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Prism Independent Financial Advisers Ltd

Failed 11/07/2023

FRN: 515431

Prism Independent Financial Advisers Ltd now in default

Prism Independent Financial Advisers Ltd was declared in default by the Financial Services Compensation Scheme in July 2023.

The firm was previously placed under investigation in April 2023 by the FSCS, who were investigating if it was involved in any regulated activities that may give rise to valid claims.

According to reports, the FSCS received 53 claims against the firm relating to pension transfer advice. Fifty of these claims are still in progress, two have been rejected and one claim was upheld.

Prism Independent Financial Advisers Ltd entered liquidation in January 2023.

 

British Steel Claims

The FSCS also confirmed that Prism Independent Financial Advisers Ltd is one of the firms associated with claims regarding the British Steel Pensions Scheme (BSPS)

Thousands of BSPS members were given advice in 2017 to transfer from the scheme, which was a defined benefit scheme, into personal pension plans or SIPPs

However, this advice was considered unsuitable for a great many of the BSPS members who are now complaining and pursuing claims for compensation.

 

Can I still claim if Prism Independent Financial Advisers Ltd is in default?

Yes you can still make a claim even though Prism Independent Financial Advisers Ltd is in default with the FSCS.

The Financial Services Compensation Scheme (FSCS) protects customers of financial services firms that have failed. A declaration of default means it has established there’s at least one valid claim that is eligible under its rules and that the firm is unlikely or unable to pay compensation.

The FSCS will assess claims against the firm and pay compensation, if eligible. There are limits to how much it can pay, depending on when and how you were mis-sold, the current maximum is £85k.

You can make a claim yourself for free, at the Financial Services Compensation Scheme (FSCS)

Here’s some useful links to help get you started…

Financial Services Compensation Scheme
FSCS Making a claim
FSCS Contact Us

Money Helper
How to spot a pension scam

Money & Pensions Service
How MaPS can help those who have been scammed on their pensions

 

If you want to use our service to handle your claim

We specialise in mis-sold pensions and investments and our claims service includes a full investigation & total management of your claim.

Our success fee is calculated at 15%+VAT (total 18%) of the gross amount of compensation offered to you and is capped at £7,500 + VAT.

If we are unsuccessful in securing an offer of compensation for you, you will not have to pay our success fee.

Our free initial case Assessment

If you think you may have been affected by pension mis-selling and would like some help, arrange an initial assessment with one of our friendly experts.

We can tell you if we think you have a case and what your options are if you do. It’s free, confidential and there’s no obligation to use our claims service.

Simply fill in the form below to arrange a call at a time that suits you. 

 

Key Facts

1
The Financial Services Compensation Scheme declared Prism Independent Financial Advisers Ltd in default in July 2023
2
It is one of the firms associated with claims regarding the British Steel Pension Scheme
3
Prism Independent Financial Advisers Ltd is currently in liquidation

We win more than 9 out of 10 claims

The cost of our service is 15% + VAT on the total monies awarded for a successful claim. Our cost is also priced capped at one of the lowest rates.

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.