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British Steel PLC

British Steel Pension Mis-Selling Scandal

 

At the end of 2017 when the British Steel Pension Scheme (BSPS) was set to close, British steel workers had to decide which scheme their pensions would be moved to.  Workers were given three options, transferring to the Pension Protection Fund (PPF), a government-operated pension lifeboat, transferring to the new BSPS 2 scheme, or transferring into a personal pension.

 

Unfortunately thousands of steel workers relied on advice from financial advisors and believed that transferring into a personal pension was best for them.  However transferring out of a defined benefit pension and losing the associated benefits, is rarely a good idea and not in your best interests.

 

The FSCS have already paid £21.5 million to British Steel Pension Scheme members as the lifeboat fund and FCA call on more steelworkers to claims against IFA's.

 

The FSCS found that the returns needed by the former BSPS members’ new pensions were unrealistic to match the benefits offered by the BSPS2 or the PPF and the customers would have been better off if they had not transferred to a private plan.

 

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If you transferred your British Steel pension into a private plan, you could be entitled to compensation.  The following companies were involved in British Steel pension transfer and have already been declared in default by the FSCS or are in liquidation.  Anyone that has dealt with these firms can now make a claim for compensation from the FSCS.

 

The FSCS is recommending that anyone who transferred out of the British Steel Pension Scheme should make a claim, even if you are happy with your decision to transfer.  If you don't you may end up with less money in retirement than you should have.  The FSCS may be able to compensate you up to £85,000.

 

  • S&M Hughes t/a Crescent Financial - Failed 14/08/2020

 

  • Bartholomew Hawkins Ltd t/a Turris Port Wealth Management Ltd  - Liquidated 26/03/2021

 

  • Mansion Park Ltd, t/a Mansion Park Scotland, David Head MPL, Michael J Alexander - Liquidated 23/03/2021

 

  • Active Finance (Scotland) Ltd - Dissolved 22/03/2021

 

  • Active Wealth (UK) Ltd - Failed 26/03/2018

 

  • Acklam Financial Ltd - Applied to cancel 24/01/2021

 

  • Blakemore Wealth Management Ltd - Liquidated 26/03/2021

 

  • British Credit Trust Holdings Ltd - Liquidated 25/03/2021

 

  • Crossbrook Insurance Brokers Ltd - Liquidated 22/03/2021

 

  • DK Consulting Ltd, formerly Plan65 Ltd t/a Davidson Rae Financial Management - Dissolved 25/03/2021

 

  • Douglas Baillie Ltd & Fast Pensions Ltd - Under investigation since 19/12/2016

 

  • Estate Matters Financial Ltd t/a Pension Matters - Liquidated 25/03/2021

 

  • Fiducia Wealth Solutions Ltd formerly Regen Investments Ltd - Liquidated 26/11/2020

 

  • Hyde Financial Management Ltd formerly Imperial Wealth Management Ltd - Liquidated 15/03/2021

 

  • Intuitive Financial Associates LLP - Failed 03/02/2020

 

  • Omega Financial Solutions - Failed 08/07/2019

 

  • Pembrokeshire Mortgage Centre Ltd t/a County Financial Consultants - Failed 14/01/2021

 

  • Pentagon (UK) Ltd t/a MoneySaveSolutions.com, Eurodebt Financial Services - Failed 03/03/2021

 

  • Solicitors Financial Services (Central Scotland) Ltd t/a Equity Financial Services - Wound Up 22/03/2021

 

  • The Ntrust Group Ltd - Failed 17/01/2018

 

If you have worked with any of these firms, you could be entitled to compensation.

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You do not need to use any third party to present a claim to either The Financial Ombudsman Service (FOS) or the Financial Services Compensation Scheme (FSCS). You can make your own representation to them and their services are free.

Tower Hill Group Ltd is a limited company registered in England & Wales, registration number 12620190.

Tower Hill Group Ltd is registered with the Information Commissioners Office (ICO), registration number ZA760652.

The registered office is Kemp House, 152-160 City Road, London, UK, EC1V 2NX.