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.
Company background (public record)
The company was incorporated at Companies House on 21 February 2003 under company number 04674971. Its status at Companies House is recorded as liquidation.
Registered office: Ground Floor Seneca House Links Point, Amy Johnson Way, Blackpool, Lancashire, FY4 2FF.
Nature of business (SIC): 65110.
Company timeline (public record)
Key dated events for this firm, drawn from public records. Each entry shows its source.
| Date | Event | Source |
|---|---|---|
| 21 Feb 2003 | Company incorporated | Companies House |
| 21 Feb 2003 | Geoffrey Bollands appointed director | Companies House |
| 21 Feb 2003 | Pauline Anne Baker appointed secretary | Companies House |
| 21 Feb 2003 | Temple Secretaries Limited appointed corporate-nominee-secretary | Companies House |
| 21 Feb 2003 | Temple Secretaries Limited resigned as corporate-nominee-secretary | Companies House |
| 21 Feb 2003 | Company Directors Limited appointed corporate-nominee-director | Companies House |
| 21 Feb 2003 | Company Directors Limited resigned as corporate-nominee-director | Companies House |
| 24 Jul 2003 | Geoffrey Bollands approved by the FCA at the firm | FCA Register |
| 31 Jul 2003 | Paul Geoffrey Daniel Bollands approved by the FCA at the firm | FCA Register |
| 04 Aug 2003 | John Thomas Smith approved by the FCA at the firm | FCA Register |
| 04 Aug 2003 | Stephen Thomas Sanderson approved by the FCA at the firm | FCA Register |
| 04 Aug 2003 | John Howard Peacock approved by the FCA at the firm | FCA Register |
| 21 Jul 2006 | Robert Seymour approved by the FCA at the firm | FCA Register |
| 09 Jan 2013 | Hannah Elizabeth Innocent approved by the FCA at the firm | FCA Register |
| 17 Apr 2015 | Pauline Anne Baker resigned as secretary | Companies House |
| 17 Apr 2015 | Angela Elizabeth Butler appointed secretary | Companies House |
| 11 Jul 2017 | Christine Bollands appointed secretary | Companies House |
| 11 Jul 2017 | Angela Elizabeth Butler resigned as secretary | Companies House |
| 06 Oct 2017 | Michael William Hudson approved by the FCA at the firm | FCA Register |
| 05 Feb 2020 | Michael Bollands appointed secretary | Companies House |
| 05 Feb 2020 | Michael Bollands resigned as secretary | Companies House |
| 17 Feb 2020 | Michael Bollands appointed secretary | Companies House |
| 17 Feb 2020 | Christine Bollands resigned as secretary | Companies House |
| 23 Jul 2021 | Company wound up (creditors’ voluntary liquidation) | Companies House |
| 23 Jul 2021 | Insolvency practitioner appointed: Christopher Brindle | Companies House |
| 23 Jul 2021 | Insolvency practitioner appointed: Richard Ian Williamson | Companies House |
| 21 Sep 2021 | FCA status recorded as: No longer authorised | FCA Register |
| 26 Nov 2021 | Declared in default by the FSCS | FSCS |
Focused on the firm’s early history and the events leading up to and following its failure. 2 routine entries from its active years are omitted.
Who was involved?
The following individuals are listed on public records in connection with the firm. These are matters of public record only and their inclusion does not imply any wrongdoing by any named person.
- Geoffrey Bollands. Listed on the FCA Register as having held CF10 Compliance Oversight (24/07/2003 to 07/07/2013), CF30 Customer (01/11/2007 to 08/12/2019), CF11 Money Laundering Reporting (24/07/2003 to 08/12/2019), CF1 Director (24/07/2003 to 08/12/2019) at the firm.
- Robert Seymour. Listed on the FCA Register as having held CF30 Customer (01/11/2007 to 08/12/2019), CF10 Compliance Oversight (05/07/2013 to 27/03/2014), CF21 Investment Adviser (21/07/2006 to 31/10/2007) at the firm.
- Paul Geoffrey Daniel Bollands. Listed on the FCA Register as having held CF30 Customer (01/11/2007 to 08/12/2019), CF21 Investment Adviser (31/07/2003 to 31/10/2007) at the firm.
- John Thomas Smith. Listed on the FCA Register as having held CF30 Customer (01/11/2007 to 08/12/2019), CF21 Investment Adviser (04/08/2003 to 31/10/2007) at the firm.
- Michael William Hudson. Listed on the FCA Register as having held CF30 Customer (06/10/2017 to 08/12/2019) at the firm.
- Stephen Thomas Sanderson. Listed on the FCA Register as having held CF30 Customer (01/11/2007 to 08/12/2019), CF21 Investment Adviser (04/08/2003 to 31/10/2007) at the firm.
- Steven Charles Innocent. Listed on the FCA Register as having held CF30 Customer (01/11/2007 to 08/12/2019), CF24 Pension Transfer Specialist (05/12/2005 to 31/10/2007), CF21 Investment Adviser (03/09/2003 to 31/10/2007) at the firm.
- John Howard Peacock. Listed on the FCA Register as having held CF21 Investment Adviser (04/08/2003 to 31/10/2005) at the firm.
- John Robert Nesbitt. Listed on the FCA Register as having held CF30 Customer (01/11/2007 to 08/02/2011), CF24 Pension Transfer Specialist (19/01/2007 to 31/10/2007), CF21 Investment Adviser (03/12/2004 to 31/10/2007) at the firm.
- Hannah Elizabeth Innocent. Listed on the FCA Register as having held CF2 Non Executive Director (18/10/2017 to 01/04/2019), CF30 Customer (09/01/2013 to 18/03/2014) at the firm.
Review page sources: FCA Register (FRN 223707) · Companies House (04674971) · FSCS. Public records, provided for transparency.
