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August 23, 2023

Two more British Steel advice firms declared in default

The Financial Services Compensation Scheme has declared two advice firms in default which it says are also associated with claims regarding the British Steel Pension scheme.

Arrow Financial Services Ltd and The Financial Planning Practice Ltd were declared in default on August 9th and 11th respectively.

In April 2023, Arrow Financial Services Ltd, was placed under investigation whilst the FSCS looked into whether it was involved in any regulated activities which may give rise to valid claims.

The FSCS told FTAdviser that it had received four claims (to date) against Arrow Financial Services Ltd. These relate to pension transfer advice and so far it has upheld one claim.

Arrow Financial Services Ltd, which also traded as Arrow Asset Management, was dissolved in June 2022.

The Financial Planning Practice Ltd firm is currently in liquidation and according to reports, the FSCS has so far received five claims against it. These involve pension transfer advice and self-invested personal pensions (SIPPs)

Arrow Financial Services Ltd and The Financial Planning Practice Ltd are the latest advice firms to be declared in default or be placed under FSCS investigation this year, with confirmed links to British Steel pension claims.


FCA investigation into British Steel Advice firms

Last month the Financial Conduct Authority announced the completion of its investigation into 30 advice firms in connection to the British Steel Pension Scheme (BSPS).

It also published an update on the enforcement action it had undertaken against firms which it had found had breached the rules in relation to giving BSPS members pension advice.

Last year’s parliamentary report investigating the British Steel Pension Scheme case said it was estimated that 369 firms and advisers provided unsuitable advice to BSPS members.

It also said that at least 47% of the advice provided was ‘found to be unsuitable, causing significant financial detriment.’

Important Information!

You are not required to use our services to pursue your claim. You can also seek further advice or shop around subject to any time limits within which a claim must be made.

It is possible for you to present the claim for free, either to the firm or person against whom you wish to complain or to the statutory ombudsman (Financial Ombudsman Service or Pension Ombudsman Service) or the Financial Services Compensation Scheme, whichever is applicable to your claim.