06/01/2021
Final salary pension scheme members to suffer big financial hit after spending review Final salary pension scheme members are set to be among the hardest hit by Rishi Sunak’s recent spending review. This comes from a planned change, set to be implemented in 2030, in the way pensions are calculated. It’s estimated that over 6 … Continued
02/05/2019
Over 400 claims upheld by Financial Services Compensation Scheme over Henderson Carter Final salary pension transfer problems High-risk investments mis-sold to clients How Spencer Churchill Claims Advice has helped The FSCS – a source of compensation for people who have suffered from a mis-sold pension transfer, has said that it has dealt with 625 claims … Continued
25/04/2019
Thousands have lost money from mis-sold final salary pension transfers without realising it, even if it looks like their pension is growing!
17/04/2019
The FCA has warned that it has seen an increase in scams ran through discretionary fund managers – often a part of SIPP pensions. DFMs are portfolios of investment bonds The bonds are chosen and managed Portfolios are often rated by risk Many DFMs may involve scams Did you move your pension to a SIPP … Continued
12/02/2019
A cross-organisation task force called ‘Project Bloom’ has indicated that a number of ‘fraudster families‘ are often involved in pension scams. Project Bloom is made up of staff from the National Crime Agency and The Pensions Regulator, and says that organised crime groups sometimes use ‘rogue advisers’ to target and scam people out of their … Continued
06/02/2019
The Financial Conduct Authority’s Action Fraud team has released a figure for the amount of money lost to investment scams in 2018: a staggering £197m. On average, each scam victim in 2019 lost £29,000. What does an investment scam look like? The recent findings came were extra information: investment scams are changing, and usually involved … Continued
05/02/2019
The Financial Ombudsman Service (FOS) has recorded another jump in complaints about SIPP pensions in the quarter leading to December 2018, new figures show. The 27% per cent increase saw complaints rise from 777 in the previous quarter, up to 1,029 complaints leading to December for mis-sold pension claims. SIPP mis-selling in the press While … Continued
04/02/2019
Consumer Wealth Ltd, a financial advice firm that was facing 13 complaints via the Financial Ombudsman, has gone into liquidation. The firm went into a solvent liquidation back on the 14 January 2019 with RMS as liquidator. Complaints to the FOS The Financial Ombudsman Service, which is there to settle disputes between consumers and financial … Continued
31/01/2019
The Financial Services Compensation Scheme which pays consumers compensation when regulated companies can’t (either because they have no money, or no-longer exist), is set to levy £175m in 2019 from financial advisers. All FCA regulated companies pay a levy to the FSCS, helping to ensure there is always a pot of money there to pay … Continued
31/01/2019
The FSCS has said that it expects claims relating to SIPP pensions to rise by another 25% in 2019, with more firms being declared in default by the Financial Services Compensation Scheme. Often called ‘the lifeboat scheme’, the FSCS pays compensation to consumers that have lost money due to bad practices when the wrongful party … Continued
