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.
Leicestershire based Mansion Park Limited apparently has a staff of 20 regulated staff members, and now has a note on it’s FCA permissions register that is must “Cease all pension transfer business immediately”, so will no longer be able to advise British Steel Pension holders as to whether they should transfer out of the schemes and into a personally held pensions such as a SIPP.
The firm did not respond to Citywire request for comment.
Pembrokeshire Mortgage Centre
The second firm, Pembrokeshire Mortgage Centre has the same note on its permissions, and said that they had “voluntarily offered to suspend its permission to conduct pension transfer advice” as the regulator looked into the firm’s practices. The firm was confident that it had “acted properly and correctly at all times”.
Whats the fuss?
Concerns have been raised about the way in which some financial advise firms seem to have targeted BSPS holders during the tough times the scheme has been having, and using the situation to persuade holders to transfer out into something else. While this may seem fine, many people may have ended up in much riskier pension schemes, and will have lost important and irreplaceable benefits by transferring, while advisers may have picked up big fees and commissions for conducting the business.
Transferred your pension with these firms?
If you’ve transferred your BSPS pension with Active Wealth, Pembrokeshire or Mansion Park, our advisers are available for a FREE and independent check on the advice you received. All our case handlers are specialists in mis-sold pensions, and can often identify if you have a claim during a FREE initial assessment before going on to fight for your claim on a NO WIN – NO FEE* basis if you choose to.