Insistent Client Request Form

At Pension Works we are determined to put our clients’ welfare at the heart of our service, so we will not put our own interests before those of our clients. Although we are committed to giving suitable advice, this sometimes means that our recommendations will not be what our clients wanted or expected. In circumstances such as this, we will fully explain why we believe our recommendation is in their best interests, why we didn’t agree with the client’s request and the risks associated with their preferred course of action.

Where a client doesn’t want to accept our advice and instead asks us to facilitate their wishes, we may be able to do so on an ‘insistent client’ basis. Our regulator, the Financial Conduct Authority (FCA), confirms that a client should be considered an insistent client where:

  1. the firm has given the client a personal recommendation;
  2. the client decides to enter into a transaction which is different from that recommended by the firm in the personal recommendation; and
  3. the client wishes the firm to facilitate that transaction.

However, by going against our advice as an insistent client, you could lose the protections which would otherwise be afforded to you. This is because, while you will retain the right to raise a complaint with the Financial Ombudsman Service (FOS), if they agree that we provided suitable advice and that you decided to proceed against this on an insistent basis, the FOS will determine that you are responsible for your own actions and they would then be unable to uphold your complaint or to order the payment of any compensation. The same would apply to the Financial Services Compensation Scheme if you needed to call upon that, as the fund of last resort.

Even as an insistent client we will only facilitate a transaction for you if it involves an FCA regulated product provider and mainstream investments. We will not enable transactions outside the UK, nor to unregulated providers or illiquid investments. Furthermore, if we cannot be certain that you fully understand the risks associated with your desired transaction and are in an informed position to proceed against our advice, we will refuse to implement this for you. This is all to ensure that your hard-earned funds are protected from any lack of understanding and the immoral practices of some third parties. You will still be liable for our agreed fees if we refuse to facilitate an ‘insistent client’ transaction.

Given the above explanations, it is important that you take the time to carefully study our Suitability Report and ensure you fully understand our recommendations. Your financial adviser will be more than happy to clarify anything you do not understand and to answer any other questions you may have.

If, despite this, you still wish to proceed against our advice, please complete the Insistent Client Request Form at your convenience.

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I, , understand that Pension Works have recommended that I retain my benefits held under my pension scheme.

However, I feel that a transfer better suits my needs and wish to transfer these benefits against Pension Works’ advice because:

(Please explain why you do not wish to follow our advice and confirm your understanding of the consequences and risks this would involve.)