Another Firm Connected With The British Steel Pensions Scandal Liquidates

More claims are expected for mis-sold pension transfers away from the British Steel Pensions Scheme after Retirement & Pension Planning Services enters into liquidation. Based in Barnsley, Retirement & Pension Planning Services entered into an agreement with the UK financial services regulator back in December 2017, which mean they would STOP all pension transfer business,…

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FCA concerns over mis-leading labelling of investment portfolios

Do you really know if your SIPP portfolio investments are “cautious”? The UK regulator has criticised some investment platforms for labelling investment portfolios in a may that may “mislead” customers about the risk the investments present. Many investment companies build portfolios of investments, and label them with names such as “cautious”, “Conservative” or “balanced”, but…

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Ombudsman Upholds Claim Against Guinness Mahon For High-Risk Investments

The FOS has upheld a complaint against SIPP provider Guinness Mahon relating to the mis-selling of high-risk investments within some of their their Self-Invested Personal Pensions. In the case, the individual was introduced to high-risk investments and the Guinness Mahon SIPP by Avocade – an unregulated introducer rather than a regulated financial adviser. Avocade is…

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Beaufort Securities clients’ losses may exceed compensation limits

Some clients of Beaufort Securities have received news of a potential shortfall between their losses through the firm, and what the FSCS can pay out. PwC had already written to around 14,000 clients of insolvent Beaufort Securities and Beaufort Asset Clearing to say they had got their hands on about £50million in ‘segregated client money accounts’ and around £850m…

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Transferred Your British Steel Pension? Third Firm Pulls Out Of Giving Pension Advice

Acklam Financial, a firm that is known to have given advice to people over their British Steel pension, has stopped giving advice over defined benefits (DB) pensions. The Financial Conduct Authority (the UK’s financial watchdog) temporarily removed Acklams Financial’s permissions to advise on transfers that involved DB schemes, including things like British Steel pensions. In…

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Greyfriars Asset Management Closes Investment Portfolio Business

The DFM side of Greyfriars Asset Management has closed down, some time after the financial watchdogs told them to “cease managing investments for new money”, making special mention of Greyfriar’s Portfolio Six group of investments. Greyfriars as a company still has a “section 166” over its head, which means that the FCA may have concerns…

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