There were lots of British Steel employees that were given poor financial advice by Acklam Financial Limited.
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.
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.
