Cancelling a product sold to you by an IFA within 30 days.

[ramholio]

Hi guys,

I was referred to an IFA a while back who recommended I sort out a flexible pension scheme, unfortunately due to sudden unforeseen change in my work circumstances I am looking to get out of it now if I can and restart at a later date so I have a better cash flow to cover myself at the moment.

From reading my policy documents I have a "Your right to change your mind" sheet which states I have 30 days from receipt of the documents to cancel the policy.

It states :

Pension Company will repay any money you have paid free of any charges, and "I have decided not to proceed with this policy, and I require the return of any money paid to you or your agent in connection with it that I am entitles to have returned."

If I do cancel the policy, is it likely the IFA will hound me for his commission that the product would have supplied him with?

Or, as I hope, this is the "cooling off" period and on the basis of that they wouldn't be able to claim it?

This may be better directed towards my IFA but I wondered if any of you guys had experience of this circumstance.

[Hex]

Hi guys,

I was referred to an IFA a while back who recommended I sort out a flexible pension scheme, unfortunately due to sudden unforeseen change in my work circumstances I am looking to get out of it now if I can and restart at a later date so I have a better cash flow to cover myself at the moment.

From reading my policy documents I have a "Your right to change your mind" sheet which states I have 30 days from receipt of the documents to cancel the policy.

It states :

Pension Company will repay any money you have paid free of any charges, and "I have decided not to proceed with this policy, and I require the return of any money paid to you or your agent in connection with it that I am entitles to have returned."

If I do cancel the policy, is it likely the IFA will hound me for his commission that the product would have supplied him with?

Or, as I hope, this is the "cooling off" period and on the basis of that they wouldn't be able to claim it?

This may be better directed towards my IFA but I wondered if any of you guys had experience of this circumstance.

I don't have direct experience of this, but I believe that if you are within the cooling off period then no commission will be charged if you cancel. I'm sure you could find the regulations on the internet by searching.

[Gonzo]

Hi guys,

I was referred to an IFA a while back who recommended I sort out a flexible pension scheme, unfortunately due to sudden unforeseen change in my work circumstances I am looking to get out of it now if I can and restart at a later date so I have a better cash flow to cover myself at the moment.

From reading my policy documents I have a "Your right to change your mind" sheet which states I have 30 days from receipt of the documents to cancel the policy.

It states :

Pension Company will repay any money you have paid free of any charges, and "I have decided not to proceed with this policy, and I require the return of any money paid to you or your agent in connection with it that I am entitles to have returned."

If I do cancel the policy, is it likely the IFA will hound me for his commission that the product would have supplied him with?

Or, as I hope, this is the "cooling off" period and on the basis of that they wouldn't be able to claim it?

This may be better directed towards my IFA but I wondered if any of you guys had experience of this circumstance.

Provided that you exercise your right to cancel according to the terms stated then you will get your money back without charges (there may be a reduction due to market conditions though if the money has been invested).

The IFA loses out in this case.

If you cancel outside of the cooling off period then the IFA might go after you if he loses commission. There was a thread about this not that long ago.

You should check the terms of business that they would have supplied you with when you first started talking to them.