Have you taken pension advice from Mike Connelly at The Mortgage Finance Store? Like his many victims that we have dealt with up to now, you may have suffered a significant financial loss.
For a number of years Mr Connelly has been masquerading as being fully qualified to give pension and investment advice. He never has been. Pure and simply he has been acting outwith the FCA permissions of both himself and The Mortgage Finance Store. In short he has acted criminally.
It’s important that if you have any concerns that you act quickly. Beat the Banks know exactly what’s happened and are here to help you gain vital compensation. To find out more give our team a call on – 01382 200474, complete our enquiry form on this page or simpler still, pop into your office with any paperwork you have. Particularly useful is the Suitability Report that you may have been provided with at the time Mr Connelly gave you advice.
Many victims were completely unaware of the involvement of a third party in the advice chain – Capital & Income Solutions based in Leeds. A firm now in liquidation with over £1 million in debts.
Here’s the Beat the Banks story to date –
First of all don’t take our word for it. New Model Adviser is the leading on-line journal for Independent Financial Advisers . Here’s what they and Mr Connelly had to say on the subject – click here. ALL the consumer comments were supplied by customers of Beat the Banks. Furthermore not one victim ever signed the disclaimer referred to by Mr Connelly.
Beat the Banks on behalf of numerous of Mr Connelly’s victims, have presented detailed complaints to the UK’s financial regulator – the FCA. All have been backed by evidence.
Mr Connelly for a number of years was provided with a constant stream of pension “leads” from mortgage advisers at The Mortgage Finance Store. This also included James Rice, a fellow director. It didn’t stop there either. We have evidence of other local mortgage companies similarly providing pension referrals. All of these would have been 100% aware that Mr Connelly was neither pension or investment qualified. All are accessories to crime.
Despite Mr Connelly’s protests that he gave no direct advice it completely contradicts what every single one of our customers has told Beat the Banks. It also contradicts a raft of written evidence – texts sent from Mr Connelly’s mobile giving direct pension advice and also from his personal email address at The Mortgage Finance Store.
So what does the typical victim look like? Well in a substantial number of cases advice has been given to leave extremely valuable defined benefit workplace pensions (DB Schemes) and often, more than just one DB Scheme. Leaving these schemes before age 55 or before scheme retirement age and when no cash free sum is needed, can result in simply enormous losses. The FCA are very clear on leaving schemes such as these, even when the advice is given by fully regulated advisers and firms. Here’s what they have to say.
Are Mr Connelly’s victims just based in Dundee ? Sadly far from it. We have submitted claims for pension holders all over Dundee, Angus, Perthshire and Fife. All types of personal and DB Schemes have been moved. By far the most “popular” has been members of the Tayside Pension Fund (notably the Social Work department).
Not content with simply giving illegal transfer advice once, we represent a number of victims who have then been then recommend by Mr Connelly to move from for example, Standard Life to Royal London and charged yet more excessive fees. Highly frowned upon by the regulator in even regulated firms, this process is known as “churning.” Zero if any benefit to pension holders, but often substantial financial gain to the adviser.
Surely I couldn’t have lost that much – could I? Sadly the answer is your losses may significantly outweigh any compensation. Mr Connelly used Capital & Income Solutions as a conduit to deal with his pension “clients.” They are now in liquidation and in FSCS “default,” meaning that successful claimants can obtain compensation up to a maximum level of £85k. For those with greater losses there is the option of an additional claim against The Mortgage Finance Store.
I took Mr Connelly’s advice and have already moved my pension away from my DB Scheme. I took my lump sum too – surely I couldn’t have lost out ? Here’s William’s story. He was advised by Capital & Income Solutions – “A few years ago, I met with a financial adviser. He advised me to transfer my defined benefit workplace pension. I trusted him. I was perfectly happy with the advice until I spoke with Beat the Banks, I had no idea that I’d been a victim of poor pension advice, or how much money I’d lost. Now I’ve received tens of thousands of pounds in compensation!”
Is Mike Connelly giving pension advice something new? In short no – we have seen cases where Mr Connelly has given pension advice as far back as 2009 – an incredible 11 years ago.
So what’s been in it for Mr Connelly? Well he worked on a fee split with Capital & Income Solutions, as evidence by the claim he submitted through MGC Introductory Solutions to the liquidators of Capital & Income Solutions. We have examples through the last 11 years of fees or 4 or 5% of transfer values being charged. It’s clear hundreds of pension holders may be affected resulting in £millions of fees being generated.
If you think I might have been a victim – “what do I do”? It couldn’t be simpler – Beat the Banks have unparalleled knowledge on exactly what’s happened and we’re here to help. We’ll tell you whether we believe you have a claim and if so, your options for seeking valuable compensation which is normally payable entirely in cash.