HYDE FINANCIAL MANAGEMENT Ltd
Hyde Financial Management Ltd (HFM) (FRN: 501271)is one of the firms linked to unsuitable advice around British Steel Pension Scheme transfers. The company has since gone into liquidation, with Butcher Woods Corporate Recovery appointed to manage the process.
In 2017, many members of the British Steel Pension Scheme (BSPS) were advised to transfer out of their defined benefit pensions into defined contribution arrangements, such as Personal Pension Plans or Self-Invested Personal Pensions (SIPPs).
By moving to private pension schemes, they gave up the guaranteed benefits they had built up in the BSPS. In many cases, it was unlikely their new plans would be able to provide the same level of long-term financial security. For some, the advice they received simply wasn’t in their best interests.
HFM operated under several trading names, including Imperial Wealth Management, Property Information Reports, Money Smart (UK) Limited, and The HIP Partnership.
The firm ran into serious trouble for its role in arranging British Steel pension transfers. It worked alongside authorised introducers, individuals or firms who were not permitted to provide pension transfer advice, who completed key documents such as client fact-finds and attitude to risk questionnaires.
In some cases, HFM arranged pension transfers without ever meeting the steelworkers involved. This lack of direct engagement raised significant concerns about the suitability and quality of advice given during what was a complex and high-stakes financial decision.
