Omega Financial Solutions were a financial advice firm, established in 2008 and based in Blackpool.
The firm entered liquidation in August 2018 and according to the liquidator’s report, were subject to an FCA supervision review regarding their “high level of activity” in the DB transfer market.
The FCA raised concerns about the sales processes and advice given to these pension transfers. They were subsequently told by the FCA to immediately cease all regulated activity in relation to pensions and investments.
They were declared in default by the FSCS in July 2019.
Omega Financial Solutions were one of several companies to be linked to the British Steel pension transfer scandal.
In 2017 many British Steel employees were purposely targeted and advised to transfer their pensions.
However, this advice was not in the best interest for the great majority of British Steel Pension Scheme (BSPS) members, as very few pension transfers of this kind are.
Pension transfer mis-selling usually involves poor or negligent financial advice.
Defined Benefit scheme are considered extremely valuable pensions and it’s only in exceptional circumstances that a pension transfer would be suitable.
Unfortunately, British Steel members would not only have lost the benefits already built up in the BSPS, but it’s unlikely they could achieve the same level of benefits from their new plan.
It may also be that the investments within the SIPP are unsuitable. As with many mis-selling cases, people are recommended schemes that expose them to high-risk and unregulated investments which are simply not suitable for them.
Unsuitable advice complaints are now being made to the FSCS against Omega Financial Solutions by those eligible for compensation.
According to reports in February this year, the FSCS made a provisional claim worth £4.2m relating to 42 successful claims against Omega, with a further 137 claims against the firm being reviewed by the FSCS.
If you are concerned that the advice you received from Omega Financial Solutions 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.