The Independent Benefit Consultancy (IBC) is now in liquidation. Are you a victim of their shocking pension transfer advice?
Based at Baltic Chambers in Glasgow, the IBC are known to have transferred thousands of final salary pensions and are now classed as being in FSCS (Financial Services Compensation Scheme) default. Millions have already been paid to victims.
The IBC took in defined benefit pension transfer referrals from over 100 lesser authorised and qualified IFA practices all over Scotland. From Aberdeen and Montrose in the North, to a huge number of firms in and around Glasgow and down the West Coast.
Unsuspecting pension holders saw their fund being typically moved to Prudential – Prufund Cautious, or Prufund Growth.
Immediately after pensions were moved they were then passed back to their own IFA to manage.
It was never disclosed that the huge initial advice fees were split between the IBC and the introducing firm.
Victims may have only briefly seen the Pension Transfer Specialist from the IBC, with their own IFA doing the majority of the work. This is very much against regulatory guidance.
Many firms who introduced business to the IBC have now also failed, such as PTC Financial Advice and PTC Financial Advice (Scotland) Ltd.
Substantial numbers have found their pension transferred again. For example to True Potential.
In the Central Belt huge numbers were moved from final salary schemes such as United Glass, Diegeo, the Strathclyde Pension Fund, the Lothian Pension Fund, the Falkirk Council Pension Fund and the Dumfries and Galloway Pension Fund.
So where did it all go wrong? Well in October 2020 the FCA, the UK’s financial regulator stripped the IBC of their final salary defined benefit pension transfer permissions. Other significant restrictions were also placed on the firm. Actions that are certainly not taken lightly. Read the full story here.
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.
The downfall of the IBC.
Back in October 2016 an up-beat Kenny Simpson, the sole director at that time, was happy to boast to City Wire about putting a winning team together at The Independent Benefit Consultancy, view it here. It’s all very much at odds with with a firm who according to Simpson, “volunteered” to give up its DB transfer permissions following an FCA review
If you were advised by the Independent Benefit Consultancy to move your defined benefit final salary pension, Beat the Banks will check for free and without any obligation the advice you were given. To find out more call our office on – 01382 200474, or email claim@beatthebanks.co.uk and we will be in touch.
