A W Dallas Financial Services was an advice firm based in Swansea. It also traded as Portfolio Pension Consultancy.
It is currently in liquidation and was declared in default by the FSCS in November 2019.
A W Dallas Financial Services is one of several advice firms associated with claims from members of the British Steel Pension Scheme (BSPS).
During 2017, many BSPS members were advised to transfer out of their defined benefit pension into a Personal Pension Plan or a Self-Invested Personal Pension (SIPP).
In doing so, they would have lost the benefits already built up in the British Steel Pension Scheme, and it’s unrealistic they would achieve the same level of benefits from the new plan.
Many of the 8000 members who received unsuitable pension transfer advice are now claiming compensation.
A letter sent to creditors in August said the directors of A.W. Dallas Financial Services had decided to commence liquidation proceedings due to the firm’s financial position and potential liabilities from client complaints.
These complaints, regarding advice provided to clients between August 2017 and February 2018, were reported to have made up “nearly a quarter of the client book”.
If A W Dallas Financial Services Ltd / Portfolio Pension Consultancy advised you on your pension and that advice is proven to be unsuitable, then you may be able to make a claim against them at the FSCS.
Unsuitable pension advice can mean you were given poor or negligent advice to move your pension. It could also be that the risks involved with investments were downplayed, or your attitude to risk was not accurately reflected in the choice of investment.
If you’d like to know more, our free initial assessment may be able to help you.
While each case is individual, as mis-selling specialists, we know to look for certain signs that in our experience indicate mis-sold pension advice may have been given.
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.