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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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0114 266 4216

EMAIL US - info@pensionclaimconsultingltd.co.uk

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A thoroughly positive result and experience. In all honesty I didn't have much hope of any success following a truly dodgy pension investment. I spent years angry at myself then decided to let these guys have a go on my behalf. It took hardy any effort on my part and they kept me fully informed, then out of the blue I got a call saying they have won all my pension back plus more and within days it hit my account. Thrilled with their effort and professionalism. I dealt with a few different staff and all were informative, polite and helpful. I great end to a terrible situation. 100% genuine review and I cannot recommend them enough. Thank you.
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2022-03-11
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2022-03-08
I was approached by Pension Claim Consulting after the company that was handle ing my SIPP had been investigated by the Financial Ombudsmen and informed me i had a case, with this information given to me i agreed to let them represent me in trying to reclaim my investment. All through the process i was informed of every step and on a regular basis even though it took many months the outcome was successful and i was reimbursed fully. This is a fantastic company to work with and dedicated staff who know their business. Many Thanks. Mike Dixon.
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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.