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Previously authorised, BlackStar had it’s defined benefit pension authorisation restricted under a section 166.
The firm also cannot do any business involving non-standard assets (such as high-risk and unregulated investments).
The FCA has the power to remove or restrict the authorisation of any firm to give pension advice if it has concerns over the advice that is being given.
In fact, as of August 2019, the firm is now in administration, after it was revealed they gave poor advice on investments, including Dolphin (German Property), Beaufort Securities and Lateral Eco Parks.
If you took pension advice from BlackStar then you may have been mis-sold. Take a free initial assessment with our specialist claims team to find out.Get started now
If you changed your pension with BlackStar Wealth Management, you may be able to claim
Final salary pension transfers often mean the loss of defined benefits, including swapping a guaranteed income in retirement for more risk, and more fees. In many cases, people lose money in the transfer leaving them worse off in retirement.
If you transferred your final salary pension then you may have been mis-sold, and you could be able to make a claim for a mis-sold final salary pension transfer.Speak with an expert
Although it does not seem to be public knowledge about WHEN and HOW the FCA restricted BlackStar’s advice permissions, the firm was mentioned as being restricted in an article back in 2017.
A complaint against the firm relating to financial loss due to SIPP pension and investment advice was upheld in 2017.
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The FCA recently reviewed 154 pension transfers as part of an investigation into IFAs in 2018, and found less than 50% to have received suitable advice.Read More
Speak with an adviser to see if you can make a claim on a No Win – No Fee* basis