S&M Hughes Limited has started liquidation proceedings. The firm was ordered to immediately cease all regulated activities by the Financial Conduct Authority in May 2019.
Several steelworkers had enlisted the help of S&M Hughes Limited to transfer out of the British Steel Pension Scheme (BSPS) – a scandal which has resulted in thousands of individuals transferring their pensions to what are now worthless investments.
Members of the BSPS were asked to decide what to do with their defined benefit pensions as part of a restructuring process in 2017. About 8,000 members transferred out of the old scheme by October 2018, with transfers collectively worth about £2.8bn.
Those part of the BSPS were told following the restructuring that there were three options available to them:
Generally speaking, it is never a good idea to transfer a final salary/defined benefit pension. These pensions are no longer offered by the majority of companies.
The Work and Pensions Select Committee found in an investigation that as many as 124,000 members may have been failed.
What is a defined benefit pension?
A defined benefit pension is a workplace pension that pays you an income based on your salary and the number of years you’ve worked for the company, rather than the amount of money you’ve contributed to the pension.
Concerns were soon raised about the suitability of the advice being provided resulting in a FCA intervention which immediately led to a number of firms stopping their advice services.
Have you been affected?
If you have answered yes to the above questions, please contact us urgently as we may be able to help.
What do I if I think I have been mis-sold?
Contact Oakwood Solicitors free of charge to find out if you are entitled to compensation on a ‘no-win, no-fee’ basis. We have helped clients to recover thousands of pounds in compensation and may be able to help you too.
We work closely with Independent Financial Advisors who can assist before you agree to move your funds.
How much will it cost to make a claim?
How much compensation will I receive?
We cannot provide an exact figure until we have completed our investigation. In the event the advisor was registered and is no longer trading, there may be a cap on the level of compensation we can recover via the Financial Services Compensation Scheme.
In the event the advisor was not regulated we would seek to have the pension reinstated with your previous pension provider. We have recovered thousands of pounds already for a number of our clients, and could also help you.
WHAT TO DO NEXT
If you feel you have a claim, contact us for a free initial consultation regarding your options by email, or alternatively – call us on 0113 200 9787 for more information about the British Steel pension scandal.
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S&M Hughes Limited has started liquidation proceedings. The firm was ordered to immediately cease all regulated activities by the Financial Conduct Authority in May 2019. Several steelworkers had enlisted the help of S&M Hughes Limited to transfer out of the British Steel Pension Scheme (BSPS) – a scandal which has resulted in thousands of individuals…
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