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British Steel Pensions: No special treatment from FSCS

01/24/2019

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

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Financial regulators to share information to combat mis-selling

01/24/2019

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

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

01/22/2019

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?

01/22/2019

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

01/21/2019

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

01/17/2019

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

Coins and keyboard letters that read SCAM

Financial Advisers told to do more to report potential pension scams

01/16/2019

It’s now one week since the long-awaiting ban on pension cold-calling came in to effect, and this week The Pensions Regulator has told financial advisers to do more to report potential pension scams so authorities can take action earlier. Over the past 15 years, many people with valuable final salary pensions have been bombarded by … Continued

Tickboxes indicating excellent to poor relating to pension advice

8 Financial advisers fail to respond to FCA pension transfer probe

01/16/2019

Its no secret that the watchdogs at the FCA are gunning for financial advisers that give unsuitable or even negligent financial advice over the transfer of Final Salary Pensions. Defined benefits pensions are considered to be rare, valuable and in most case, well worth keeping! But over the past few years, many financial advisers threw … Continued

Mis-sold carbon credits pension claims

Liberty SIPP makes the news with more links to high-risk investments

01/16/2019

SIPP pension provider Liberty SIPP is again ‘under fire’ over its links to high-risk and unregulated investments. Some SIPP companies allowed investments in alternative schemes, often based abroad and not regulated by the watchdogs at the FCA, including Liberty SIPP. Often linked to the Ethical Forestry situation, in which the Costa Rican forestry scheme entered … Continued