Independent Benefit Consultancy Limited were a financial advice firm based in Glasgow, Scotland.
Established in 2010 they were active in advising people on pension transfers, in particular transfers from Defined Benefit (DB) Pensions also known as Occupational Pension Scheme (OPS).
IBC Ltd also worked with around 60 other IFA partners who regularly introduced clients for DB transfer services.
Many clients were transferred into Prudential invested in PruFunds.
In October 2020, the FCA placed restrictions on the firm which meant they must immediately cease:
1) advising on conversion or transfer of pension benefits; and
2) completing pipeline business in relation to the conversion or transfer of pension benefits
This came months after the Financial Ombudsman Service upheld a complaint against Independent Benefit Consultancy Limited in which they were ordered to compensate their client
The complaint upheld by the FOS in June 2020, related to pension transfer advice Mr M had received from IBC Limited in 2016 to transfer his Occupational Pension Scheme (OPS) into a personal pension policy.
When reaching their final decision, the Ombudsman said
“I don’t think simply setting out the risk factors was enough. Despite what IBC Limited has said about its face-to-face discussions with Mr M, I’m not convinced he fully understood the value of his OPS benefits and the long-term consequences of giving up those virtually guaranteed benefits in favour of a personal pension which was subject to investment risk.”
Independent Benefit Consultancy Limited are no longer trading and entered compulsory liquidation in April 2021.
If you received advice from IBC Ltd to transfer your pension, especially if it was an OPS or DB pension – you’d be wise to check the quality of that advice.
If the advice wasn’t suitable you may be able to claim compensation for mis-selling.
If you are concerned that the advice you received from Independent Benefit Consultancy Limited may have been mis-sold – we offer a free initial consultation to help you check.
Whilst each case is individual, as mis-selling specialists we know to look for certain signs that in our experience indicate that mis-selling may have happened.
Our assessment is free and there’s absolutely no obligation to use our service if you have case.
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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.