Omega Financial Solutions

If you received advice from Omega Financial Solutions, you may want to check if you should be claiming compensation for mis-selling.

Omega Financial Solutions were a financial advice firm, established in 2008 and based in Blackpool.

The firm entered liquidation in August 2018 and according to the liquidator’s report, were subject to an FCA supervision review regarding their “high level of activity” in the DB transfer market.

The FCA raised concerns about the sales processes and advice given to these pension transfers. The FCA subsequently told them to immediately cease all regulated activity in relation to pensions and investments.

The FSCS declared them in default in July 2019.

 

British Steel Pension Transfer Mis-selling

Omega Financial Solutions were one of several companies to be linked to the British Steel pension transfer scandal.

In 2017 many British Steel employees were purposely targeted and advised to transfer their pensions.

However, this advice was not in the best interest for the great majority of British Steel Pension Scheme (BSPS) members, as very few pension transfers of this kind are.

Pension Transfer Mis-selling and Omega Financial Solutions

Pension transfer mis-selling usually involves poor or negligent financial advice.

Defined Benefit schemes are considered extremely valuable pensions and it’s only in exceptional circumstances that a pension transfer would be suitable.

Unfortunately, British Steel members would not only have lost the benefits already built up in the BSPS, but it’s unlikely they could achieve the same level of benefits from their new plan.

It may also be that the investments within the SIPP are unsuitable. As with many mis-selling cases, people are recommended schemes that expose them to high-risk and unregulated investments, which are simply not suitable for them.

Omega Financial Solutions and unsuitable advice complaints

Unsuitable advice complaints are now being made to the FSCS against Omega Financial Solutions by those eligible for compensation.

According to reports in February this year, the FSCS made a provisional claim worth £4.2m relating to 42 successful claims against Omega, with a further 137 claims against the firm being reviewed by the FSCS.

Want to know more about mis-sold pension advice?

If you are concerned that the advice you received from Omega Financial Solutions may have been mis-sold, we offer a free initial consultation to help you check.

Whilst each case is individual, as mis-selling specialists we know to look for certain signs that in our experience indicate that mis-selling may have happened.

Our assessment is free and there’s absolutely no obligation to use our service if you have case.

See what our clients have to say about our service on Trustpilot.

Key Facts

1
Omega Financial Solutions were one of several advice firms linked to the British Steel pension transfer scandal.
2
They were subject to an FCA supervision review regarding their “high level of activity” in the DB transfer market, which raised concerns about the sales processes and transfer advice given

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Rodders Hewitt
2024-03-08
Pension Claim Consulting Ltd ...have for me done a great job ...within the expected time scale ...Couldn't have asked for more
Phil C
2024-02-23
Thank you to all at PCC. My claim was managed brilliantly and was successful. I can highly recommended their services. Thank you once again
Christopher Fraser
2024-02-07
After identifying a concern regarding my pension, I sought advice from Pension Claim Consulting. The response and customer service was swift and amazing. The courtesy and care taken throughout the whole process was phenomenal. The consultant’s communication from start to finish filled me with confidence that PCC do exactly what they state and were on hand whenever required. The level of understanding, empathy for the frustrations, and patience is by far the best I’ve witnessed. I cannot thank PCC enough for their outstanding work ethic and dedication to customers/clients. If you have any concerns at all regarding your pension, then I would highly recommend that you get in touch with them.
Andy Yates
2024-02-06
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Robert Manningham
2024-02-05
Pension Claim Consulting Ltd successfully won a case on my behalf following misguided advice I received in relation to my pension. They were most proactive in the process and kept me fully informed every step of the way. I have no hesitation in recommending their services.
Deanamo 84
2024-02-05
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Roger King
2024-01-16
Pension Claim Consulting managed to reclaim some of my pension by constantly chasing the company that fraudulently took my money. I though that I had lost everything. I cannot thank them enough on recovering some of my pension back.
Susan Stringer
2023-10-17
Excellent standard of service. The claim was protracted substantially by virtue of opponents trying hard to not accept any responsibility for their actions and not return the pension fund. PCC kept me fully informed throughout the process, obtained an excellent result for me.They also kept chasing the opponent when little action was taking place from them. The staff were always pleasant and helpful to deal with and very encouraging when I felt my claim was doomed to failure. I can not praise highly enough
Paul Wilshaw
2023-10-17
Very professional and informative from the beginning of our 5 year relationship. They talked me through every step of the process with what to expect. I would recommend Pension Claim Consulting to anyone who wants an honest and professional service.
Bill Cass
2023-10-16
Great team and they will get the best outcome they can always kept informed the process took a longtime not because of anything pension claims consulting did purely the pension sip provider playing games i would 110% recommend this company to pursue your claim without doubt best thing i have done they didn't give up on my claim even though I had given up on any good outcome however finally resolved and paid thank you pension claim consulting
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.