Briggs Murray Wealth
Briggs Murray Financial Planning and Wealth Management Ltd, more commonly known as Briggs Murray Wealth, was a financial advice firm based in West Yorkshire. The firm has been linked to the British Steel Pension Scheme (BSPS) transfer scandal and is one of several firms found to have provided unsuitable advice to steelworkers during a crucial period of pension restructuring.
The company was officially dissolved in October 2021. On 26 April 2023, it was declared in default by the Financial Services Compensation Scheme (FSCS), making it the twenty fifth firm associated with the BSPS to reach this point. To date, fourteen claims have been made against the firm, although no compensation has yet been paid.
The British Steel Pension Scheme Case
In 2017, members of the British Steel Pension Scheme were asked to decide whether to remain in the restructured scheme or transfer their benefits into a private pension. Around eight thousand members chose to transfer, with a total value of approximately £2.8 billion.
Many who transferred out of the scheme were later found to have received advice that was not in their best interests. By moving into private pension arrangements, they gave up the guaranteed benefits built up in the BSPS — often without fully understanding what they stood to lose.
The Financial Conduct Authority (FCA) later intervened and launched a review of the advice given during this period. As a result, a number of financial advice firms ceased offering pension transfer services, while others closed down completely.
The FCA Redress Scheme
The FCA has confirmed it is proceeding with a redress scheme for former BSPS members who transferred out between 26 May 2016 and 29 March 2018. The scheme will apply to 343 advice firms, and the FCA has estimated that around forty firms may become insolvent as a result.
It is expected that approximately 1,400 steelworkers will receive redress totalling over £71 million. If you transferred your pension out of the British Steel Pension Scheme during the affected period, you may be eligible to claim compensation.
Next Steps
If you were advised by Briggs Murray Wealth, or any other firm involved in BSPS transfers, it is important to review the advice you received. Even if no losses appear obvious, there could still be grounds for redress.
We offer a free 30 minute consultation with one of our legal specialists — available online, by phone or video call. We work on a no win, no fee basis and can help assess whether the advice you received was appropriate.
