Government rules regarding pension transfers are clear – if the value exceeds £30,000 then the transfer can only go ahead providing there’s been regulated advice from a pension transfer specialist.
It’s understandable then, with these measures in place, that British Steel Pension Scheme members thought it was safe to transfer their pension after receiving advice.
Many factors contributed to this perfect transfer storm, including the Pensions Freedom act as well as the uncertainty scheme members faced and the reduction in benefits connected to the scheme. Basically, people just want to make the most of their future pension pots and thought they were given good advice to do so.
Unfortunately, it wasn’t too long before reports started to filter through regarding the suitability of this advice and as a result of an FCA investigation, 13 Adviser firms had their permissions restricted regarding pension transfer advice including the now defunct Active Wealth Management .
The FCA then investigated the transfer records of these firms and found that over 50% of the advice given was deemed unsuitable.
This has undoubtedly left many British Steel workers wondering if their transfer is one of those that has been affected by poor advice and if so, how to go about making a complaint.
The most important thing is to get the advice you received checked out as soon as possible, as there are some time limits on making a complaint.
If you want to know more about this and possibly claiming compensation as a result of poor advice, we can help.
We offer a free no obligation assessment to check if the advice you received to transfer may have been mis-sold (unsuitable advice) and whether you may have a case for compensation.
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.