The Ntrust Group Ltd were established in 2004 as KBS Oakes Financial Planning Ltd and following a couple of name changes they became known as Ntrust Group Ltd in 2012.
They went into administration in 2017 and were declared in default by the FSCS in January 2018.
When a firm is declared in default, it is usually because it is unable to meet claims brought against it and its liabilities are transferred to the FSCS.
The Ntrust Group Ltd is one of several companies associated with claims regarding the British Steel Pension Scheme (BSPS).
In 2017, many British Steel workers were advised to transfer out of the BSPS into a personal pension or SIPP. This advice may have been mis-sold as it’s highly unlikely that transferring from a defined benefit pension scheme, like the BSPS, is the best option.
This is because members would have lost valuable benefits already built up in the BSPS when transferring away into a private pension. It’s only in very exceptional circumstances that an advisor would recommend a transfer like this.
Unsuitable advice complaints are now being made to the FSCS against The Ntrust Group Ltd by those eligible for compensation.
In November 2020 it was reported that the £3.2million already paid by the FSCS to those who had been wrongly advised to transfer out of the British Steel Pension Scheme was just “the tip of the iceberg”
It’s thought there could be hundreds of Steelworkers who may not realise they have been given unsuitable advice and have yet to make a claim.
If you are concerned about the advice you received from The Ntrust Group Ltd or any other financial adviser and want to check if you may have been mis-sold – we can help.
Whilst each case is individual, as mis-selling specialists we know to look for certain signs that in our experience suggest 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.