A recent investigation by New Model Advisor has revealed that 13 firms connected to advising members of the British Steel Pension Scheme (BSPS) to transfer out of their pensions, have collapsed.

This comes as the Financial Services Compensation Scheme has received a £3m claims bill to cover the damage of the BSPS transfers. Lawyers have warned this is ‘just the tip of the iceberg’.

The Financial Conduct Authority and The Pensions Regulator are massively clamping down on any firms who have mis-advised customers on their pensions which has had huge financial repercussions on the FSCS and FA companies, leading many to collapse.

The names of the 13 firms, connected to the pension scheme, which have collapsed in the last 4 and a half years are; Douglas Ballie Limited, The Ntrust Group Limited, Retirement & Pensions Planning Services, Omega Financial Solutions Limited, Active Wealth UK, Intuitive Financial Associates LLP, S&M Hughes /Crescent, County Capital Wealth Management, Fiducia Wealth Solutions, Estate Matters / Pension Matters, Pembrokeshire Mortgage Centre, Bartholomew Hawkins and Mansion Park.

According to the FCA, six of the 13 above firms were declared in default, meaning that they were unable to meet the claims brought against it, transferring the liability to the FSCS.

If you were advised to transfer out of your pension and have lost money as a result of it, please get in touch so that we can offer our advice and help you to claim back. We are one of the leading law firms in the North-West for dealing with mis-sold pension cases, operating on a no win no fee basis.