Omega Financial Solutions Ltd, an independent financial advisory firm, has been linked to mis-selling claims surrounding the British Steel Pension Scheme (BSPS). During the 2017 British Steel Pension Scheme failure, many British Steel workers were advised to transfer out of their defined benefit pension into a defined contribution pension, such as a Personal Pension Plan or a Self-Invested Personal Pension (SIPP).
Unfortunately, these transfers resulted in detrimental outcomes for many workers. In this article, we will delve into the details surrounding Omega Financial Solutions and guide you on opening a mis-sold pension claim, potentially leading to compensation.
Background on Omega Financial Solutions Ltd:
Omega Financial Solutions Ltd, which failed on 08 July 2019, is one of the companies associated with the British Steel Pension Scheme scandal. They took advantage of the uncertainty surrounding Tata Steel's decision to sell its UK business in 2016, advising numerous British Steelworkers to swap their defined benefit pension for risky investments and SIPP products. As a result, these workers lost valuable accrued benefits.
Omega Financial Solutions Ltd was incorporated as a private limited company on 5 March 2008 and has been in the process of liquidation since 18 August 2018.
Their last accounts were made up to 31 March 2017, and their last annual return was made up to 25 April 2016.
The company had 3 officers and 2 resignations while in operation: Adrian Ronald MacLennan (active), Heidi Ann Jackson (resigned), and Martyn Leo Ryan (resigned).
What Went Wrong with Omega Financial Solutions Ltd?
Omega Financial Solutions Ltd is among the companies involved in mis-selling claims related to the British Steel Pension Scheme (BSPS). Many British Steelworkers, during 2017, received advice to transfer out of their defined benefit pension into a defined contribution pension, such as a Personal Pension Plan or a Self-Invested Personal Pension (SIPP).
Regrettably, negligent advice led them to transfer their desirable final salary pension to an inferior private plan, often invested in high-risk esoteric funds that ultimately failed.
British Steel employees enjoyed enviable pensions, particularly the final salary pensions, which kept pace with inflation. These pensions provided monthly income increases as the cost of living rose, without additional fees or costs. Importantly, a final salary pension (or defined benefit pension) continued throughout an individual's lifetime.
By transferring to a private pension arrangement, British Steel employees would have forfeited the benefits they had already built up in the British Steel Pension Scheme. It was often unrealistic to achieve the same level of benefits from the new plan. Private pension schemes have limitations, and when the pot runs out, it runs out, potentially leaving individuals destitute during their retirement years.
Moreover, these risky pension plans are tied to the market and can diminish overnight. Additionally, high annual fees and commissions are charged, further eroding the potential returns.
Opening a Mis-Sold Pension Claim:
If you suspect that you were mis-sold a pension by Omega Financial Solutions or any other firm associated with the British Steel Pension Scheme failures, it is crucial to take action.
Follow these steps to open a mis-sold pension claim:
Gather Documentation: Collect all relevant documents, including any advice, statements, or communication from Omega Financial Solutions. These records will support your claim.
Assess Your Situation: Evaluate your circumstances and identify instances where you believe the advice given by Omega Financial Solutions was misleading or unsuitable for your needs. Consider factors such as the loss of accrued benefits and the potential limitations and risks of the new pension arrangement.
Seek Professional Assistance: Engage with a reputable claims management company or solicitor experienced in pension mis-selling claims. They will guide you through the process, assess the strength of your claim, and provide tailored legal advice. Fill out the form at the bottom of the page, and we can contact you to talk you through the rest of the process and help you build your case.
Submit a Formal Complaint: Lodge a complaint with Omega Financial Solutions, outlining the reasons why you believe you were mis-sold the pension. Clearly explain how their advice did not meet your expectations or best interests.
Cooperate with Investigations: If Omega Financial Solutions initiates an investigation or offers a settlement, fully cooperate and provide any additional information or documentation requested. Your cooperation will expedite the claims process.
Explore Compensation Options: If your claim is successful, you may be eligible for compensation to rectify any financial losses caused by the mis-selling. Consult with your claims management company or solicitor to understand the potential compensation you could receive.
Moving Forward With CP Financial Claims:
Successful claims may result in compensation to address any financial losses incurred. Remember, partnering with a reputable claims management company, (like ourselves) or a solicitor increases your chances of a successful claim. If you'd like a free no-obligation chat, please contact us via the form below.