Tony Hetherington is an esteemed investigator for the Financial Mail on Sunday. He is dedicated to fighting for readers’ rights, uncovering hidden truths, and achieving victories for those who have suffered financial losses. If you need to contact him, please find the details below.
Mrs H.B. recently received an annual review from her financial adviser, Tier One Capital Wealth Management. The review informed her that the advice charges were increasing from 0.50% to 0.60%. To offset this increase, Tier One recommended switching from Prudential Growth & Cautious funds to Vanguard Lifestyle Equity, as Vanguard had lower fees. However, this switch has impacted the stability and predictability of Mrs H.B.’s pension fund, from which she draws an income. She believes Tier One should rectify the situation and revert to the previous arrangement.
In response, Tony Hetherington explains that all investments tied to the stock market carry inherent risks and cannot guarantee returns. While the two funds mentioned by Mrs. H.B. are not identical, they are not significantly different enough to deem the switch unsuitable.
Tony Hetherington reached out to Tier One Capital Wealth Management and received a statement from Jess Swindells, the managing director. The statement explained that the recommendation to switch funds was based on fund diversification, which was deemed the most suitable and cost-effective option in line with Mrs. H.B.’s goals, objectives, and risk tolerance.
However, Tony Hetherington is concerned that the motivation for the switch was primarily driven by Tier One’s fee increase. The recommendation to switch funds seems to have been presented as a way to mitigate the impact of the fee increase, rather than being based solely on the merits of the funds themselves. This approach appears to contradict the rules set by the Financial Conduct Authority (FCA), which regulates Tier One.
According to the FCA rule book, an advisory firm is prohibited from suggesting a switch from one investment product to another if it knows, or should know, that the charges of the new product offset or appear to offset the adviser’s charges. Tony Hetherington asked Jess Swindells to comment on whether Tier One’s review breached these rules, but she refused to do so.
Mrs. H.B. has escalated the matter to the Financial Ombudsman Service, and Tier One has committed to cooperating with the investigation. Tony Hetherington strongly believes that the wording of Tier One’s review contradicts the FCA rules, and it is disappointing that Jess Swindells cannot provide an alternative interpretation.
In another case, Mrs. J.H. shares her frustrating experience with Nationwide regarding the transfer of her husband’s ISA. While Nationwide successfully opened her ISA, her husband’s account has remained unopened for three months. It was discovered that Nationwide had returned her husband’s funds to the previous ISA provider, Skipton Building Society, without any explanation. Neither society contacted Mrs. J.H. until she filed a complaint with Nationwide.
Tony Hetherington intervened and asked both societies to investigate. Skipton promptly informed him that they had transferred the funds of £16,099 to Nationwide, but it was returned the next day without any clarification. Two days later, Skipton successfully transferred the funds to Nationwide again. Nationwide confirmed the receipt of the funds after both transfers but revealed that Skipton had not provided the necessary details, leading the money to be held in a suspense account. Nationwide admitted that they could have been more proactive in locating the funds, and they rectified the situation by opening her husband’s ISA, backdating it to avoid any loss of interest. As an apology, Nationwide offered Mrs. J.H. £350.
Another reader, Mrs. L.T., faced a delay in receiving a £500 claim payout from insurer Coverwise, whose policies are underwritten by Axa. She had submitted the required details four times without any progress. After intervention by Tony Hetherington, Axa Partners acknowledged the delay in handling the claim and apologized for not meeting their usual high standards. Mrs. L.T.’s claim has now been paid, and she has received an additional £125 as an apology.
If you suspect financial wrongdoing, you can contact Tony Hetherington at Financial Mail, 9 Derry Street, London W8 5HY, or via email at [email protected]. Due to the high volume of inquiries, he cannot provide personal replies. Please send copies of original documents, as they cannot be returned. Note that some links in this article may be affiliate links, and This Is Money earns a small commission if you click on them. This revenue helps support the publication and maintain its editorial independence.
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