Did you take advice from Capital & Income Solutions to move your defined benefit workplace pension?
Beat the Banks continue to help many victims of their faulty pension transfer advice. It’s a story we know all too well.
Based at Brooklands Court, Leeds. Capital & Income Solutions (C&lS) described themselves as “Experts in Pension Release.” From what we have seen, sadly nothing could be further from the truth with the firm firstly having their pension transfer permissions removed by the regulator on 4 July 2019, before subsequently being placed into liquidation in February 2020, with debts of over £1 million.
In February 2020 the leading on-line journal, New Model Adviser, revealed that C&IS was one of three firms with close links to a lead generation business. In the period from January 2019 to November 2019 alone, it’s believed C&IS were provided with over 1,400 leads from Inzuzo. You can read more here.
C&IS would consistently recommend one pension provider for a period of time, before swapping to another. Standard Life, Aviva, Prudential and latterly Royal London all strongly featured. Initial fees of 4%-5% were typically charged on the promise that this would also cover future annual reviews. These failed to materialise expect in cases where they subsequently “churned” pensions from one provider to another, with the pension holder soaked for yet more fees. Shockingly, on occasion they not only recommend that defined benefit pension holders move their fund, but also that they immediately take their 25% lump sum and place the funds in an investment bond. Equally, they weren’t embarrassed to charge an additional 3% fee for that “advice” either.
C&IS also formed a business relationship with Mike Connelly, the former Managing Director of the Mortgage Finance Store in Dundee, which saw them permit Connelly to give face to face pension transfer advice despite him being neither qualified nor regulated to provide this highly specialist advice. The earliest example we have dates back as far as May 2009. Beat the Banks broke the story through New Model Adviser. You can read the full article here.
If you have taken pension transfer or investment advice direct from Capital & Income Solutions based in Leeds or indirectly through Mike Connelly, there is a significant chance that you may have been a victim of “faulty” advice that’s left you facing considerable losses. But help is at hand and Beat the Banks will happily check for free the advice you were given.
Beat the Banks is a CMC. You can claim for free, without using a CMC, first to your provider or to the FOS/FSCS/TPO. Click here for more information.