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If you were convinced to transfer a pension, ISA or other savings to be managed by True Potential Wealth Management then you may be due redress or compensation.
We offer a free-no obligation review by phone where we can establish whether you may have grounds to claim for financial redress.
True Potential Wealth Management are one of the largest and most successful wealth management companies in the United Kingdom.
Since 2005 they have grown to have over £24.5 billion in assets on their platform, £21.3 billion of which is invested into their own managed portfolios (figures are from March 2023)
This success is largely down to their use of Direct Offer which has recently come under scrutiny from the Financial Conduct Authority (FCA) and the Financial Ombudsman Service (FOS).
So, what is Direct Offer?
Direct offer is essentially the process by which you sign up for a financial product or service online or in branch without taking any financial advice. However, some clients who joined True Potential via direct offer are now coming forwards and complaining that that the transfer was brought about by their True Potential financial adviser and that they were in fact advised.
Why would a client be unhappy about being moved into True Potential Wealth Management?
There are a number of reasons why a client might be unhappy about being advised to move to True Potential Wealth Management via direct offer:
Charges
It may be that the product they were convinced to move from was significantly cheaper than True Potential’s platform and portfolios meaning the client may be worse off financially as a result of the move and therefore want to claim redress for the increased charges.
Performance
The True Potential Portfolios may not have performed as well as the products they transferred in from and therefore there was no benefit in making the move other than to benefit the financial adviser or True Potential.
Undisclosed Commissions/Incentives
It is common knowledge that True Potential have paid up to 8% of the funds to the advisers who have joined True Potential and convinced their clients to move their pension, ISA or other savings onto the True Potential Platform, Portfolios and Wealth Management solution.
This means that if a client was convinced by their adviser to move £100,000 to True Potential the adviser could have been paid as much as £8,000 for helping to execute the transfer.
It is important to note that the incentive of up to 8% does not have any negative impact on the client as it is a commercial transaction between True Potential and their adviser, however had the adviser made the client aware of what they stood to make on the transfer it is likely that the client may have scrutinised the offer more since the adviser was clearly incentivised to encourage the client to transfer.
What could a client be due from in redress from True Potential?
If a client can demonstrate that their adviser brought about the transfer of their pension, ISA or other savings then the Financial Ombudsman will likely deem it as an advised transfer and not direct offer.
Where a transfer is deemed as having been advised the Financial Ombudsman will review whether the advice to transfer was suitable. If it is found to be unsuitable then True Potential will be ordered to pay redress for any losses the client has suffered a result of the transfer.
HOW TO IDENTIFY A CLAIM AGAINST TRUE POTENTIAL:
Step 1
Fill out our simple True Potential online form – Click Here
Step 2
Have a 10 minute consultation with one of our experts.
We will identify if there are potential grounds for complaint.
Step 3
Instruct HT Legal to act for you.
There is nothing to lose.
Our team will employ expert witnesses to identify what losses you may have suffered.
If we do not feel after our investigation that you have grounds to complain it will have cost you nothing and you will at least have peace of mind.
We offer a no-win no-fee service.
CONTACT US
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