Better Retirement Group declared ‘failed’ by the FSCS

On Friday 2nd September 2022, Begbies Traynor (Central) LLP and Carter Clark Financial Recovery were appointed as Joint Liquidators and Better Retirement Group (BRG) entered into Creditors Voluntary Liquidation.

Prior to the liquidation, BRG had applied to the FCA to cease all regulated activities on the 30^th May 2021. In October 2021, BRG also had to suspend their defined benefit transfer permissions as a result of failing to renew their professional indemnity insurance. In August 2022, BRG volunteered to have their regulated permissions removed.

Following the liquidation in September 2022 The Financial Services Compensation Scheme (FSCS) confirmed that the advice firm, BRG, was under investigation as a result of numerous pension transfer claims made against them. Before the FSCS’ investigation, the Financial Ombudsman had upheld a total of 17 cases received against BRG.

The liquidation meant that the FSCS were able to conduct an investigation to see if there are any valid claims against it. The FSCS found at least one valid claim and on the 17th January 2022, they declared BRG ‘failed’.

All claims made against BRG relate to pension transfer advice, including advice given to British Steel Workers.

In 2017, many British Steel workers were advised to transfer out of their defined benefit (DB) pension into a defined contribution pension, known as a Personal Pension Plan or a Self-Invested Personal Pension (SIPP).

By acting upon this advice and transferring to a private pension arrangement, it’s extremely likely that British Steel workers would have lost the benefits already built up in the British Steel Pension Scheme.

The underlying aspect that was not made clear to the workers was that it may not have been realistic to achieve the same level of benefits from their new pension plan.

BRG have also been linked to SVS Securities, as they acted as the defined benefit transfer specialist. SVS Securities themselves fell into administration in 2019.

If you were advised by Better Retirement Group to transfer your pension, it may be that the advice provided may not have been the best advice for you and you may be eligible for compensation.

Further reading

Mis-sold pensions – Oakwood Solicitors

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