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I was contacted by the Financial Litigation Department - They successfully made a £33,000 Investment Claim. Junaid was my contact there and he was excellent throughout the process which was quicker than expected. Highly recommended.
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recovered by Oakwood Solicitors for clients in the last 12 months.
has been paid out by the FSCS to customers of failed financial firms
has been set aside by the FSCS for pension claims in 2020/2021
Oakwood Solicitors Ltd specialises in Financial mis-selling claims. We have a Financial Litigation team dedicated to assisting clients who have lost money as a consequence of negligent advice in relation to a financial product, such as a pension or an investment.
What went wrong with S&M Hughes Limited?
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 there were three options available to them:
Generally speaking, it is never a good idea to transfer a final salary/define benefit pension. These pensions are no longer offered by the majority of companies.
The Work and Pensions Select Committee found in an investigation as many as 124,000 member 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 an 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 to do if you think you have been mis-sold
Contact Oakwood Solicitors Ltd 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.
Why choose Oakwood Solicitors Ltd?
How do I know if I’ve been mis-sold a SIPP?
It is important to note that not all SIPPs are mis-sold. If you are unsure if you were mis-sold a SIPP then check out the common mis-selling features below.
It is likely that you were mis-sold a SIPP if you:
Were not given the full cost breakdown for management fees or additional costs attached to the investment
Invested without fully receiving an explanation of the risks including the potential to lose your pension
Were cold called by a 3rd party company
Had been told your investment would grow considerably and would provide a large return
Were pressured into acting quickly or because you were told you would risk losing out
Were told that you could take a large lump sum of cash out of your pension or access the pension before your retirement age
How much will it cost you to make a claim?
How much compensation will you 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.
Provide us with some information about your pension transfer and we will advise you if you have a viable claim. There is absolutely no obligation to proceed. You can provide information or get in touch by:
Danielle joined the firm as a Paralegal in 2011 and qualified as a solicitor in October 2014. She has acquired extensive experience in high value, complex litigation traversing numerous practice areas.
Danielle is a specialist in financial mis-selling matters with a particular interest in pensions and investments.