Nationwide Benefit Consultants Ltd T/A The Pensions Reporter under investigation

Nationwide Benefit Consultants Ltd T/A The Pensions Reporter is under investigation by the FCA, FSCS and the Financial Ombudsman Service in relation to pension transfer advice.

Who are Nationwide Benefit Consultants?

The Pension Reporter was a trading name of Nationwide Benefit Consultants (“NBCL”) who were appointed representatives of Joseph Oliver Mediaçao de Seguros Lda who is regulated and authorised in Portugal and operates across Europe.

NBCL was incorporated on 15 December 2011 and traded under the name of ‘The Pension Reporter’ from 29 May 2014. The firm ceased to be registered as an Appointed Representative with the FCA on 8 April 2016 and the company was subsequently dissolved on 14 August 2018.

What did they do?

NBCL were involved with advising on and/or arranging pension transfers and subsequent investment into the Trafalgar Multi Asset Fund. Trafalgar Multi Asset Fund is the subject of a Serious Fraud Office investigation.

The firm particularly focused on expats looking to retire to Spain or Portugal.

Trafalgar Multi Asset Fund

The majority of mis-selling involved the transfer of client’s pensions pension into a Qualifying Recognised Overseas Pension Scheme (“QROPS”) making investments in the Trafalgar Multi Asset Fund.

Trafalgar Multi Asset Fund was mismanaged and entered into liquidation leaving investors with catastrophic financial losses. It forms part of an investigation by the Serious Fraud Office (“SFO”).

What happened to them?

Numerous claims were brought against Joseph Oliver Mediaçao de Seguros Lda as the principal firm of The Pension Reporter, these proved difficult and extremely lengthy.

Joseph Oliver always argued that the Financial Ombudsman Service could not assess cases against the firm as it was outside their territorial jurisdiction and that only Portuguese authorities could hold them accountable.

However, the Financial Ombudsman found in favour of the client and awarded compensation. The decision can be found on the FOS website here.

What can I do if I received pension transfer advice from The Pension Reporter?

The FSCS is now considering whether valid claims exist under it’s rules I connection with NBCL’s activities.

If this all sounds familiar to you, please contact Oakwood Solicitors Limited. We will assess your claim and provide you with an immediate decision on whether we can assist you in making a claim.

We take the hassle out of the claims process as we do all the hard work for you. We will complete all the necessary paperwork and obtain all the required documentation to support your claim.

Further reading

Mis-sold pensions – Oakwood Solicitors

WHAT TO DO NEXT

For any information about bringing a CICA claim, get in touch today for a free consultation. Choose one of the methods on the right-hand side of this page, or call us on 0113 200 9720 to find out how we can help you.