The Northampton-based firm Better Retirement Group has had 16 complaints upheld against them relating to defined benefit pensions transfer advice by the Financial Ombudsman Service (FOS). Five of the complaints made were from members of the British Steel Pensions Scheme (BSPS).
It has been reported by the FCA that the firm applied to end taking on all new regulated activities on 30th May 2022. After a review by the FCA back in 2020, they had stopped giving pensions transfer advice after failing to renew its professional indemnity insurance.
The FCA also put the firm on asset retention requirements in October 2020 which prevents the selling of business assets, such as client books, without the regulator’s approval.
In 2017 and 2018, Better Retirement Group assessed 85 defined benefit transfers for members of the British Steel Pension Scheme on behalf of now-collapsed IFA Fiducia Wealth Solutions. At that point Fiducia Wealth Solutions did not hold permissions to approve defined benefit transfers.
Can you claim compensation if you have been wrongly advised to transfer your DB pension?
If you have received negligent financial advice in relation to your defined benefit/final salary pension, you may be eligible to receive compensation from the Financial Services Compensation Scheme (FSCS). If the company you received advice from is no longer in business, the FSCS can compensate you up to £85,000 for any loss you have incurred.
You can find out more information about claiming back compensation for a mis-sold DB pension transfer on our website. Defined Benefit Pension Transfer Claims - Smooth Commercial Law (smoothcl.co.uk)
You can also speak to a member of the team by calling 0800 046 9976. All initial calls are free of costs. Or complete the contact form on our website and we will call you at a time to suit you.