19/09/2019
SIPP pension provider now in insolvency proceedings The pension provider at the centre of a high-profile court case, Berkeley Burke SIPP Administration Limited, has followed other SIPP providers into administration. Berkeley Burke appointed Adrian Allen and Diana Frangou of RSM Restructuring Advisory LLP to be the joint administrators over the firm’s insolvency proceedings, with many … Continued
17/04/2019
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
05/03/2019
Back in 2015, the Pensions Scams Industry Group (PSIG) was voluntarily set up to look into the causes of pension scams – a huge part of the fight against people losing their pensions. Using data collected from three different pension providers, they’ve probed into over 27,000 pension transfers from Defined Benefits pension schemes worth over … Continued
12/02/2019
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
04/02/2019
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
30/01/2019
The FSCS has released figures that show another 754 former clients of collapsed Beaufort Securities have been paid compensation, while another 1,400 clients who ‘still require compensation’ are in waiting. That makes it 16,100 former Beaufort Securities clients who have received compensation for things such as pension mis-selling since the firm went under, following an … Continued
22/01/2019
Its less than a month since the ban on pension cold-calling became enforceable, designed to protect people’s pensions from scammers and mis-sellers, and to raise awareness of the pitfalls of pension mis-selling. But one firm has already ‘boasted’ of finding a way to ‘swerve’ the ban. As reported in Citywire, Adviser Breakthrough which is an … Continued
17/01/2019
The financial services regulator, the FCA, has paid visits to five providers of Self-Invested Personal Pensions, following a letter sent to CEOs of SIPP firms to warn about mounting claims relating SIPP products. SIPP mis-selling has been a focus for many in the financial services industry for the past few years, and claims relating to … Continued
16/01/2019
SIPP pension provider Liberty SIPP is again ‘under fire’ over its links to high-risk and unregulated investments. Some SIPP companies allowed investments in alternative schemes, often based abroad and not regulated by the watchdogs at the FCA, including Liberty SIPP. Often linked to the Ethical Forestry situation, in which the Costa Rican forestry scheme entered … Continued
07/01/2019
Did you ever transfer a final salary or other type of defined benefit pension scheme? The financial services compensation scheme (FSCS) has paid out more than £40 million in 2018 for claims relating to defined benefit pension transfers that turned out to not be in the person’s best interest. Unsuitable pension transfers like these can … Continued
