When it came to promoting investments that were unregulated and high risk, there was no stopping First Pension Review Services.

The Bristol based company Gerard Associates got itself involved with the transferring of occupational pensions into investments that were unregulated and high risk. This was done after First Pension Review Services introduced clients to them. After the regulator got involved, the company went into liquidation.

Risky Investments

Gerard Associates and the unregulated introducer, First Pension Review Services, have been linked with investments into Colonial Capital, Best Asset Management Limited, Dolphin Capital, the London Quantum Benefit Scheme, and the Resort Group.

Lots of clients were persuaded into transferring their occupational pensions over to a qualifying recognised overseas pension scheme (QROPS). Whilst Integrated Capabilities (the pension administrator) were sending statements out to clients, it was often the case that they didn’t fully understand that their investment wasn’t liquid and that they have very little chance of being able to recover their money.

In the vast majority of cases, a company that was licensed by the Gibraltar Financial Services Commission known as Strategic Wealth Ltd was responsible for arranging the investments. However, the Optimus Retirement Benefit Scheme has made it clear to clients that the company has now stopped trading. 

Pension Transfers

Anyone who was advised to transfer an occupational pension, like a NHS, Royal Mail, or teachers one, into a self-invested personal pension (SIPP) may have been given information that was not suitable.

It is set out in the rules made by the regulatory body that when giving advice to clients in regards to occupational pensions or other similar schemes with benefits, a company must start off with the assumption that a transfer is not a suitable action to take. A company must only think about doing this if it is able to show that doing so will be in the best interest of their client.

Have Your Transaction Reviewed

Whilst the annual statements that you receive likely don’t show that you have made any losses yet, if you’ve invested then it is important that your transactions with the company are reviewed. This needs to be done quick as there are likely to be barring rules in place.

If it is found to be the case that the company failed to stick to the proper regulations and rules then you will likely be entitled to claim for compensation.

News & Updates about Gerard Associates