THE SITUATION
Mr H. was a British Steel Pension Scheme (BSPS) member from January 2011 to April 2016. In November 2016, he received advice from an appointed representative of Better Retirement Group Ltd (BRG) to transfer £35,381.19 of his pension funds to an Intelligent Money Self-Invested Personal Pension (SIPP). Following the transfer, Mr H. told us that he was left uninformed, did not receive any statements and felt concerned if he’d done the right thing by transferring his pension.
OUR APPROACH
After speaking with Money and Me Solicitors, Mr H. decided to allow us to pursue a claim on his behalf, as we had informed him that, in our opinion, there was certainly cause for concern.
Following a thorough investigation, we established that Better Retirement Group wrongly advised Mr H. to transfer his pension fund and wrongly advised him to invest his money in a portfolio that did not match his attitude to risk. As BRG had gone out of business in January 2023, we submitted a claim for compensation to the Financial Services Compensation Scheme (FSCS).
THE OUTCOME
On 19 June 2024, we were delighted to inform Mr H. that we had secured a successful outcome, resulting in the FSCS awarding him compensation of £67,358.50. This amount put him back to the financial position he would have been in, had he not acted on the unsuitable pension transfer advice from BRG. Furthermore, during the investigation, Money and Me Solicitors discovered that another IFA firm ought to be held liable for some of Mr H. losses and that additional claim is ongoing.
Mr H. expressed his satisfaction with the service he’d received to date, stating:
“Money and Me Solicitors were very patient and helpful throughout the process. Without their help, I would have had nothing and couldn’t have made a claim myself. The compensation has provided me with financial security, allowing me to retire early due to physical limitations. I would certainly recommend Money and Me Solicitors to friends and colleagues.” – Mr H.
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