ESTATE MATTERS FINANCIAL
Estate Matters Financial Limited (FRN: 472900), which also operated under the name Pension Matters, has been linked to claims involving the British Steel Pension Scheme (BSPS).
Back in 2017, a significant number of British Steel workers were advised to move their pensions out of the BSPS. This meant transferring from a defined benefit scheme into a defined contribution arrangement, such as a Personal Pension Plan or a Self-Invested Personal Pension (SIPP).
By doing so, they gave up the guaranteed income they had built up in the BSPS. In many cases, it was unlikely that their new pension plans could deliver the same level of long-term security. The guidance they received at the time may not have been in their best interests.
The Financial Conduct Authority (FCA) has since taken action against Estate Matters Financial Limited for giving unsuitable advice around defined benefit pension transfers. In early 2021, the FCA began civil proceedings in the High Court against Paul Steel, a director and part-owner of the firm, along with his partner, Jacqueline Foster. The court initially placed a freeze on their assets up to a value of £7 million. These proceedings concluded in July 2023, and the injunction has now been lifted.
Estate Matters Financial Limited has been declared in default by the Financial Services Compensation Scheme (FSCS), which is now accepting claims from eligible individuals.
