In June 2022 we explained that Northampton based firm, Better Retirement Group Limited (BRG), had five complaints against it upheld by the Financial Ombudsman Service: Case study: Mrs P misadvised by Better Retirement Group to transfer pension benefits.
It is now reported that BRG has had 16 complaints brought against it, this year alone, relating to pension transfer advice. Five of those complaints involve transfers from the British Steel Pension Scheme. You can read more surrounding the British Steel pension mis-selling scandal, here: Is it worth instructing a Solicitor to bring my British Steel pension claim?
This is unsurprising given that BRG are reported to have advised on around 85 defined benefit pension transfers from the British Steel Pension Scheme in total, between 2017 and 2018. They did so in conjunction with the now failed firm, Fiducia Wealth Solutions, because Fiducia themselves did not have the requisite permissions to advise on the defined benefit element of the transfers.
As of 30 May 2022, BRG ceased all regulated activities, pursuant to an FCA Notice. We understand that this followed a decision taken in 2020 give up pension transfer permissions when they failed to renew their professional indemnity insurance. Whether BRG will continue as a going concern will remain to be seen, with their last compulsory strike off having only been discontinued in March of this year.
If you received advice from Fiducia Wealth Solutions and/or BRG to transfer your pension, you may be able to claim compensation. If you received unsuitable advice and do nothing, you may end up with less, or no, money on retirement.
