Transfers From The British Steel Pension Scheme

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Many British Steel workers who held their pensions within the company’s Defined Benefit scheme may have been wrongfully advised to transfer these funds elsewhere. In some cases this has resulted in significant levels of financial loss which could affect the future retirement plans of some members.

Members and workers who have suffered losses of this nature may have grounds for pursuing claims for compensation against the Financial Advisors who recommended these transfers.

The companies and individuals who gave the advice to transfer out of the British Steel Defined Benefit Pension Scheme are ordinarily regulated by the Financial Conduct Authority and must abide by strict rules and regulations. Breaches of these provisions could mean that they are held responsible financial losses that follow.

We believe Financial Advisors who recommended transfers out of the British Steel Defined Benefit Pension Scheme may have breached several important, fundamental regulatory rules prescribed by the Financial Conduct Authority with regards to the dealings they have had with customers.

If you believe that you have suffered financial loss as a result of transferring a pension from British Steel , please call us on 0800 152 2620 for free and without obligation advice.

Active Wealth (UK)

One such company who gave advice to transfer pensions from the British Steel Defined Benefit Scheme was Active Wealth (UK). Following regulatory intervention, they had their defined benefit transfer permissions suspended and the firm subsequently went into liquidation.

Despite the fact that the business are no longer trading, it may still be possible for members who have suffered losses through dealings with Active Wealth (UK) to pursue claims to recover their losses using special industry claims procedures.

If this affects you, then please contact us for advice on how we can help you pursue a No Win, No Fee claim.

Of course, we would still be happy to assist you if your dealings were through a different Financial Advisor, so please do get in touch if you would like free and without obligation advice on your potential options.

I received a top class service and an excellent payout. Many thanks. Mr Jackson
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Mis-selling or mis-management by a SIPP Operator?

Have you suffered financial losses on a SIPP operated by a SIPP operator? If so, then you may have grounds for bringing a No Win No Fee claim.

Some SIPP operators have entered into dealings with third party advisers who are not authorised and regulated by the Financial Conduct Authority to give pension or investment advice. This is despite their regulatory body publishing alerts and giving warnings against such actions.

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Mis-sold or mis-managed investment or pension?

  • You were sold an investment without having been properly advised of the risks
  • Your personal circumstances or attitude to risk wasn’t properly considered
  • You were sold a SIPP or poor returning annuity
  • You were advised to invest all or most of your savings into a single investment
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