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Smith Law & Shepherds IFA

Did you receive pension advice from Smith Law & Shepherds IFA?

You could claim compensation if that advice was unsuitable.

Smith Law & Shepherds IFA is one of many advice firms associated with claims regarding the British Steel Pension Scheme.

And the Financial Ombudsman Service has upheld claims against the firm for pension advice given to BSPS members.

Plutus Partnership and Chambers Wealth Management were Appointed Representatives of Smith Law & Shepherds IFA.

Check if you have a mis-sold advice claim against Smith Law & Shepherds IFA

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Our initial assessment can help check if you may have been given mis-sold pension advice.

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

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

Get Mis-sold Pension Advice

The BAD news:

Pension mis-selling has cost pension savers BILLIONS of pounds

The GOOD news:

Compensation payments are hitting record figures every year

What’s the British Steel Pension mis-selling scandal?

In 2017 The Pensions Regulator allowed British Steel to close its troubled original pension scheme. This left members with the choice on what to do with their pensions.

Thousands of British Steel Pension Scheme members were given advice to transfer out of their defined benefit pension into a Personal Pension Plan or a Self-Invested Personal Pension (SIPP).

However, this advice to transfer wasn’t the most suitable option for most BSPS members.

Transferring meant members would lose the benefits already built up. And it’s unrealistic to expect they’d achieve the same level of benefits from the new plan.

FCA place restrictions on Smith Law & Shepherds

In December 2021, the Financial Conduct Authority issued Smith Law & Shepherds with an asset restriction order. Meaning it could not sell or dispose of assets without first informing the FCA.

Many of the BSPS members who received unsuitable advice to transfer their pension are now claiming compensation.

FSCS declare Smith Law & Shepherds in default

The Financial Services Compensation Scheme (FSCS) declared Smith Law & Shepherds IFA in default on 21stJuly 2022.

A declaration of default means the FSCS are satisfied that there are protected claims against the firm. And that they are unlikely or unable to pay compensation.

The FSCS has said so far it has received 20 claims against Smith, Law & Shepherds

According to Companies House, the firm has been in administration since January 2022.

Can I still claim compensation now Smith Law & Shepherds are in default?

You can still make a claim against declared Smith Law & Shepherds IFA but it will be processed by the FSCS.

The FSCS has limits to how much compensation it can award depending on when and how you were mis-sold. The maximum it can award is £85,000.

Arrange a consultation to find out if you have a case




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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.