Pembrokeshire Mortgage Centre Ltd
Pembrokeshire Mortgage Centre Limited (FRN 479220), trading as County Financial Consultants, was an FCA-authorised financial advice firm incorporated in February 2003. The firm advised hundreds of clients on whether to transfer out of the British Steel Pension Scheme (BSPS) and other defined benefit pension arrangements — advice that the FCA later found to be seriously and systematically flawed.
An FCA investigation found that the firm advised 420 consumers, nearly two-thirds of whom were BSPS members, on pension transfers. A remarkable 93% were advised to transfer out of their defined benefit scheme. The suitability reports prepared by the firm were found to be generic, not tailored to individual clients, and in many cases contained contradictory, misleading and confusing statements. The firm earned over £2 million in transfer and ongoing advice fees from this activity.
In December 2022, the FCA fined Pembrokeshire Mortgage Centre Limited £2,354,331 in connection with these failings. Lee Morgan, the director responsible, was subsequently banned by the FCA. The firm is now in liquidation, with McAlister & Co Insolvency Practitioners appointed. The FSCS has investigated the firm and found an 88% uphold rate on claims, awarding the maximum compensation of £85,000 in 38% of cases. Had no cap applied, the total compensation due would have been approximately £14.6 million.
Issues / Why You May Have a Claim
Defined benefit pension transfers are among the most consequential financial decisions a person can make. Advisers recommending transfers carry a heavy duty of care to ensure the advice is suitable for the specific individual — their age, health, financial circumstances and retirement plans. Where that duty was not met, clients who transferred out of the British Steel Pension Scheme on PMC’s recommendation may have suffered very significant, potentially lifelong financial losses.
