Have you moved your pension?
You could be owed money.
- Defined Benefit Final Salary Pension
- Any other type of Workplace Pension
- Any other type of Personal Pension
Proven Track Record of Success
Specialists in Financial Claims
Backed by over 100 years of industry experience
We’ve helped Victims recover over £50M*
The Great Alloa Pension Scandal
Are you a victim of what Beat the Banks are calling the Great Alloa Pension Scandal?
You may have multiple mis-selling complaints and be due substantial compensation.
- Substantial track record with pension claims
- Substantial track record with pension claims
- Substantial track record with pension claims
Overview of the Scandal
As many as hundreds of final salary pension holders since 2016 have seen their Diageo or United Glass pensions moved not just once, but often twice.
The Independent Consultancy (IBC)
PTC Financial Advice Companies
What's Happening Now
Overview of the Scandal
Are you a victim of what Beat the Banks are calling the Great Alloa Pension Scandal? You may have multiple mis-selling complaints and be due substantial compensation and EVEN if you have already been declined, or had a claim paid for the original advice given to move your workplace pension
As many as hundreds of final salary pension holders since 2016 have seen their Diageo or United Glass pensions moved not just once, but often twice.
Typically pensions were moved firstly to Old Mutual, or Prudential and then from 2020 yet again to True Potential.
A number of advice firms around Alloa, Stirling and Glasgow were heavily involved. It’s a huge issue that we raised with both the Financial Conduct Authority (the FCA) and also with Brian Leishman MP, who is the MP Alloa and Grangemouth. It’s Mr Leishman’s intention to raise the matter in the UK Parliament and also with the Treasury.
If you were advised to move your Diageo or United Glass pension,contact Brian Leishman MP at:brian.leishman@parliament.uk
The Independent Consultancy (IBC)
In liquidation and in FSCS Default with a compensation bill already topping £10 million, they
took in final salary transfer referrals from over 100 lesser qualified advisers and firms all
over Scotland. We’ve already helped many recover compensation for the faulty pension
transfer advice they gave.
When it came to Diageo and United Glass, the IBC took in a significant number of pension
transfer referrals from two connected, but now dissolved companies that shared the same
director – PTC Financial Advice Ltd and PTC Financial Advice (Scotland) Ltd.
Following the collapse of the IBC, inexplicably the private client data of a substantial
number of their pension transfers found it’s way into the hands of a call centre representing
3 Manchester based legal firms, Simon Adams Solicitors, Elite Chambers and Birkett
Chambers. This is a banned activity which we have reported to the various regulatory
authorities. Successful claimants were induced into paying excessive fees. Even if your
claim was upheld or rejected we want to hear from you.
PTC Financial Advice Companies
Based on a transfer of £500,000 this could represent as much as £40,000
Both firms which have since been dissolved by their director, introduced a substantial
amount of Diageo, United Glass and other final salary pension transfers to the Independent
Benefit Consultancy (the IBC). It’s a story that Beat the Banks knows well.
Both companies referred pension transfers to the IBC. They and the IBC failed to advise pension holders that the substantial initial advice fee was being shared with more than 50% of the fee being paid to the introducing companies. This should have been very clearly explained, but wasn’t.
Once transferred to Prudential the pensions were passed back to these introducers to provide ongoing advice for which they charged 0.65% of the fund value on a monthly basis. On a transfer of £500k this would have meant paying £3,250 per annum. We have won substantial compensation for multiple cases where the ongoing advice failed to be provided.
From late 2020 until late the following year huge numbers saw their pensions moved again and this time to True Potential who at that time were offering “retiring advisers” a financial incentive of up to 8% pensions moved across to their own funds. Based on a transfer of £500,000 this could represent as much as £40,000. You can read more about True Potential’s adviser incentives via the following link –
What's Happening Now
Former clients of both firms have been targeted with phone calls and texts and by
mail too. Some have even received personal visits to their homes.
Many have received the following three pieces of correspondence from. One
states the following – “Every complaint has been rejected by Quilter & TP each
stating that I did my job properly and followed all the rules. Quilter and TP have
decided that no former client/complainant is due any compensation.” The letter is
signed “Paul.”
The truth is that Beat the Banks have received a substantial number of offers from
both Quilter and True Potential where “Paul” was the adviser.
The fact is that by sending this correspondence “Paul” has given claims
management advice without being authorised or regulated to do so which is an
offence. “Paul” in contacting former clients has also processed data without their
prior consent.
The Financial Conduct Authority (the FCA) and the ICO (who regulate data
protection) have been provided with substantial evidence regarding “Paul’s”
activities.
If you were a client of “Paul” and are concerned about the advice you received please
contact the Beat the Banks team on – 01382 200474.
Find Out More
What is the Great Alloa Pension Scandal? The Great Alloa Pension Scandal – Do you live in and around Alloa and was your final salary pension moved and maybe even moved again. Are you due compensation? Our Mike Begg gives the background to a scandal fully reported to the FCA and Brian Leishman, MP for Alloa.
What is the Great Alloa Pension Scandal? The Great Alloa Pension Scandal – Do you live in and around Alloa and was your final salary pension moved and maybe even moved again. Are you due compensation? Our Mike Begg gives the background to a scandal fully reported to the FCA and Brian Leishman, MP for Alloa.
What is the Great Alloa Pension Scandal? The Great Alloa Pension Scandal – Do you live in and around Alloa and was your final salary pension moved and maybe even moved again. Are you due compensation? Our Mike Begg gives the background to a scandal fully reported to the FCA and Brian Leishman, MP for Alloa.
What is the Great Alloa Pension Scandal? The Great Alloa Pension Scandal – Do you live in and around Alloa and was your final salary pension moved and maybe even moved again. Are you due compensation? Our Mike Begg gives the background to a scandal fully reported to the FCA and Brian Leishman, MP for Alloa.
What is the Great Alloa Pension Scandal? The Great Alloa Pension Scandal – Do you live in and around Alloa and was your final salary pension moved and maybe even moved again. Are you due compensation? Our Mike Begg gives the background to a scandal fully reported to the FCA and Brian Leishman, MP for Alloa.
Your Path to Compensation
You may not know you were mis-sold… Our survey found 75% of our successful claimants had no idea they’d been mis-advised or the extent of their losses.
- If you were advised to transfer your final salary pension elsewhere.
OR
- Advised to move any pension to True Potential from 2019 to 2024. In particular was your former Prudential or Quilter pension moved to True Potential.
- Advised to move any type of pension into a SIPP or QROPS.
Our Free Check
It starts off with a chat to find out why you were advised to move your pension.
Then we review any paperwork you may have about the transfer. This might include Suitability Reports and Pension Transfer Analysis reports. You can post or email the information to us, or if you prefer and distance permits, we can see you in the comfort of your own home.
Texts and emails from your financial adviser can also be both very helpful and also very revealing.
No Paperwork? No Problem
Don’t worry if you have little or no paperwork. Whether you do, or don’t, it’s the next step in our free check where, on your behalf, we recover file information from:
- The company (or their liquidators)
- Pension scheme administrators
- Pension funds you were moved to
Typically, this can extend from hundreds to thousands of pages of data.
We Examine Your Adviser’s History
We also closely examine your financial adviser’s history.
- Are they still authorised and regulated?
- Have they closed down their previous companies?
- Where did they previously work?
- Do they have a reputation for bad advice?
We then delve into the FCA register and search through Companies House to build up a fuller picture and check the FOS register for relevant upheld claims.
Detailed Review
- Once we receive all the file information previously requested on your behalf, we then review the data in fine detail.
- Once we complete our review, we then explain whether you do, or don’t have a claim and your chances for winning compensation.
- We also have to point out that no matter how strong your case is, it may be unfeasible to submit a claim due to for example time barring rules.
Your Path to Compensation Starts Here
- Uncover if you have been misadvised to transfer your pension and are due compensation.
What We Do: Mis-Sold Pensions Free Check
- Step 1: Understanding Your Story. A friendly chat to understand why you were advised to move your pension
- Step 2: Reviewing Your Documents. Suitability Reports, Pension Transfer Analysis, and even texts/emails from your adviser are carefully reviewed.
- No Paperwork? No Problem! On your behalf, we recover essential data from companies, liquidators, pension schemes, and funds.
- Step 3: Investigative Forensics. In-depth research into: Your adviser’s history, regulatory status, and past claims. FCA Register, Companies House, and the FOS upheld claims database.
- Step 4: Honest Feedback. We assess whether you have a strong claim and explain your chances of success.
- Step 5: Your Decision. Proceed with our expert support or choose to submit the claim independently.
Beat the Banks UK
With a proven track record in helping clients recover millions for financial mis-selling, Beat The Banks UK specialises in investigating pension mis-selling, including transfer away from defined benefit final salary pensions and transfer into SIPP’s, SSAS’s and QROPS.
Ever since 2011, Beat the Banks have been using “financial forensics” to ensure our customers have the best possible chance to win their case for financial mis-selling. It’s how we built our reputation in the days of claiming for mis-sold PPI. With our strong background in financial services, often hundreds of pages of data were analysed before claims were submitted.
It’s exactly why many of our successful claimants recovered over £100,000 for being mis-sold PPI, with our biggest success for one customer against a whole host of lenders, topping an enormous £267,000.
As Seen on
Find Out More
What is the Great Alloa Pension Scandal? The Great Alloa Pension Scandal – Do you live in and around Alloa and was your final salary pension moved and maybe even moved again. Are you due compensation? Our Mike Begg gives the background to a scandal fully reported to the FCA and Brian Leishman, MP for Alloa.
What is the Great Alloa Pension Scandal? The Great Alloa Pension Scandal – Do you live in and around Alloa and was your final salary pension moved and maybe even moved again. Are you due compensation? Our Mike Begg gives the background to a scandal fully reported to the FCA and Brian Leishman, MP for Alloa.
What is the Great Alloa Pension Scandal? The Great Alloa Pension Scandal – Do you live in and around Alloa and was your final salary pension moved and maybe even moved again. Are you due compensation? Our Mike Begg gives the background to a scandal fully reported to the FCA and Brian Leishman, MP for Alloa.
What is the Great Alloa Pension Scandal? The Great Alloa Pension Scandal – Do you live in and around Alloa and was your final salary pension moved and maybe even moved again. Are you due compensation? Our Mike Begg gives the background to a scandal fully reported to the FCA and Brian Leishman, MP for Alloa.
What is the Great Alloa Pension Scandal? The Great Alloa Pension Scandal – Do you live in and around Alloa and was your final salary pension moved and maybe even moved again. Are you due compensation? Our Mike Begg gives the background to a scandal fully reported to the FCA and Brian Leishman, MP for Alloa.
What is the Great Alloa Pension Scandal? The Great Alloa Pension Scandal – Do you live in and around Alloa and was your final salary pension moved and maybe even moved again. Are you due compensation? Our Mike Begg gives the background to a scandal fully reported to the FCA and Brian Leishman, MP for Alloa.
What is the Great Alloa Pension Scandal? The Great Alloa Pension Scandal – Do you live in and around Alloa and was your final salary pension moved and maybe even moved again. Are you due compensation? Our Mike Begg gives the background to a scandal fully reported to the FCA and Brian Leishman, MP for Alloa.
What is the Great Alloa Pension Scandal? The Great Alloa Pension Scandal – Do you live in and around Alloa and was your final salary pension moved and maybe even moved again. Are you due compensation? Our Mike Begg gives the background to a scandal fully reported to the FCA and Brian Leishman, MP for Alloa.
What is the Great Alloa Pension Scandal? The Great Alloa Pension Scandal – Do you live in and around Alloa and was your final salary pension moved and maybe even moved again. Are you due compensation? Our Mike Begg gives the background to a scandal fully reported to the FCA and Brian Leishman, MP for Alloa.
What is the Great Alloa Pension Scandal? The Great Alloa Pension Scandal – Do you live in and around Alloa and was your final salary pension moved and maybe even moved again. Are you due compensation? Our Mike Begg gives the background to a scandal fully reported to the FCA and Brian Leishman, MP for Alloa.