Are you someone who had dealings with the advice firm known as Argent Wealth?
The company has recently found itself in hot water after giving advice to members of the British Steel Pension Scheme (BSPS)
British Steel Pensions Scheme
Lots of members of the BSPS were advised to transfer their pension after being concerned that the BSPS was going to be put into the pension protection fund (PPF). If this happened to you, you may well be entitled to some amount of compensation.
The vast majority of clients were not aware that at a proposal was being implemented for an alternative to the BSPS. It was in 2017 when it was announced by the PPF that a regulated apportionment arrangement was agreed. As part of the announcement, it stated that where qualifying conditions for size and funding can be satisfied, the BSPS 2 will be set up by the employer.
Financial Services Compensation Scheme
If you are or were a member of the BSPS, you may get a letter in the post stating that you are 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.
