Mike Connelly of The Mortgage Finance Store in Dundee & Capital & Income Solutions (In Liquidation)
Were you given pension transfer advice or investment advice by Mike Connelly, a former director at the Mortgage Finance Store in Dundee? If you were, you may have suffered considerable losses.
Although not qualified or authorised to provide this highly regulated financial advice Mike Connelly illegally collaborated with Capital & Income Solutions in Leeds, over a 10 year period from 2009, in giving face to face pension transfer advice despite only being a mortgage broker. Enormous initial fees of typically 5% were charged and split between both parties.
Capital & Income Solutions spectacularly fell into liquidation at the end of 2019 with debts of over one million, having previously had their pension transfer permissions removed by the FCA. Subsequently, in January 2022 the FSCS disclosed that they had paid out £30 million in claims based on the woeful advice the firm had given to pension holders to move their final salary workplace pensions elsewhere.
Hundreds of victims saw their pensions transferred to Aviva, Standard Life and Royal London. Some even had the indignity of seeing their pensions needlessly “churned” from one company to another with yet more fees charged. Some, in yet another brazen fee generation exercise, were appallingly advised to take the tax-free cash from their pensions and invest in a Prudential Bond, with another 3% fee being charged.
Beat the Banks continue to assist huge numbers of victims all over Scotland who were incorrectly advised by Mike Connelly and Capital & Income Solutions to transfer their highly valuable workplace pensions. Some have suffered substantial six figure losses and seen their retirement plans in tatters.
If you took pension transfer or investment advice from Mike Connelly and Capital & Income Solutions, Beat the Banks are here to help. We can tell you the full story and are here to fight for compensation on your behalf. We also offer a completely free and without obligation initial assessment on the advice you were given.
Call our team on 01382 200474 or complete our on-line enquiry form
