Channel 4 News reported from the scene as “Greedy” financial advisers try to cash-in on steel misery
In a Channel 4 News report, some financial advisers were said to be being driven by “greed” as advisers from all over the country were “parachuting in” to aggressively advise on British Steel Pension transfers.
Financial advisers can earn some big fees from transferring Defined Benefit pensions like those in the BSPS, and even more in commissions if they are able to recommend high-risk investments, such as overseas property and hotels.
But moving a DB pension is a risky enough business as it is, and often considered to be the wrong move for most people in unbiased advice. Worse still, if high-risk investments are thrown into the mix then there’s an increased chance that the former British Steel Pension Holder could lose everything, with only the IFA gaining anything: a tidy fee for some pretty bad work.
That’s not to say all DB pension transfers are bad, but then again, there’s more than enough to keep the team at Spencer Churchill Claims Advice busy as they fight those “greedy” financial advisers on behalf of their clients, who have been mis-sold.
You can watch the 4 minute 39 segment here
More Warnings Over BSPS Transfers
The situation with BSPS and BSPSII is undoubtedly a stressful one for scheme members, and fears expressed by everyone from the FCA to MPs on the Work and Pensions committee all point to a “feeding frenzy” of financial advisers who may or may not be acting in their client’s best interests.
In the past few weeks, 147 financial advice firms were contacted by the regulator over their involvement with BSPS members, and 3 firms have lost or surrendered their ability to advise on pension transfers at all in the wake of the BSPS crisis.
Want to know if you’ve jumped the pan and into the fire?
If you’ve transferred your BSPS holdings in the last few years and aren’t too sure about the outcome, you can have the advice you received checked for FREE with Spencer Churchill Claims Advice. We’re specialists in spotting mis-sold pensions, and may be able to help you make your claim on a NO WIN – NO FEE* basis if needed.
Just fill the details in below, or visit our main British Steel Pension Transfers information page.Tags: British Steel Pension Scheme