3 financial advice firms told to stop pension transfers over British Steel Pension Scheme business

The Financial Conduct Authority – the organisation that grants authority to Financial Advisers for them to advise on pension transfers, has told 3 firms to STOP doing pension transfer business over their involvement with transferring people’s pensions away from the British Steel Pension Scheme.

The FCA gathered information from 50 financial advice firms, 12 SIPP operators (SIPPs often being the end-destination in dodgy pension transfers due to their ability to contain high-risk and unregulated investments), and the BSPS themselves, before visiting seven financial advice firms and telling three of them to stop advising BSPS members.

The FCA did not on this occasion name the 3 firms, however we do know that one is West Midlands-based Active Wealth (UK) Ltd who lost part of its permissions last month.

Need to talk?

With fears expressed by MPs, the PFF, advisers and the FCA themselves over British Steel Pensions, it would seem that some financial advisers may have been targeting British Steel Pension Scheme holders in order to make a bob or two, despite the extra risk often represented by transferring away from a Defined Benefit scheme.

If you were a BSPS member and were persuaded to transfer during this high-pressure time and would like a second opinion on the advice you received, just fill in the form below!

We’ll call you back for our FREE, No Obligation initial assessment, where you can find out if it looks like your pension advice was suitable, and whether or not you may be eligible to make a claim!

You can also find out more information about mis-sold pensions here.