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Arrow Financial Services UK Ltd

Failed 09/08/2023

FRN: 528826

Arrow Financial Services UK Ltd was declared in default by the Financial Services Compensation Scheme in August 2023, having being under investigation since April.

It also traded as Arrow Asset Management between February 2016 and October 2019.

According to the Financial Conduct Authority register it is no longer authorised since October 4th 2021. And the firm which was dissolved in June 2022 following the appointment of voluntary liquidators. 

FSCS claims against Arrow Financial Services UK Ltd

The FSCS says is currently investigating Arrow Financial Services UK  Ltd. This is to establish whether the firm was involved in any regulated activities and if these activities may give rise to valid claims.

According to FTAdviser the FSCS had received four claims against Arrow Financial Services Ltd relating to pension transfer advice, one of which was upheld thus triggering the default status.

The FSCS also named Arrow Financial Services UK Ltd as a firm associated with claims regarding the British Steel Pension Scheme.

Thousands of British Steel Pension Scheme members were given advice in 2017 to transfer out of their Defined Benefit pension into a Defined Contribution pension. Also known as Self-Invested Personal Pension (SIPP) or Personal Pension Plan.

It’s only in certain circumstances that a transfer from a Defined Benefit scheme into a personal pension or SIPP would be the best option.

And in the case of the BSPS it’s been found that the advice most members received may not have been suitable for them. A transfer into a private pension would mean they would have lost the benefits already built up in the BSPS. And it unlikely they be able to achieve the same level of benefits from the new pension plan.

 

Key Facts

1
The FSCS is now investigating whether the firm was involved in any regulated activities that may give rise to valid claims.
2
The FSCS confirmed it is one of the firms associated with claims regarding the British Steel Pension Scheme
3
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