West Wales Financial Services

West Wales Financial Services was an advice firm based in Carmarthenshire.

Other trading names include IWA Financial Solutions, Mike Powell Mortgages, Kingswood Mortgage Solution, RWE Wealth Management

They are also one of several advisory firms linked to claims regarding the British Steel Pension Scheme (BSPS).

In March 2018, they were named by the FCA in a letter as giving up its defined benefit (DB) transfer permissions in relation to advice given to BSPS members.

Some other firms later regained their DB transfer permissions, but West Wales Financial Services opted not to reapply.

FCA Permissions Restriction

In April 2021 West Wales Financial made a ‘voluntary application’ to restrict its FCA permissions. This prevented it from carrying out any regulated activities with new clients.

They also had an assets restriction requirement which prevented it from disposing of any assets without prior FCA consent. This especially applied to monies held in order to “pay the outstanding and future Financial Ombudsman Service (FOS) awards”

In May 2021 it was reported that the FOS had received numerous complaints against the firm relating to pension transfers.

 

British Steel Pension Scheme

In 2017, many British Steel workers 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).

Transferring to a private pension arrangement meant they would lose the benefits they’d already built up in the British Steel Pension Scheme. It was also highly unrealistic they could achieve the same level of benefits from their new plan.

This advice to transfer may not have been the best advice for many members who are now seeking compensation.

Am I entitled to compensation from West Wales Financial Services?

If West Wales Financial Services Ltd advised you on your pension and that advice wasn’t in your best interests, you may have been mis-sold and could claim compensation.

Latest on West Wales Financial Services

West Wales Financial Services are in liquidation and were declared in default by the Financial Services Compensation Scheme (FSCS).

This means the FSCS will now assess and pay compensation for eligible mis-selling claims.

A total of £2.4 million has already been paid to members who had been advised to transfer out of the British Steel Pension Scheme.

Need some help?

If you are unsure as to whether you may have a valid claim against West Wales Financial Services Ltd – 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.

Key Facts

1
One of several advisory forms linked to claims regarding the British Steel Pension Scheme
2
They are currently in liquidation and were declared in default by the Financial Services Compensation Scheme (FSCS)

We win more than 9 out of 10 claims

The cost of our service is 15% + VAT on the total monies awarded for a successful claim. Our cost is also priced capped at one of the lowest rates.

Robert Pemberton
2022-04-11
Antony Stroud
2022-04-08
Excellent company, would definitely use again, they never gave up
Junior Geener
2022-03-20
always kept you informed has to what was going on .I'd recommend pension claim to anybody
Ian Gaynor
2022-03-14
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.
Grace Anderson
2022-03-11
Pension Claim Consulting were a Godsend. I was told about them by a friend who had also invested in a pension. They kept me informed on the progress of my claim with regular updates and answered my queries with patience and professionalism. There percentage for on behalf was also lower than expected. I can't thank them enough
adrian buck
2022-03-10
Keith Wilkins
2022-03-09
Very thorough and achieved the goal regarding compensation in full. Took a while but was worth the wait
Mark Holmes
2022-03-08
Excellent service. Great result.
michael dixon
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.
Roderick Turnbull
2022-03-08
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.