There were lots of British Steel employees that were given poor financial advice by Acklam Financial Limited.
In 2017, many British Steel workers were advised to transfer out of their defined benefit pension into a defined contribution pension, known as a Personal Pension Plan or a Self-Invested Personal Pension (SIPP).
By transferring to a private pension arrangement, they would have lost the benefits already built up in the British Steel Pension Scheme. It may not have been realistic to achieve the same level of benefits from their new plan.
Defined Benefit (DB)
Based in the northern town of Middlesbrough, Acklam Financial was one of several financial advice companies that lost their permission to transfer DBs. The advice they gave may not have been the best advice for their clients. This came as a result of intervention by the Financial Conduct Authority (FCA) regarding the advice being given to workers at British Steel.
Some of the advisors working for the company had previous history of doing the same thing for Abrook Financial Management a company that later was declared to be in default by the Financial Services Compensation Scheme (FSCS). Claims were made against Abrook Financial totalling £1.5m.
A few years before this happened, Acklam Financial Limited was established by Geoff Bollands, and the company went into voluntary liquidation in the summer of 2021. The appointed liquidators are Campbell, Crossley & Davis.
Poor Advice
Anyone that had dealings with any of the companies mentioned and transferred their pension may have been given poor advice that wasn’t suitable. This is why anyone in this position should have their transaction reviewed by a professional.
Compensation Claim
We offer a pension claim consulting service. Please contact us as soon as possible as there might be time restrictions in place. Speak with one of our specialists. They will quickly be able to determine if you are entitled to compensation.
Call us now for a phone or video consultation with one of our legal experts on 0800 041 8358 to find out if you are entitled to compensation, you may even be entitled to additional compensation if you have successfully claimed in the past.
