Square Mile Financial Services, now Planet Pensions, is currently undergoing investigations by the Financial Services Compensation Scheme (FSCS). This Czech Republic-based firm operated within the United Kingdom, offering various pension products and services.
However, its journey took an unfortunate turn, ultimately resulting in liquidation and a series of unsuitable advice claims. In this comprehensive article, we delve into the intricate tale of Planet Pensions, an Independent Financial Advisor (IFA) that was previously known as Square Mile Financial Services.
The Rise and Fall of Square Mile Financial Services:
Planet Pensions, formerly known as Square Mile Financial Services, was once a prominent player in the pension industry. Operating out of the Czech Republic, Square Mile Financial Services took advantage of EU pass-porting rights to offer its products and services to clients in the United Kingdom.
The company established a reputation for providing pension advice and assisting clients with their retirement planning. However, significant changes were on the horizon.
Liquidation and Unsuitable Advice Claims:
In July 2020, Planet Pensions, formerly Square Mile Financial Services, experienced a significant setback when it was forced into liquidation. This sudden turn of events came as a shock to clients who had placed their trust in the firm. Disturbingly, numerous clients came forward, alleging that they had received unsuitable advice regarding pension transfers from Planet Pensions.
These claims shed light on the potential mismanagement and negligence that had led to financial losses for unsuspecting customers.
Among the transfers subject to scrutiny were those involving the Forthplus SIPP and the Optimus Retirement Benefit Scheme. Clients claimed that Planet Pensions had advised them to move their pensions into and out of these schemes, only to later discover that the advice provided was inappropriate. Additionally, Planet Pensions had provided guidance on transfers to and from several other pension schemes, further adding to the complexity of the situation.
Investigations by the Financial Services Compensation Scheme:
The Financial Services Compensation Scheme (FSCS) swiftly responded to the allegations surrounding Planet Pensions. As the UK's lifeboat scheme, the FSCS plays a vital role in protecting consumers and providing compensation in instances of financial misconduct or failure.
Upon receiving three claims against Planet Pensions, the FSCS initiated an investigation into the company's activities.
In a January 2022 update, the FSCS announced that it would accept claims related to advice on pension transfers involving the Forthplus SIPP, the Optimus Retirement Benefit Scheme, and transfers to and from other schemes offered by Planet Pensions. Determining eligibility for compensation under the FSCS rules became a top priority during the ongoing investigation.
Opening a Claim with CP Financial Claims:
If you believe that you have been adversely affected by the unsuitable advice provided by Square Mile Financial Services or Planet Pensions, it is essential to understand the process of opening a claim with CP Financial Claims.
Our dedicated team of experts is committed to assessing each claim on an individual basis to determine eligibility for potential compensation. We understand the complexities involved in such cases and strive to provide comprehensive guidance and unwavering support throughout the claims process. There is a contact form at the bottom of this article. Please submit your details and we will contact you regarding your options.
The Declaration of Default:
On 14th February 2023, the FSCS declared Planet Pensions Limited in default. This significant development means that all claims against the company have been transferred to CP Financial Claims' specialised claims processing teams for thorough assessment. Each claim will be evaluated meticulously, ensuring that eligible individuals receive the compensation they deserve.
Reports indicate that, as of 14th February, the FSCS has received 222 complaints against Planet Pensions. While some claims have been rejected, others are still in progress as the investigation continues. This underscores the importance of conducting a comprehensive examination to provide justice to those affected by the rise and fall of Planet Pensions, formerly Square Mile Financial Services.
If you believe that you have been impacted by the unsuitable advice provided by Planet Pensions, don't hesitate to reach out to CP Financials Claims. Our dedicated team is here to guide you through the claims process, assess your eligibility for compensation, and provide the support you need during this challenging time. (Remember you can do this below)
Stay informed and empowered as we navigate the complexities of this case and seek justice for those affected by the rise and fall of Planet Pensions, formerly Square Mile Financial Services. Your financial well-being matters, and we are committed to helping you achieve a fair resolution.
Submit your contact details below, via the form and our team will arrange a free no-obligation chat.