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FCA Investigates Poor Pension Advice & Pension Scams

In response to a question raised by MP, John Glen, the Economic Secretary to the Treasury has confirmed that the Financial Conduct Authority (FCA) is currently investigating as much as 30 unnamed individuals and firms in respect of poor pension advice and pension scams.

Mr Glen also confirmed that in the last five years, the FCA have taken action against a total of 15 firms or individuals for what it refers to as “pension misconduct.” MPs have called for the FCA to be far more aggressive and for criminal charges to be brought against rogue advisers.

An example of such “pension misconduct” would be recommendations to transfer valuable benefits out of a defined benefit final salary. These benefits would be guaranteed, so, if transferred somewhere else, they would be immediately lost. The FCA have determined in previous checks that nearly half of the advice given could be classified as unsuitable.

To be perfectly clear, advice on final salary pension schemes can only be given by IFAs holding an appropriate qualification. Mortgage advisers or IFAs not holding these qualifications are expressly acting out with their permissions and may even be liable to criminal prosecution. Pension holders should be extremely vigilant in the event that advice is apparently passed to a third party for sign-off.

The Financial Services Act 1986 came into force as of 29 April 1988. Although the passage of time can make claiming more difficult, it is a fact that there is no “sunset clause” on defined benefit final salary scheme pensions; meaning that, in theory, the relevant paperwork has to be retained ad infinitum. Being persuaded to leave, for example, the Mineworkers Pension Scheme when the advice was clearly not appropriate could see highly significant compensation payable, depending on the length of service.

If you feel you may have been given poor advice to transfer away from an occupational pension scheme and are concerned that you might have lost money, Beat the Banks are here to help with our free pension transfer check.

To find out more call 01382 200474

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    “Huge thank you to the team. After attempting to claim PPI myself and getting absolutely nowhere, I got Beat the Banks involved and ended up getting  £12,000. What a result. Beat the Banks made it so easy and were committed right to the end.”

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  • Mrs S, Falkirk

    “I was apprehensive about using a company to claim my PPI as I had previously responded to a “cold call” and was pestered with calls. I heard about Beat The Banks on a local radio station and because they were based in Scotland I felt comfortable approaching them. I have had a very positive experience with Beat The Banks. They are not pushy and answer any queries timeously. All the Agents I have spoken to were knowledgeable, polite and friendly. After the initial information gathering conversation, they understood my needs and just got on with my claim. No hassle. Even when it was clear that my claim was of a relatively low value they processed without delay. I would definitely recommend using Beat The Banks …. they put all the other companies out there to shame.”

  • T & A, Dundee

    “Down entirely to Mike’s hard work, we previously had a successful claim with Clydesdale Bank. Mike was convinced we had more loans with PPI and he was relentless in efforts to recover our paperwork from the bank. Finally, after many attempts, enough records were recovered to submit several claims. We have now received much more compensation, covering loans going back many, many years. If it had not been for Mike and the team at Beat the Banks this would never, ever have happened. Literally, all we did was sign our name and bank the cheque.”

  • Mrs S, Falkirk

    “I was apprehensive about using a company to claim my PPI as I had previously responded to a “cold call” and was pestered with calls. I heard about Beat The Banks on a local radio station and because they were based in Scotland I felt comfortable approaching them. I have had a very positive experience with Beat The Banks. They are not pushy and answer any queries timeously. All the Agents I have spoken to were knowledgeable, polite and friendly. After the initial information gathering conversation, they understood my needs and just got on with my claim. No hassle. Even when it was clear that my claim was of a relatively low value they processed without delay. I would definitely recommend using Beat The Banks …. they put all the other companies out there to shame.”

  • Mr & Mrs M, Shetland

    “We really appreciate the doggedness and professionalism of Jenna and the team at Beat the Banks. This is something we’d never have gotten round to doing and we’re so glad we went through the process with professionals as we’ve now had great results. Only positives have come from the experience.”

  • Mrs S, Falkirk

    “Excellent service so helpful, I received a substantial sum back that I had no idea I was due, thank you again to Beat The Banks especially to Gary who was so helpful and efficient in every way.”

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  • Mr S, Dingwall

    “Have just found out I have won all my cases with the bank, going back many years and been awarded compensation of just over £15,000!”

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