industries and create more good jobs in every part of our country.

Years of hard work and sacrifice from the British people have got our deficit down by over three quarters. We are building on this success by taking a balanced approach to public spending. We are continuing to deal with our debts, so that our economy can remain strong and we can protect people’s jobs, and at the same time we are investing in vital public services, like our NHS. We have set out plans to increase NHS funding annually by an average by 3.4 percent in real terms: that is £394 million a week more. In return, the NHS will produce a ten-year plan, led by doctors and nurses, to eliminate waste and improve patient care.

I believe that Britain can look to the future with confidence. We are leaving the EU and setting a new course for prosperity as a global trading nation. We have a Modern Industrial Strategy that is strengthening the foundations of our economy and helping us to seize the opportunities of the future. We are investing in the public services we all rely on and helping them to grow and improve. Building on our country’s great strengths – our world-class universities and researchers, our excellent services sector, our cutting edge manufacturers, our vibrant creative industries, our dedicated public servants – we can look towards a new decade that is ripe with possibility. The government I lead is doing all it can to make that brighter future a reality for everyone in our country. 

British politics provides ample material for analysis in the pages of The Parliamentary Review 
The Rt Hon Theresa May MP
Prime Minister