In the complex world of pensions, trustworthy advice is essential. Unfortunately, not all financial advisors have their clients' best interests at heart. This is evident in the mis-selling failures surrounding Pension Advice Specialists, an independent financial advisor (IFA) based in Manchester. In this article, we will delve into the details surrounding Pension Advice Specialists, their administration status, and their involvement in Dubai transfers.
It's crucial to stay informed and take action to protect your pension. Let's uncover the truth behind this mis-selling scandal.
Pension Advice Specialists: Administration Status and Company Details:
Pension Advice Specialists Limited operates under reference number 792927, with its headquarters located in Manchester. Since 05/03/2018, the company has been in administration. Although they have stopped taking on new business, they are still required to meet regulatory standards when dealing with their existing customers.
If you were a customer of Pension Advice Specialists, it is advisable to reach out to the firm to understand how this administration status affects you.
The company's sub-status is "In Administration" since 18/04/2023. As a regulated entity, Pension Advice Specialists Limited is obligated to follow industry regulations and guidelines in their operations.
The administration process is being handled by Leonard Curtis, with their office located at Riverside House, Irwell Street, Manchester, M3 SEN, United Kingdom. The company is registered under the number 10828883.
Pension Advice Specialists: Involvement in Dubai Transfers:
Pension Advice Specialists, with reference number 792927, has also been associated with their involvement in Dubai transfers. This raises serious concerns about the advice provided by the company and the potential consequences for those who have transferred their pensions to Dubai under their guidance.
Stats and Figures: The Magnitude of the Mis-Selling Crisis
The mis-selling of pensions has plagued the industry for decades, since the 80's, affecting millions of people across the UK. To grasp the gravity of this crisis, let's examine the staggering figures:
Over seven million individuals in the UK have been impacted by mis-selling failures, often discovering the deception too late.
Recent years have witnessed a significant rise in payouts to those who were affected by that of mis-sold pensions. In 2018 alone, payouts totalled £40 million, escalating from £37.5 million in 2017 and £20 million in 2016. These escalating figures highlight the urgency of addressing this out-of-control situation.
These figures indicate that the mis-selling of pensions is spiralling out of control, leaving innocent individuals financially devastated.
Pension Advice Specialists' Aims and Operations:
Pension Advice Specialists aimed to provide reliable and sound financial advice to individuals seeking assistance with their pensions. Their objective was to guide clients toward suitable pension arrangements that would secure their financial future. However, their actions tell a different story.
Rather than acting in their clients' best interests, Pension Advice Specialists exploited the uncertainty surrounding pension transfers. By advising British Steelworkers to swap their defined benefit pensions for risky investments and Self-Invested Personal Pension (SIPP) products, Pension Advice Specialists led many individuals to lose valuable accrued benefits. Incorporating as a private limited company on 5th March 2008, Pension Advice Specialists is now in the process of being liquidated since 18th August 2018.
CP Financial Claims stands ready to support you throughout this process, providing the expertise needed to secure the compensation you deserve.
Act today to safeguard your pension and regain peace of mind. Contact us below for a free, no-obligation chat.