Whitebridge Financial Planning Ltd
Whitebridge Financial Planning Ltd was a financial advice firm based in Newcastle, involved in giving pension transfer advice to members of the British Steel Pension Scheme (BSPS). On 26 April 2023, the firm was declared in default by the Financial Services Compensation Scheme (FSCS) and is no longer able to meet future claims for compensation.
According to Companies House records, Whitebridge Financial Planning Ltd was officially dissolved in October 2018. Prior to its closure, the firm was one of several involved in advising BSPS members to transfer their pensions into private arrangements that have since been deemed unsuitable for many clients.
The British Steel Pension Scheme Case
In 2017, thousands of BSPS members were asked to make decisions about their pensions as part of a wider restructuring of the scheme. Around eight thousand people chose to transfer out, moving a total of approximately £2.8 billion into private pensions.
The advice given during this period came under serious scrutiny. Many steelworkers later discovered that the guidance they had received was not appropriate for their individual circumstances. By transferring out of the BSPS, they lost the secure, defined benefits they had built up over many years — benefits that could not be matched by the new arrangements they were placed into.
The Financial Conduct Authority (FCA) stepped in to investigate, and as a result, several advice firms stopped providing pension transfer services. Others ceased trading entirely.
The FCA Redress Scheme
The FCA has confirmed that it will proceed with its redress scheme for former BSPS members who transferred out of the scheme between 26 May 2016 and 29 March 2018. The scheme is expected to apply to 343 advice firms, with an estimated forty firms likely to become insolvent due to the volume of compensation claims.
It is anticipated that around 1,400 steelworkers will receive a total of £71.2 million in redress under the scheme. If you transferred your pension out of the BSPS during the relevant period, you may be eligible for compensation.
If you were advised by Whitebridge Financial Planning Ltd, it is important to check whether the advice you received was appropriate. Even if there are no obvious losses, you could still be entitled to make a claim.
We offer a free 30 minute consultation with one of our legal specialists — available online, by phone or via video call. We work on a no win, no fee basis and can help you understand whether you may have a valid claim.
