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.

Rodders Hewitt
2024-03-08
Pension Claim Consulting Ltd ...have for me done a great job ...within the expected time scale ...Couldn't have asked for more
Phil C
2024-02-23
Thank you to all at PCC. My claim was managed brilliantly and was successful. I can highly recommended their services. Thank you once again
Christopher Fraser
2024-02-07
After identifying a concern regarding my pension, I sought advice from Pension Claim Consulting. The response and customer service was swift and amazing. The courtesy and care taken throughout the whole process was phenomenal. The consultant’s communication from start to finish filled me with confidence that PCC do exactly what they state and were on hand whenever required. The level of understanding, empathy for the frustrations, and patience is by far the best I’ve witnessed. I cannot thank PCC enough for their outstanding work ethic and dedication to customers/clients. If you have any concerns at all regarding your pension, then I would highly recommend that you get in touch with them.
Andy Yates
2024-02-06
Fantastic service, so impressed with Pension Claims Consulting. None stop updates throughout and everyone who works there was so helpful and supportive in every way. Thank you so much for getting my pension back.
Robert Manningham
2024-02-05
Pension Claim Consulting Ltd successfully won a case on my behalf following misguided advice I received in relation to my pension. They were most proactive in the process and kept me fully informed every step of the way. I have no hesitation in recommending their services.
Deanamo 84
2024-02-05
Very professional, very thorough and very good at what they do. Always at the end of the phone or email for any questions at anytime throughout the process. I can’t recommend them enough.
Roger King
2024-01-16
Pension Claim Consulting managed to reclaim some of my pension by constantly chasing the company that fraudulently took my money. I though that I had lost everything. I cannot thank them enough on recovering some of my pension back.
Susan Stringer
2023-10-17
Excellent standard of service. The claim was protracted substantially by virtue of opponents trying hard to not accept any responsibility for their actions and not return the pension fund. PCC kept me fully informed throughout the process, obtained an excellent result for me.They also kept chasing the opponent when little action was taking place from them. The staff were always pleasant and helpful to deal with and very encouraging when I felt my claim was doomed to failure. I can not praise highly enough
Paul Wilshaw
2023-10-17
Very professional and informative from the beginning of our 5 year relationship. They talked me through every step of the process with what to expect. I would recommend Pension Claim Consulting to anyone who wants an honest and professional service.
Bill Cass
2023-10-16
Great team and they will get the best outcome they can always kept informed the process took a longtime not because of anything pension claims consulting did purely the pension sip provider playing games i would 110% recommend this company to pursue your claim without doubt best thing i have done they didn't give up on my claim even though I had given up on any good outcome however finally resolved and paid thank you pension claim consulting
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.