Have you been a customer of the Mortgage Finance Store
Are you, or have you been a customer of the Mortgage Finance Store based at Dundee’s Technology Park?
Although only authorised by the Financial Conduct Authority (FCA) to give advice on mortgages and insurance, we have established that Mike Connelly, one of their directors has been involved in giving pension and investment advice since 2010. Were you or a family member or friend referred to him directly or perhaps by a mortgage adviser at The Mortgage Finance Store?
We believe there may be hundreds of victims all over Dundee, Angus, Tayside, Perth and Fife. Following the stock market crash those advised by Mr Connelly to leave highly valuable Defined Benefit workplace pensions, may now be facing an uncertain retirement. Only the most qualified financial advisers are fully equipped and authorised to discuss these guaranteed schemes. Victims may also have been charged a massive 4% or more of their fund as an initial advice fee.
To discover the whole story read below
Check The FCA Register
Based in Dundee’s Technology Park, The Mortgage Finance Store (TMFS) have provided customers with mortgage and life insurance advice since 2003.
Unfortunately, for a number of years Mike Connelly, one of the directors, has also misled innocent pension holders into believing both himself and TMFS are authorised to provide pension and investment advice. This has NEVER been the case as confirmed by this link to the FCA register
Providing this complex and highly qualified advice whilst not regulated or authorised to do so, is criminal activity. Unfortunately, much of Mr Connelly’s “work,” has centred around giving the advice to transfer away from highly valuable Defined Benefit (DB) workplace pensions. With the recent collapse in the stock markets, victims may now be looking at substantial losses and an uncertain retirement.
If you are unsure if you have been a victim here are some facts
Until recently, Mr Connelly used a company called Capital & Income Solutions based in Leeds to facilitate his pension transfers. They are now in full liquidation. Mr Connelly’s company (MGC Introductory Solutions Ltd) are listed as a creditor. The amount claimed is £30,000
Listen to what Capital & Income Solutions had to say about Mike Connelly
Many pension holders and investors who dealt with Mike Connelly were completely unaware that it was this third party who held the necessary FCA permissions.
Since the demise of Capital & Income Solutions, many pension holders have mysteriously received letters from both the failed firm and Options Wealth. Both breach the Data Protection Act and GDPR and potentially divert revenue from the liquidation. Both letters are shown at the end of this page. We have supplied the liquidator with substantial evidence.
A call to the number quoted on the letter from Capital & Income Solutions was very revealing and confirmed the relationship between them & Mike Connelly. You too can listen to exactly what was said by clicking play above.
A number of pension victims have also received cold-calls offering the opportunity to make claims against the bad advice they have received. Cold-calling for this type of activity has been banned since September 2018. One Claims Management Company offers a bargain fee of 36% or is it 42% – their T&C’s can’t quite decide. The other, an established firm of solicitors is a little shy on revealing their fees. Customers of Beat the Banks will pay no more than 20% plus vat for a successful claim (a total of 24%) and typically it’s just 20% inclusive of VAT. If you have fallen prey to one of these cold-calls and have signed up, we can assist in having your contract nullified.
The earliest example of pension advice we have seen being given by Mike Connelly incredibly dates back to October 2010.
A number of pension transfers centre around advice to leave extremely valuable DB workplace pensions. Typically we are finding evidence of fees of 4% or more of the of the Cash Equivalent Transfer Value (CETV) being charged. On a pension transfer of £500,000 this would equate to an enormous £20,000 – massively at odds with the suggested maximum fee of £3,500 that the FCA are currently consulting on.
Victims include a number of current or former employees of the Tayside Pension Fund. On 25 June 2019 Capital & Income Solutions had their DB pension transfer permissions revoked by the FCA. Despite this both Connelly and the company continued unabated. Following our discussions with the Fund, they subsequently issued a warning notice to active members of the scheme. Again a copy is available at the end of this page.
Over the last year Mr Connelly has been known to “churn” pensions from Standard Life to Royal London. The suitability report subsequently provided by Capital & Income Solutions makes interesting reading -“Having reviewed Standard Life as part of our due diligence checks, we also feel they are not the company they once were …. poor investment performance, high charges and troubling publicity. “ Zero justification for “churning” and the fee that was charged.
We have evidence of pension holders being given advice to transfer out of DB Schemes prior to age 55. Other than for ill-health there can be little justification. Victims may now be facing substantial losses.
Mr Connelly has requested fees be payable direct to his own bank account with no invoice being provided.
Mr Connelly at one point in time described himself bizarrely as being “Account Manager Scotland, for Capital & Income Solutions. See copy of his “business” card. All of the listed illegal activities have been reported to the FCA and the relevant authorities.
Concerned that you might have been a victim ?
It couldn’t be simpler. You can contact the team at Beat the Banks direct on 01382 200474 or submit your enquiry to firstname.lastname@example.org – We’re more than happy to answer any questions you might have.
Beat the Banks – Protecting Rights, Correcting Wrongs.