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3 quick stats that show why you should check your pension advice

05/15/2019

Complaints and claims about pension transfer and investment advice are on the rise again… With so many of us being told we’d be better off moving our pensions elsewhere, either after cold-calls or through financial advisers, it’s not too surprising to see there’s been an increase in complaints about pensions. What may be surprising is … Continued

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625 claims against just ONE pension transfer adviser

05/02/2019

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 Get 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 regarding … Continued

financial adviser reveals his true face

Is your DFM investment portfolio a scam?

04/17/2019

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

a gravel and handcuffs lie on a keyboard

Pension Scams: Organised crime groups sometimes involved

02/12/2019

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

a keyboard highlighting the word SCAM

£197m: the cost of investment scams in 2018

02/06/2019

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

The FOS has seen a 27% rise in SIPP complaints

27%: Ombudsman sees rise in SIPP complaints for last quarter

02/05/2019

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. SIPP mis-selling in the press While the SIPP mis-selling scandal … Continued

A closed sign in a window

Consumer Wealth Ltd goes into liquidation

02/04/2019

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

Stacks of pound coins

FSCS to acquire £175m for compensation in 2019

01/31/2019

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

25 percent

SIPP pension claims expected to rise 25% in 2019

01/31/2019

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

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