News and Knowledge

Pension Awareness Week 2023

Pension Awareness Week 2023   The Pension Awareness Week runs from the 11th to the 15th September 2023. This year, being an extra special year as it marks the 10th birthday of Pension Awareness Week!     What is Pension Awareness Week? Pension Awareness Week is a five day event that aims to provide free…

Rowanmoor Pensions claims now being accepted by FSCS

On 31st August 2022, Rowanmoor Personal Pensions (“Rowanmoor”) entered into administration and were placed under investigation by the Financial Services Compensation Scheme (FSCS).   What did Rowanmoor do wrong? A lot of Rowanmoor’s customers transferred their existing pensions into a SIPP administered by Rowanmoor following a cold call offering advice from independent financial advisors. The…

The Pensions Regulator (TPR) launches new scam-fighting strategy

The Pensions Regulator (TPR) has launched a new scam-fighting strategy in relation to concerns over the rising cost-of-living.   The increasing cost-of-living may result in more vulnerable people becoming victims of fake promises at the hands of pension scammers. TPR said that this decision is made primarily, although not solely, in relation to seven kinds…

Compensation limits – Will the FSCS increase them for pensions in line with the Financial Ombudsman Services increase?

If you have been provided with negligent financial advice, you can make a complaint to the Financial Ombudsman Service (FOS) or to the Financial Services Compensation Scheme (FSCS) for compensation.   This is to try and recover any losses that you have suffered and to put you back in the position you would have been…

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…

Investors lost 1 billion pounds due to FSCS cap

Due to the cap in compensation payouts allowed by the FSCS, it is estimated that investors lost 1 billion pounds over the course of the last six years.   More than fifty percent of these losses were made by savers looking into pension advice claims, according to this source. Due to this, the lifeboat scheme…

12 firms listed as in default by the FSCS – February 2022

The FSCS (Financial Services Compensation Scheme) has announced the 12 latest firms to be announced as in default and out of business.   One of the 12 making the list is Midland Independent Financial Services (formerly known as The Mortgage Shop), which the FSCS believes to be incapable of meeting claims in-house. Clients owed money…

Beaufort Securities (Formerly Hoodless Brennan) – Have You Lost Money?

Have you lost money with Beaufort Securities? Solicitors firm with over 15 years’ experience in financial mis-selling claims No win, no fee No upfront costs We charge only 30% + VAR for a successful claim £5 million recovered for clients in the last 12 months Free initial consultation   The experts in Financial Litigation claims…

Financial Services Compensation Scheme (FSCS) Announces Multi-Million Budget Increase

In January 2020 it published its Plan and Budget for 2020/21. This outlined initial forecasts for the levy financial services firms/Advisors will pay next year, as well as a supplementary levy due to be raised on firms before the end of 2019/20.   Advisers face an increase in their Financial Services Compensation Scheme (FSCS) bills as…

15 Regulated Advisory Firms Declared in Default

The Financial Services Compensation Scheme (FSCS) has declared 15 new advisory firms in default during February 2020.   A company/firm is declared in default when it is no longer able to financially bear to pay compensations for claims against it.     The firms are: Hector McLean Financial Consultants J Associates Knight Finance (European) Limited…