Inspirational Financial Management Limited, which operated under the trading names IFM Retirement Solutions, IFM Mortgage Solutions and Lifetime Solutions, is one of the more high-profile casualties of the British Steel Pension Scheme transfer scandal. The Huddersfield-based firm was fined £897,840 by the Financial Conduct Authority for a systemic failure in the quality of its pension transfer advice, before being placed into administration in November 2023.
The FCA’s Findings
The FCA’s investigation was damning. Between June 2015 and December 2017, IFM advised hundreds of clients to transfer out of defined benefit pension schemes. Close to 200 of those clients were British Steel steelworkers. When the FCA examined the quality of that advice, it found that 83 per cent of the firm’s pension transfer recommendations failed to meet the minimum regulatory standard. That is not an occasional mistake. It is a pattern.
The FCA also banned Arthur Cobill and William Hofstetter, the key individuals behind the firm’s advice operation, from working in financial services. That step reflects the seriousness of what occurred.
The Impact on Steelworkers
For steelworkers who transferred their BSPS pension on IFM’s advice, the consequences have often been severe. A defined benefit pension provides a guaranteed income for life, built up over years of work. Once transferred out, that guarantee is gone. The pension pot becomes subject to investment performance, charges and all the risks that a final salary scheme is specifically designed to protect people from.
How to Claim Compensation
Clients who transferred their BSPS pension, or any other defined benefit pension, on the advice of IFM Retirement Solutions can now bring claims directly to the FSCS. Because IFM is in administration and cannot participate in the FCA’s redress scheme, the FSCS is the primary route available. You may wish to explore your options for defined benefit pension transfer claims.
If you are among those clients, we would like to say something clearly: what happened was not your fault. You received professional advice from a firm that presented itself as qualified to give it. The fault lies with the firm, and with the individuals who ran it. You deserve to have your situation properly investigated and, where possible, your losses recovered.
Get Help With Your Claim
If you had dealings with IFM Retirement Solutions and are worried about your money, please book a free consultation with our team. You may feel embarrassed about what has happened, but you should not. You were let down by people who had a professional and legal duty to act in your best interest. We will carry out all the investigative work on your behalf, at no cost to you. If your claim is not successful, you will not pay a penny. Call us during office hours or email hello@claimmyloss.co.uk , we are here for you.
