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Answers to questions about final salary pensions

BIG questions about final salary pensions

02/14/2019

We know final salary pensions can be confusing. Here’s some answers about defined benefit pensions that might just help you get your head around them. This article is for information purposes only and is not financial advice – if you are looking for advice or considering changes over your own final salary pension, always seek … Continued

a wanted sign for carbon credits fraudsters

£2.4m carbon credits investment fraudster on the run

02/13/2019

Now several years on from when Carbon Credits investments were being plugged by marketing firms and IFAs as the go-to green investment for savers, one fraudster is on the run from the London Police. Sami Raja from Essex was sentenced to eight years for his part in £2.4 million fraudulent Carbon Credits scheme in January … Continued

a gravel and handcuffs lie on a keyboard

Pension Scams: Organised crime groups sometimes involved

02/12/2019

A cross-organisation task force called ‘Project Bloom’ has indicated that a number of ‘fraudster families‘ are often involved in pension scams. Project Bloom is made up of staff from the National Crime Agency and The Pensions Regulator, and says that organised crime groups sometimes use ‘rogue advisers’ to target and scam people out of their … Continued

a keyboard highlighting the word SCAM

£197m: the cost of investment scams in 2018

02/06/2019

The Financial Conduct Authority’s Action Fraud team has released a figure for the amount of money lost to investment scams in 2018: a staggering £197m. On average, each scam victim in 2019 lost £29,000. What does an investment scam look like? The recent findings came were extra information: investment scams are changing, and usually involved … Continued

The FOS has seen a 27% rise in SIPP complaints

27%: Ombudsman sees rise in SIPP complaints for last quarter

02/05/2019

The Financial Ombudsman Service (FOS) has recorded another jump in complaints about SIPP pensions in the quarter leading to December 2018, new figures show. The 27% per cent increase saw complaints rise from 777 in the previous quarter, up to 1,029 complaints leading to December. SIPP mis-selling in the press While the SIPP mis-selling scandal … Continued

A closed sign in a window

Consumer Wealth Ltd goes into liquidation

02/04/2019

Consumer Wealth Ltd, a financial advice firm that was facing 13 complaints via the Financial Ombudsman, has gone into liquidation. The firm went into a solvent liquidation back on the 14 January 2019 with RMS as liquidator. Complaints to the FOS The Financial Ombudsman Service, which is there to settle disputes between consumers and financial … Continued

Stacks of pound coins

FSCS to acquire £175m for compensation in 2019

01/31/2019

The Financial Services Compensation Scheme which pays consumers compensation when regulated companies can’t (either because they have no money, or no-longer exist), is set to levy £175m in 2019 from financial advisers. All FCA regulated companies pay a levy to the FSCS, helping to ensure there is always a pot of money there to pay … Continued

25 percent

SIPP pension claims expected to rise 25% in 2019

01/31/2019

The FSCS has said that it expects claims relating to SIPP pensions to rise by another 25% in 2019, with more firms being declared in default by the Financial Services Compensation Scheme. Often called ‘the lifeboat scheme’, the FSCS pays compensation to consumers that have lost money due to bad practices when the wrongful party … Continued

a woman waiting with a clock on her head

1,400 Beaufort clients still waiting for compensation

01/30/2019

The FSCS has released figures that show another 754 former clients of collapsed Beaufort Securities have been paid compensation, while another 1,400 clients who ‘still require compensation’ are in waiting. That makes it 16,100 former Beaufort Securities clients who have received compensation since the firm went under, following an undercover FBI sting. Why are Beaufort … Continued

Newspaper mock-up with Shocking headline

The Times reports on Pension Mis-Selling Scandal

01/28/2019

The pension mis-selling scandal is now finally making headline news with mainstream media companies, with The Times dedicating a large segment to the issue of mis-sold SIPP pensions and high-risk investments. The article focused on how thousands of pension savers were persuaded by unregulated marketing companies and financial advisers to transfer to SIPP pensions, and … Continued