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FSCS to acquire £175m for compensation in 2019

31/01/2019

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

31/01/2019

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

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1,400 Beaufort clients still waiting for compensation

30/01/2019

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

28/01/2019

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

a man wearing a tie with smoke coming out of his ears

British Steel Pensions: No special treatment from FSCS

24/01/2019

There will be no ‘special treatment’ for offers of compensation to those mis-sold their British Steel pension transfer from the FSCS, it has been revealed. British Steel Pension Scheme members were given choices over what happens to their pension following the closure of the scheme, and many people received negligent advice to transfer their pension. … Continued

two minds sharing information about pension transfers

Financial regulators to share information to combat mis-selling

24/01/2019

The Pensions Regulator, which acts as a watchdog for workplace pension schemes, including valuable Defined Benefit pensions, has agree to share market intelligence with the Financial Conduct Authority. While remaining separate, the FCA may well gain vital intelligence about the movement of final salary pensions out of the market, which could prove useful as it … Continued

An abandoned caribbean hotel development

Adviser invested 90% of client’s pension into high-risk Harlequin

22/01/2019

Even in 2019, we’re STILL seeing claims made for negligent advice and actions leading to investments in high-risk hotel scheme Harlequin Properties. The financial adviser in question, Professional Intermediary Introducers based in Wales provided advice through their appointed representative to Mrs P in 2011. The advice resulted in Mrs P transferring her £110,000 personal pension … Continued

tyre tracks

Is the pension cold-calling ban effective?

22/01/2019

Its less than a month since the ban on pension cold-calling became enforceable, designed to protect people’s pensions from scammers and mis-sellers, and to raise awareness of the pitfalls of pension mis-selling. But one firm has already ‘boasted’ of finding a way to ‘swerve’ the ban. As reported in Citywire, Adviser Breakthrough which is an … Continued

financial adviser shaking hands

Greyfriars collapse prompts sale of clients to Hartley

21/01/2019

Greyfriars Asset Management, which handled many aspects of people’s retirement funds including SIPPs and portfolios of investments, has sold it’s SIPP and SSAS business to Hartley Pensions, following it’s collapse in 2018. Updates on the firm’s Companies House entry show that the sale went ahead for a value of £820,000. £500m in assets Heavily involved … Continued

Selectapension Bureau services insolvency

Selectapension Bureau Services in liquidation

17/01/2019

Selectapension Bureau Services is now in liquidation, over a year after having its defined benefits pension advice authorisation restricted by the FCA via its principal company: CFP Management Ltd. The FCA can either impose or agree restrictions on a company’s ability to give advice if there are concerns over the advice they provide, or other … Continued