Diabolical on all counts | A review about Hornbuckle
Diabolical on all counts
1/ As I am taking my pension I use the income from my commercial property to pay my quarterly pension. (It is a 10 year old fully tenanted building). This week I asked them to pay my quarterly pension but they told me they had decided that every SIPP with property would need to keep 10% of the value of the property in liquid assets and as a result for the next 12 months I could not draw any Pension. When I complained they offered to pay me £13K out of my account even though I had over £50K in the account but with a condition attached. The condition was that I pay them 3 years fees upfront!
2/ As I decided to move to flexible draw down they insisted that if I wishes to do this I would need to open up a separate bank account out of which all payments would be made. As they don't allow electronic access to any of their client's bank accounts the idea of having two accounts viewable only by monthly statements was a complication too far. Added to this the new account was to be one that they had sole control over with no requirement for my prior approval. There is no way I would give them the right to write their own cheques.
3/ They have just invoiced my business partner 3 times for the same years service costs and have deducted the amounts from his pension account with no prior notification.
4/ There has been one small area of improvement as 6 months ago they insisted on being given a 4 week window to reply to any emails. The improvement now is that it appears to take only a week or so.
Given that the above all occurred in the last 3 months and is just the latest in along line of problems you must have gathered that I would not recommend them under any circumstances.
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Written by Swithland (diy investor) about 4 years ago
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