The saga seems far from over… Bartholomew Hawkins Stops Pension Transfers 21 firms ignore FCA training request Concerns surrounding the practices of some Financial Advisers about the transfer of British Steel Pensions into alternative, private schemes appear to be just as prevalent in the new year, as another IFA agrees to stop conducting transfers and…Details
Channel 4 News reported from the scene as “Greedy” financial advisers try to cash-in on steel misery In a Channel 4 News report, some financial advisers were said to be being driven by “greed” as advisers from all over the country were “parachuting in” to aggressively advise on British Steel Pension transfers. Financial advisers can…Details
Following the news that Active Wealth (UK) had agreed to stop advised on Final Salary pension transfers over FCA concerns about British Steel Pension Scheme holders, a further two financial advisers have been named. Mansion Park Leicestershire based Mansion Park Limited apparently has a staff of 20 regulated staff members, and now has a note…Details
Finance bosses take away permissions of 3 pension transfer companies as fears over dodgy BSPS transfers grow The Financial Conduct Authority – the organisation that grants authority to Financial Advisers for them to advise on pension transfers, has told 3 firms to STOP doing pension transfer business over their involvement with transferring people’s pensions away…Details
Members of Parliament have called on the government to bring in the proposed cold-calling ban as urgently as possible, with the hopes of “bolting” the new laws on to the upcoming “Financial Guidance and Claims Bill”. The Works and Pensions committee has been collecting evidence about pension transfers for some time, in an effort to…Details
If you’re looking at making a SIPP claim, you could be going through an emotional time and some of the SIPP claims myths don’t help – a mix of fear, shock, confusion and anger as you come to terms with the idea that somebody, usually a financial adviser, has put your pension fund at risk,…Details
100+ pension complaints to the Ombudsman over British Steel Pensions: But was transferring out the right decision?
The number of complaints to the Pensions Ombudsman about the British Steel Pension Scheme has reached over 100. The scheme, which has over 130,000 members been in difficulty for some time, and existing members have until the 22nd December to decide whether to move to a new scheme (BSPS II) or remain in the existing…Details
Park First Glasgow & Gatwick Park First, the car-parking investment scheme arm of Group First, has agreed to cease operating and marketing it’s airport parking investments with the UK financial services regulator – the FCA. Itself an FCA-unregulated car-parking investment scheme which operated car-park investments in Glasgow and Gatwick, the FCA encouraged investors to seek…Details
MPs ask British Steel Pension transfer advisers to submit evidence for inquiry: Is your adviser involved?
Some financial advisers who advised their clients to transfer away from the British Steel Pensions Scheme have been asked to submit evidence to the Work and Pensions Select Committee relating to an inquiry about Pension Freedoms. These firms, which will have given “DB pension transfer advice” – that’s advice on whether to move away from…Details
PPF warns financial advisers not to use ‘fear’ tactics to transfer pensions like British Steel: Was your advice suitable?
The Pension Protection Fund is concerned some financial advisers are using the British Steel Pension Scheme deficit as a way to lead pension holders towards doing a transfer – something some financial advisers make a big profit on! The PPF, which was set up as a “lifeboat fund” for Defined Benefit company pensions (just like…Details