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Tramway Financial Management

Tramway Financial Management Ltd is one of several financial advice firms linked to claims regarding the British Steel Pension Scheme.

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.

Unsuitable advice to transfer

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.

Latest on Tramway Financial Management

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.

Am I entitled to compensation from Tramway Financial Management?

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

Need some help?

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.

 

Reasons To Choose Us:

1

We win more than 9 out of 10 complaints

2

Our fee is 15% +VAT on the total monies offered for a successful claim and is capped at £7,500 +VAT

3

There is no charge for unsuccessful claims

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