MPs to meet with steelworkers as pension mis-selling saga rumbles on

Westminster will play host to steelworkers caught up in the mis-sold British steel pension transfer scandal, in an effort to hear and address concerns over the compensation offers being made to people who have lost out by transferring. It is believed that some financial advisers used fear tactics and uncertainty over the future of the…

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SIPP administrators told to stop allowing “cr*p” investments in their pensions

Speaking at an event, solicitor Philippa Hann told SIPP providers that it was time to “take responsibility” as SIPP pensions were “not simply a bucket into which a pile of cr*p can be poured”. In recent years, some SIPP providers have allowed thousands of people to invest in high-risk and unregulated investments – everything from…

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SIPP administration firms under FCA scrutiny over insolvency plans

SIPP administrators are being quizzed by the watchdogs and rule-makers at the Financial Conduct Authority (FCA) over the plans they have in place should they become insolvent, and over their general resilience. The Regulator wrote out to SIPP providers following a ‘Dear CEO‘ letter the previous week, to ask them questions about their professional indemnity…

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FSCS compensation offers for British Steel pension transfers described as ‘derisory’

The compensation on offer from the Financial Services Compensation Scheme for those mis-sold their final salary pension transfers away from British Steel, has come under criticism from a financial adviser. Under current rules, the FSCS may pay out up to £50,000 in compensation to people who have been mis-sold over pension issues, if the negligent…

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Greyfriars Asset Management SIPP & DFM goes into administration

Greyfriars Asset Management LLP, a firm that dealt with both SIPP pensions and Discretionary Fund Management (DFM), has gone into administration. A note on the official public record (The Gazette) said that Greyfriars have appointed administrators from Smith & Williamson LLP on the 23rd of October 2018. What does “going into administration” mean? Going into administration…

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5 financial advisers declared in default with FSCS: Can you claim?

The Financial Services Compensation Scheme has declared five financial advice firms in default in the month of September 2018. They are: Cygnus Investment Management Ltd Soussan, Esq Foreman Financial Services Ltd (Graingerco) Independent Mortgage Advice Bureau (Stevenage) Ltd The Financial Factory Ltd What does being declared in default by the FSCS mean? When claims are…

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Compensation for clients of one IFA for mis-sold British Steel pension transfers reach £500k

The Financial Services Compensation Scheme (FSCS) has already received 221 claims for the advice given by Active Wealth UK Ltd, and 14 claims have already been paid. Active Wealth (UK) Ltd is known to have been “at the centre” of the British Steel Pensions scandal, in which many people were often wrongly told to transfer…

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