Great news awaits British Steel workers! An incredible opportunity has emerged for you to seek rightful compensation through the British Steel Pension Redress Scheme. However, it is crucial to act promptly to secure your claim, as time may be running out.
The Urgent Timeline: Claiming Compensation Before Time Runs Out
The statute of limitation rules play a critical role in the urgency of filing compensation claims. Out of the 7,700 individuals who transferred out of the British Steel Pension Scheme, an estimated 6,000 were individuals affected by inadequate advice and are eligible for compensation.
The limitation period begins from the "date of accrual of the cause of action" and lasts for six years. This creates a pressing need for affected steelworkers to take swift action to ensure their claims are submitted in time.
Overcoming Limitations for Pre-2017 Transfers
If you transferred out of the British Steel Pension Scheme before 2017, it's important to note that you may not be covered by the current redress scheme. However, fear not, as in-depth research has unveiled a glimmer of hope for all transferred British Steel Pension members seeking redress.
CP Financial Claims has consistently achieved success in cases where challenging the details of cases and meticulous interpretation is required. The clock is ticking, and time is of the essence. To ensure you don't miss out on this unique opportunity, join the ranks of those who have successfully obtained redress.
Reach out to us today by completing the form at the bottom of the page. Our team of highly trained advisors will promptly review your circumstances and guide you through the process.
Expanding Opportunities: Redress for the British Steel Pension Scheme
Recent developments have taken shape in the form of a consultation paper issued by the Financial Conduct Authority (FCA), which specifically targets British Steel Pension transfers between 2017 and 2018.
This paper serves as a call to action for financial firms involved, urging them to review and assess the suitability of the advice provided to British Steel pension holders during that crucial timeframe.
To determine your eligibility and learn more about the Pension Redress Scheme, we strongly encourage you to get in touch with us at CP Financial Claims. You can do so by filling in the contact form at the bottom of this page.
Navigating Uncharted Waters: What if Your Adviser is No Longer Trading?
If the advisory firm responsible for your pension transfer is no longer in operation, you may be concerned about whether the redress scheme covers you. However, rest assured that there is still hope.
CP Financial Claims, a trusted entity in the financial services sector, stands ready to assist you by expertly managing your claim with the Financial Services Compensation Scheme.
Please find below a list of firms that are no longer trading but were previously involved in British Steel Pension transfers. It's important to note that there are time limits for making claims, and the compensation amounts are capped at £85,000.
Acklam Financial Ltd
Active Wealth (UK) Ltd
Argent Wealth Ltd, trading as Orchard Financial Planners, Morley James Asset Management
W. Dallas Financial Services Ltd, trading as Portfolio Pension Consultancy
Bartholomew Hawkins Ltd, trading as Turris Port Wealth Management Ltd
Briggs Murray Financial Planning & Wealth Management Ltd, trading as Briggs Murray Wealth
Capital and Income Solutions Ltd
Channel One Financial Planning LLP, trading as Channel One Financial Services
County Capital Wealth Management Ltd, trading as The Pension Review Service, Fathom
Douglas Baillie Ltd & Fast Pensions Ltd
Estate Matters Financial Ltd, trading as Pension Matters
Fiducia Wealth Solutions, formerly Regen Investments Ltd
Keywood Olley & Associates Ltd, trading as North East Mortgages, EMH Financial Planning
Hyde Financial Management Ltd, formerly Imperial Wealth Management Ltd
Independent Benefit Consultancy Ltd
Intuitive Financial Associates LLP
John Coldwell Pensions & Investments Ltd, formerly Prophecy Pensions and Investments Ltd
John Dyer Ltd
Mansion Park Ltd, trading as Mansion Park Scotland, David Head MPL, Michael J Alexander
Network Direct Ltd
Omega Financial Solutions
Pembrokeshire Mortgage Centre Ltd, trading as County Financial Consultants
PWH Financial Planning Ltd, trading as WGN Wealth Management
Retirement and Planning Services Ltd
S & M Hughes Ltd, trading as Crescent Financial
Smith, Law & Shepherds I.F.A Ltd
The Ntrust Group Ltd
Tramway Financial Management Ltd
West Wales Financial Services Ltd, trading as IWA Financial Solutions, and Mike Powell Mortgages
Whitebridge Financial Planning Ltd
Unveiling the Scope of Compensation: The Firms in Default and Compensation Statistics
It is essential we venture into the scope of compensation and the firms declared in default that have advised British Steel members.
As of August 2020, notable firms in default include Active Wealth (UK), Douglas Baillie, Intuitive Financial Associates, Omega Financial Solutions, The Ntrust Group, and S&M Hughes (trading as Crescent Financial).
According to the Financial Services Compensation Scheme (FSCS), a total of 153 claims directly related to British Steel have been received across these firms. Among these claims, 92 have been upheld, 19 have been rejected, and 42 are currently in progress as of September 3, 2020.
Last week, both Yorkshire-based financial advisor The Financial Planning Practice and Chester-based advisor Arrow Financial Services UK were reported to have failed, as per the information from the Financial Services Compensation Scheme (FSCS). The FSCS has highlighted that these firms provided unsuitable advice regarding pension transfers to former members of the British Steel Pension Scheme (BSPS). To date, the Financial Ombudsman Service (FOS) has upheld one complaint against the Financial Planning Practice related to a former BSPS member.
Notably, Arrow Financial Services UK, which also traded under the name Arrow Asset Management, was originally dissolved in 2022. By April 2023, the FSCS had launched investigations into claims against the company. Despite these allegations, the firm had no complaints upheld by the Financial Ombudsman Service (FOS). It's worth noting that several former steelworkers had filed complaints against Arrow, but none of these were validated by the FOS.
Making A Claim
Claims are being held up left right and center regarding the British Steel Pension Scheme and it's members. The FSCS recently announced that The Financial Planning Practice has failed, and to date has 1 complaint upheld by Financial Ombudsman Service, which is related to a BSPS member. Remarkably, the FSCS has already disbursed a substantial sum of £3.2 million in compensation for British Steel-related claims.
However, it is crucial to note that this figure represents only a portion of the total number of claims against these firms. The FSCS clarifies that the majority of claims lodged against them are unrelated to British Steel. As such, the £3.2 million paid out thus far is merely the tip of the iceberg, as highlighted by Laura Robinson, a partner at Clarke Willmott, a prominent law firm.
If you resonate with anything we have discussed in this article and wish for us to look into your pension transfer, please get in touch by submitting your details below for a free no-obligation chat.