08/04/2019
Transferred a pension in the last 15 years? You may have received bad advice that could put your retirement at risk. Thousands mis-sold Final salary pension transfers often not what they seem Many SIPP pensions still involved in scams How to check for mis-selling claims A new study by the Pension Scams Industry Group (PSIG) … Continued
28/01/2019
The pension mis-selling scandal is now finally making headline news with mainstream media companies, with The Times dedicating a large segment to the issue of mis-sold SIPP pensions and high-risk investments. The article focused on how thousands of pension savers were persuaded by unregulated marketing companies and financial advisers to transfer to SIPP pensions, and … Continued
21/01/2019
Greyfriars Asset Management, which handled many aspects of people’s retirement funds including SIPPs and portfolios of investments, has sold it’s SIPP and SSAS business to Hartley Pensions, following it’s collapse in 2018. Updates on the firm’s Companies House entry show that the sale went ahead for a value of £820,000. £500m in assets Heavily involved … Continued
20/12/2018
The FOS, which is setup to resolve disputes between consumers and firms in the financial services sector, has produced a list of the top five alternative investments that it has received complaints about or relating to in the last year. Alternative investments are often based overseas, and are unregulated by the FCA (Financial Conduct Authority). … Continued
10/12/2018
Lighthouse Advisory Services – a principal IFA that has operated with several Appointed Representatives, has been told to pay compensation to a client by the Financial Ombudsman, because it refused to sign paperwork declaring that it gave financial advice. In a recently published financial ombudsman case, Mr B was given advise to transfer his two … Continued
22/10/2018
TPR bans for pension scam quartet The Pensions Regulator has banned four people from becoming pensions trustees after their hand in a pension cold-calling scam that ruined the retirement plans of 245 people. The four people, named in Citywire as David Austin, Alan Barratt, Julian Hanson and Susan Dalton, were all involved in a “pension … Continued
02/07/2018
The Financial Services Compensation Scheme has paid out £112 million in the 2017/2018 period for mis-sold SIPP claims, as the number of complaints about SIPP pensions continues to rise. Around 69,980 people in total used the FSCS last year to make a claim against a company that defaulted (meaning the firm could not pay compensation … Continued
04/06/2018
You’d think that between industry specialists like Spencer Churchill Claims Advice, and authorities like the Ombudsman and the FCA, we’d all be able to estimate the true scale of the pension mis-selling crisis to a penny, but the truth is far more complicated… Many Victims Still Unaware Because pensions are complicated, and because the effects … Continued
10/05/2018
Some clients of Beaufort Securities have received news of a potential shortfall between their losses through the firm, and what the FSCS can pay out. PwC had already written to around 14,000 clients of insolvent Beaufort Securities and Beaufort Asset Clearing to say they had got their hands on about £50million in ‘segregated client money … Continued
21/08/2017
It’s not just because they’re a nuisance The UK government is getting ready to BAN the practice of cold-calling in an effort to curb the huge increase in mis-sold and fraudulent pension schemes and transfers. While not all mis-sold pensions involve a cold-call from a marketing company, many do, as high-risk pension arrangements such as … Continued
