Tramway Financial Management Ltd is one of several financial advice firms linked to claims regarding the British Steel Pension Scheme.
In 2017 British Steel workers had to make decisions about their pensions as part of a restructure to the scheme.
Many were advised to transfer out of their defined benefit pension into a defined contribution pension, known as a Personal Pension Plan or a Self-Invested Personal Pension (SIPP).
Around 8,000 members transferred with a collective value worth nearly £2.8bn.
Unfortunately, this advice was not suitable advice for most scheme members.
By transferring from a Defined Benefit (DB) pension into a private pension arrangement many would have lost the benefits they had built up in the British Steel Pension Scheme.
To achieve the same level of benefits from their new pension plan may not have been realistic.
Many BSPS members are now seeking compensation for mis-selling due to this unsuitable pension transfer advice.
A total of £2.4 million in compensation has already been paid out to BSPS members for unsuitable transfer advice.
Tramway Financial Management has now been declared in default by the Financial Services Compensation Scheme (FSCS). The company was liquidated in November 2021.
This means the FSCS will now assess and pay compensation for eligible mis-selling claims.
If Tramway Financial Management advised you on your pension and that advice wasn’t in your best interests, you may be able to claim compensation.
If you are worried about mis-selling you should check your pension advice.
The BAD news:
Unsuitable Pension advice has caused huge losses
The GOOD news:
Compensation payments are hitting record figures every year
If you are unsure as to whether you have a valid claim against Tramway Financial Management – we can help!
Our initial assessment can tell you if we think you have a case and our friendly advisors will explain all the options available to you.
It’s free and there’s no obligation.
Simply give us a call or fill in the form and arrange a call at a time that suits you.
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Our fee is 15% +VAT on the total monies offered for a successful claim and is capped at £7,500 +VAT
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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.