Argent Wealth
Argent Wealth Ltd (FRN: 515379) was an independent financial advisory firm involved in advising members of the British Steel Pension Scheme (BSPS) on pension transfers. The firm operated under various trading names, including Carlton Smith Private Wealth, Orchard Financial Planners, Morley James Asset Management, and Lifestyle Wealth Management. It ceased trading and entered liquidation on July 7, 2021.
The company was established by David Hardman and his father, John Thomas Hardman, in 2009. During the restructuring of the BSPS in 2017, many members were advised to transfer their defined benefit pensions into defined contribution schemes, such as Personal Pension Plans or Self-Invested Personal Pensions (SIPPs). This advice often resulted in the loss of valuable guaranteed benefits, and in many cases, the advice was deemed unsuitable.
If you were advised by Argent Wealth Ltd to transfer your BSPS pension and believe the advice may have been unsuitable, you may be eligible to claim compensation.
British Steel Pensions Scheme
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.
Financial Services Compensation Scheme
If you are or were a member of the BSPS, you may be able to claim for compensation through the Financial Services Compensation Scheme (FSCS). Doing this is completely free of charge.
However, the FSCS only pays compensation after a claim against the correct independent financial advisor has been made. Even though the introducing company might have been fully regulated, there may have been other companies or third parties involved. Because of this, you might need to raise a complaint with the financial advisor and then take the complaint to the Financial Ombudsman Service (FOS). If the company has either closed down or has no assets, then you need to take your claim to the FSCS instead. Where the funds lost are more than the compensation you got from the financial advisor, you might be entitled to even more compensation – although this depends on who was involved.
The FSCS is responsible for determining how much money you’ve lost. It is important that the compensation amount is worked out correctly. It is likely to be the case that the FSCS send you an payment in the interim. Even though you have faced some losses, the FSCS will not always be able to obtain a proper valuation of all of the investments you made – you need to be aware of this so that you don’t lose out.
In the case where you haven’t correctly progressed with your claim or the company does not respond to it, the FCSC will only award compensation that is calculated based on the value of pension funds transferred in. If for whatever reason the FCSC doesn’t accept your claim, do not be afraid to challenge their decision.
Anyone who had dealings with the company (Argent Wealth) and transferred their pension may very well have been given advice that wasn’t suitable and they should have their transaction(s) reviewed. When choosing a company to help with this, be sure to avoid those ones that cold call you as they have purchased your personal details illegally and will be paying commission to the very company that mis sold you the product.
Claims Help
We offer an expert pension consulting service that you are welcome to take advantage of to get advice about making a claim. You should act quickly though as there are likely to be time barring restrictions in place. There is no obligation to use our service but if you do decide to, know that our fees are very reasonable.
