Briggs Murray Wealth declared in default by the FSCS, making them the 25th BSPS advice firm to be declared insolvent.
West-Yorkshire based Briggs Murray Financial Planning & Wealth Management, known as Briggs Murray Wealth, was declared in default on 26 April by the Financial Services Compensation Scheme.
Background
Briggs Murray Financial Planning & Wealth Management Ltd was a Financial Advisory Firm who were associated with the British Steel Pension Scheme (BSPS). Briggs Murray Wealth was dissolved in October 2021, and has since received 14 claims, however no compensation has yet been paid.
The BSPS case
BSPS members were requested to make decisions about their pensions during 2017, as part of the scheme’s restructure- of which approximately 8,000 members transferred funds collectively worth around £2.8billion.
The suitability of these transfers was later challenged, leading to involvement of the Financial Conduct Authority. This intervention from the FCA resulted in several advisory firms stopping their transfer advice services due to this fiasco, while others closed their businesses.
Many members found that by transferring to a private pension scheme, they had lost the benefits that they had previously possessed in the British Steel Pension Scheme.
FCA’s Redress Scheme
It has been confirmed by the Financial Conduct Authority (FCA), that they will be pushing ahead with its redress scheme, which will cover steel workers who transferred out of the BSPS between 26 May 2016 and 29 March 2018.
The Financial Conducts Authorities Redress Scheme will apply to 343 advice firms. It is expected that approximately 40 advice firms to become insolvent as a result of these claims.
The FCA have previously estimated that 1,400 steelworkers will receive £71.2million in redress under the scheme, therefore, if you have transferred your pension out of the BSPS Scheme between 26 May 2016 and 29 March 2018, you may be eligible for redress.
What can you do about it?
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