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Claim Compensation for a True Potential Pension Switch

True Potential Wealth Management LLP (FRN 529810) is an FCA-regulated advice firm that grew rapidly by recruiting independent financial advisers and sending their clients direct marketing offers to switch pensions onto the True Potential platform. The FCA has issued a Section 166 skilled person review of the firm’s practices, and True Potential has reportedly set aside £100 million for a redress programme covering transfers made between 2019 and 2023.

If you transferred your pension to True Potential following contact from your adviser and believe that transfer may not have been in your best interests, a compensation claim may be possible — even if True Potential has described the transfer as ‘non-advised’.

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Why Choose Compensation Adviser

Pension switch complaints involving direct marketing offers and adviser commission arrangements can be complex. Compensation Adviser reviews the circumstances of your transfer carefully, helps you understand whether a complaint may be possible, and guides you through the process — with no obligation to proceed and no fee if your claim is unsuccessful.

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What Is True Potential Wealth Management?

True Potential Wealth Management LLP is an FCA-authorised advice firm (FRN 529810) based in the North East of England. It operates a large network of financial advisers and offers investment and pension services through its own platform and funds. The firm grew significantly by recruiting independent financial advisers (IFAs) who brought their existing client books with them.

True Potential is part of the wider True Potential Group, which also includes True Potential Adviser Services LLP. The group provides both financial advice and technology services to advisers and their clients.

How Were Clients Transferred to True Potential?

When an IFA joined True Potential, their existing clients were typically informed of the move by letter or phone call. True Potential then sent those clients a direct marketing offer (DMO) — an email or letter inviting them to transfer their existing pension or investments onto the True Potential platform and into its funds.

True Potential described these offers as being provided on a ‘non-advised’ basis, meaning clients were expected to make their own independent decision about whether to switch. However, in practice, many clients continued to rely on their existing adviser for guidance. Advisers who facilitated a transfer received a payment from True Potential reported to be equivalent to 8% of the value of assets transferred.

The Financial Ombudsman Service (FOS) has published decisions in which it found that, despite the non-advised framing, an adviser’s involvement in the direct offer process — including holding meetings with the client, completing the application on the client’s computer, or recommending the switch — could amount to regulated advice for which True Potential was responsible.

Why Might the Advice or Transfer Have Been Unsuitable?

The FOS has upheld complaints against True Potential where the transfer was found to be unsuitable. Issues identified in published FOS decisions include:

No material benefit: In some cases, the FOS found there was no clear benefit to the client in switching from their existing pension to a True Potential fund — for example, where both funds had a similar cautious risk profile but the switch still proceeded.
Higher charges or different risk profile: Some clients found that the True Potential fund carried higher charges or a different risk profile than their previous pension, which had not been adequately explained.
Adviser commission: The 8% payment to the adviser created a financial incentive that the FOS considered relevant when assessing whether the adviser had acted in the client’s best interests.
No suitability report: Where advice was given, the regulatory rules required a written suitability report. The absence of such a report was a factor in several FOS decisions, though the FOS noted that the absence of a suitability report does not by itself determine whether advice was given.
Defined benefit transfer advice: True Potential also faced complaints relating to advice given to transfer out of defined benefit (DB) pension schemes, including the British Steel Pension Scheme (BSPS). The FOS upheld five such complaints in 2022. DB pensions provide a guaranteed income for life, and the FOS found that in some cases the advice to give up those benefits was unsuitable.

True Potential has reportedly set aside £100 million for a redress programme and the FCA has issued a Section 166 skilled person review, requiring an independent third party to assess the firm’s transfer processes and client communications. The review is understood to cover pension switches to True Potential between 2019 and 2023 where the client originated from an adviser who received a payment for the transfer. Affected clients may be contacted directly by True Potential as part of this process.

Important: You do not need to use a claims management company to receive redress through True Potential’s scheme or to pursue a complaint to the FOS. These routes are available to you directly and free of charge.

Signs Your True Potential Pension Switch May Have Been Unsuitable

You may have grounds to explore a complaint if you recognise any of the following in connection with your transfer to True Potential:

Your existing IFA informed you they were moving to True Potential and you subsequently received a direct marketing offer to switch your pension

Your adviser was involved in the transfer process — for example, by attending meetings, helping complete the application, or recommending the switch — despite it being described as 'non-advised'

You were not provided with a written suitability report explaining why the transfer was in your best interests

Your pension has performed worse than your previous arrangement, or you have been charged higher fees since the transfer

You transferred out of a defined benefit or final salary pension scheme, including the British Steel Pension Scheme, on the advice of a True Potential adviser

True Potential rejected your complaint on the basis that the transfer was 'non-advised', but you believe your adviser was involved in or recommended the switch

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What to Do If You Believe Your True Potential Pension Switch Was Unsuitable

Gather your pension paperwork

Collect any direct marketing offer letters or emails you received from True Potential, correspondence with your adviser, transfer forms, suitability reports (if any), pension statements, and details of charges before and after the switch

Identify the responsible firm

The responsible firm is True Potential Wealth Management LLP (FRN 529810), which is FCA-authorised. If your adviser was self-employed, True Potential may still be responsible for the adviser's acts under the apparent authority principles applied by the FOS

Make a formal complaint to True Potential

Submit a written complaint to True Potential Wealth Management setting out why you believe the transfer was unsuitable. Keep a copy of your complaint and note the date you submitted it. True Potential must respond within eight weeks

Keep the complaint date and final response

Preserve True Potential's final response letter and the date of your complaint. These are important if you need to escalate to the Financial Ombudsman Service. Time limits apply to FOS referrals

Escalate to the Financial Ombudsman Service if unresolved

If True Potential does not resolve your complaint within eight weeks, or if you are unhappy with its response, you may be able to refer your complaint to the Financial Ombudsman Service (FOS) free of charge. The FOS is an independent, government-backed service. You do not need to use a claims management company to do this

Consider a no-obligation specialist review

If you are unsure whether you have a valid complaint or how to present your case, Compensation Adviser offers a free, no-obligation review to help you understand your options

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Can I Claim Compensation for a True Potential Pension Switch?

If you transferred your pension to True Potential Wealth Management and believe the transfer may have been unsuitable, a complaint may be possible. The primary route is to make a formal complaint directly to True Potential Wealth Management LLP. If True Potential does not resolve your complaint within eight weeks, or if you disagree with its response, you may be able to refer the matter to the Financial Ombudsman Service (FOS) free of charge.

The FOS has published decisions in which it upheld complaints against True Potential where an adviser’s involvement in the direct offer process was found to amount to regulated advice, and where the advice was found to be unsuitable. Each case is assessed on its individual facts, and the FOS will consider the specific circumstances of your transfer, including the nature of any contact between you and your adviser, the suitability of the fund you were moved into, and the charges you have paid.

If you transferred out of a defined benefit pension scheme on the advice of a True Potential adviser, the FOS and, where relevant, the Financial Services Compensation Scheme (FSCS) may also be available routes, subject to eligibility and the applicable time limits. The FCA’s Advice Checker may be relevant if you transferred out of a defined benefit scheme after April 2015 following advice from an FCA-authorised firm.

True Potential has also set up an FCA-mandated redress scheme covering transfers made between 2019 and 2023. You may be contacted directly by True Potential or its appointed third party as part of this process. You do not need to use a claims management company to participate in the redress scheme or to pursue a complaint to the FOS.

Why Choose Compensation Adviser for Your True Potential Pension Claim?

Pension complaint experience: We have experience handling pension switch and defined benefit transfer complaints, including cases involving direct offer processes and adviser commission arrangements.
No win, no fee: You only pay a fee if your claim is successful. If we do not recover any money for you, there is nothing to pay.
Clear, straightforward guidance: We explain your options in plain English and help you understand what evidence may support your complaint, without obligation to proceed.
Free alternatives explained: We will always tell you about the free routes available to you, including complaining directly to True Potential and referring to the FOS, so you can make an informed decision about how to proceed.

Frequently Asked Questions

True Potential says my transfer was 'non-advised'. Can I still complain?

Possibly. The Financial Ombudsman Service has published decisions in which it found that, despite True Potential describing a transfer as non-advised, the involvement of an adviser in the process — such as attending meetings, helping complete the application, or recommending the switch — could amount to regulated advice for which True Potential was responsible. Whether this applies to your case will depend on the specific facts. A free review can help you understand whether a complaint may be worth pursuing.

What is the True Potential redress scheme and do I need to do anything?

True Potential has reportedly set aside £100 million for a redress programme covering clients who transferred their pension via a direct offer between 2019 and 2023. The FCA has instructed True Potential to appoint an independent third party to review affected cases. You may be contacted directly. You do not need to use a claims management company to participate in the scheme. If you have already left True Potential, you should ensure your contact details are up to date. Subject to the facts and applicable time limits, you may also have the option of making a separate complaint to the FOS.

I transferred out of a defined benefit pension on True Potential's advice. What are my options?

If you were advised by a True Potential adviser to transfer out of a defined benefit or final salary pension scheme, and you believe that advice was unsuitable, you may be able to make a formal complaint to True Potential. If the complaint is not resolved, the Financial Ombudsman Service may be able to consider it, subject to eligibility and time limits. The FCA’s Advice Checker may also be relevant if you transferred after April 2015. Each case depends on its individual facts, including the transfer value analysis carried out at the time and the reasons given for the transfer.

Can I complain to the Financial Ombudsman Service myself for free?

Yes. The Financial Ombudsman Service is a free, independent service for resolving disputes between consumers and financial firms. You can make a complaint directly to True Potential and, if it is not resolved within eight weeks or you are unhappy with the response, refer the matter to the FOS yourself at no cost. You do not need to use a claims management company to do this.

How long do I have to make a complaint?

Time limits apply to pension complaints. Generally, you have six years from the event you are complaining about, or three years from when you knew (or reasonably should have known) you had cause to complain, whichever is later. The FOS also has its own time limits for accepting referrals. You should seek advice promptly to avoid missing any applicable deadline. The specific time limits that apply to your case will depend on its individual facts.

What are your fees?

We operate on a no-win, no-fee basis. If your claim is successful, we charge a fee of 15% + VAT of the total compensation awarded. If we do not recover any money for you, there is no fee to pay.

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Important Information

You are not required to use our services to pursue your claim. You can also seek further advice or shop around subject to any time limits within which a claim must be made.

It is possible for you to present the claim for free, either to the bank, business or person against whom you wish to complain or to the Financial Ombudsman Service or the Financial Services Compensation Scheme, whichever is applicable to your claim.