39MONEY PUZZLE |
BEST PRACTICE REPRESENTATIVE 2019
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
moredifficult.
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 andreassuring.
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
“
“
Rt Hon The Lord David Blunkett
Rt Hon The Lord Eric Pickles
