British Steel IFA Goes Into Liquidation And Reopens Under New Name
The directors of a financial advice firm which declared themselves bankrupt after advising customers to transfer their private pensions to the British Steel Pension Scheme have started a new company at the same address under a different name.
The British Steel Pension Scheme has been hugely criticised for advising steelworkers with Defined Benefit Schemes to transfer their pensions. It is often sold as an attractive package for those looking to have full access to their pensions however the investments are extremely risky.
Country Capital Wealth Management traded as the The Pension Review Service in County Durham until last year before the company went into liquidation, according to documents filed at Companies House. A new company at the same address has recently been opened by the same directors Mark and Catherine Abbey under the name of Fathom Financial.
Fathom Financial has been registered at Companies House since January 2017, but documents filed on the database show it did not start trading until last year. According to the FCA register, though, the firm has been authorised since 1 November 2017.
Following the advice of the FCA in 2018, many companies, including TPRS ceased giving pension transfer advice to customers. However after just a few months of following this advice, TPRS regained their transfer permission.
It is currently unknown as to what will happen to those wishing to make complaints regarding The Pension Review Service since they are no longer operating.
For those wishing to take legal action against a firm which is no longer trading, you can potentially claim through The Financial Services Compensation Scheme. This is a government funded organization that will work with you to help you get back the money you are rightfully owed, free of charge.
If you or someone you know has been the victim of a pension scam, please get in touch today.