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British Steel Pension Scandal

What is the British Steel pension scandal?


What was the British Steel Pension scandal? In 2017, thousands of British Steel pension scheme members workers were advised to transfer their defined benefit pension schemes into self-invested personal pensions as a result of negligent financial advisers. BSPS members had been required to decide by December of that year whether or not to move their … Continued

Final Salary Pensions

How does a final salary pension work?


What is a final salary pension? When it comes to our retirement, making sure that every penny of our pensions count is critical. Final salary pensions guarantee you an annual income for the rest of your life and are frequently offered to those working in the public sector i.e. the health, education and government services. … Continued

BlackStar Wealth Management collapses

Final Salary Pension adviser BlackStar Wealth Management collapses


Blackstar Wealth Management entered administration in August 2019 A financial advice firm that is known to have transferred people’s final salary pensions into SIPPs filled with high-risk and unregulated investments has entered into administration. Based in the West Midlands, Blackstar Wealth Management Ltd which operated as a registered business from 2008 appointed Andrew Fender of … Continued

Tickboxes indicating excellent to poor relating to pension advice

8 Financial advisers fail to respond to FCA pension transfer probe


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

Man resting head on keyboard in despair over pension advice

Retirements put at risk due to pension advice failures


A review of pension transfer advice conducted by the top-dogs at the Financial Conduct Authority has revealed how a string of common advice failures from some financial advisers may be putting retirements at risk. The FCA looked into 45 financial advice companies that were giving people pension advice over valuable final salary pensions, and other … Continued

50/50 split of good and bad pension advice

Less than 50% of pension transfer advice deemed suitable


Those who have transferred their final salary pensions may want to re-examine the advice they received, as the FCA promises ‘serious consequences’ for firms after an investigation revealed less than 50% of advice appeared to be suitable. Transfers of final salary pensions should never be undertaken lightly because of the rare and valuable benefits being … Continued

Microscope illustrating how the FCA is treating suspect IFAs

3000 financial firms to be quizzed over pension transfer risks


The Financial Conduct Authority, which both sets and enforces the rules for companies working in the financial services sector, is set to question around 3,000 firms about pension transfer risks, following suspicious surges in transfer activity over the past few years. In many cases, people may have been given negligent financial advice that led them … Continued

Lots of pound coins

FSCS may have to levy another £69m to pay for pension mis-selling compensation


The Financial Services Compensation Scheme is forecasting an extra £69 million levy to pay for pension mis-selling compensation, as claims about SIPP pensions and final salary pension transfers appear to rise. As the ‘lifeboat’ scheme for the financial services sector, the FSCS is often responsible for paying claims when companies can’t either because they cannot … Continued