Welcome to Beat the Banks

Find Us

87 Commercial Street,

Dundee DD1 2AB

Carey Pensions UK LLP

Carey Pensions UK LLP

In May 2016, the business of Douglas Baillie Limited, following a barrage of claims against it, was forced to close down. By the end of 2016, the Financial Services Compensation Scheme officially declared the business to be in default.

In the national press in 2010 and on the subject of transfers out from final salary defined benefit schemes, Douglas Baillie quoted that “the investment return needed to match the benefits being sacrificed – the critical yield – can be ambitious.” He went further, stating that the “comparison calculations are complex and very likely to be heavily stacked in favour of the employer.”

These words are somewhat hard to swallow given that in October 2013, their appointed representatives The Pension Specialists, were forced by the FCA into suspending their pension switching business. The company disclosed that the regulator was unhappy that clients’ full financial circumstances had not been thoroughly appraised before recommending pension switches. Subsequent Financial Ombudsman’s decisions gave more insight into just exactly why the regulator was so concerned.

The Pension Specialist had been accepting business from third party unregulated introducers based all over the UK and in particular, from the west coast of Scotland. Invariably, the advice was based on an “insistent client basis” and saw pension holders move perfectly safe and performing pension funds firstly into SIPPs and then to unregulated collective investment schemes (UCIS) that were simply dripping in commissions of as high as 55%.

The common theme was that all the investments promised much higher than normal returns and, in many cases,, the sweetener of a non-repayable upfront loan for the pension holder. Little mention was made of the 5% advice fee or the commission kickback that found its way back to Douglas Baillie. The Ombudsman decision was extremely critical quoting that they “think it is also relevant that Douglas Baillie was paid commission. But, that was only paid if the transfer went ahead. In my view, this is a conflict of interest. The starting assumption for a pension transfer was that it was unlikely to be in the client’s best interest. That was required by the rules at the time of the advice. The interests of Douglas Baillie were therefore at odds with the best interests of its client.”

Typical investments were all sorts of green energy schemes, foreign hotel rooms through the likes of Harlequin and The Resort Group , storage pods via Store First and green energy through Green Oil Plantations to name but a few. Baillie even had links to the Infamous Capita Oak scam that saw the launch of a Serious Fraud Office investigation commence in May 2017.

It is hardly surprising that the level of complaints escalated firstly though the Ombudsman and now through the FSCS. Some estimates put the number of transfers managed by Douglas Bailie into SIPPs as likely close to 9000. Worryingly, and in an unusual step, the FCA have blocked the Insolvency Practitioners right to sell Baillie’s client book. This, along with our extensive research and discussions with unregulated introducers to Douglas Baillie, leads us to believe that the real number could be close to double that figure. Based on an average transfer value of say just £40,000 this could equate to an astonishing figure of in excess of £700 million.

If you have been referred to Douglas Baillie Ltd or the Pension Specialists by your financial advisor, mortgage broker or any other unregulated introducer and transferred your pension into a SIPP and have lost money, Beat the Banks are here to help. To find out more, simply complete our enquiry form or call our expert team on01382 200474.


* These fields are required.

Sign up to Beat the Banks Newsletter

I have read and agree to the terms & conditions
  • Mrs C, Glasgow

    “From beginning to end, Beat the Banks have been very efficient. I am very pleased with the service from Jenna and the team. I am highly delighted and I have been recommending all of my friends.”

  • Shona, Dundee

    “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.”

  • Mr A McQuillian

    “From previous experience of PPI claim companies, I was a bit dubious if anyone could help me but I thought I would try Beat The Banks. To say I am pleased with the service and conclusion to my claim is an understatement. Beat the banks and my claim handler in particular handled all aspects of the claim from Clydesdale Bank with professionalism, courtesy, and efficiency to secure a positive result on my behalf. I would certainly recommend the services of Beat the Banks to anyone who thinks they have PPI claim, especially with the Clydesdale Bank.”

  • 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.”

  • Dave & Linda , Dundee

    “We had no paperwork but £52,500 reasons to say thank you, we are now living our Spanish dream! Exceptional service.”

  • 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!”

Web Design by: Purple Imp