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Breakdown of claims against British Steel IFA revealed

Pensions-savings-retirement-piggy bankThe Financial Services Compensation Scheme has given a breakdown of the 29 claims it is processing over Active Wealth , data provided to Money Marketing shows.

The lifeboat fund declared the firm in default at the end of March.

In April Money Marketing revealed FSCS is pursuing nearly 30 claims against the firm.

Active Wealth is well-known for its role in the British Steel Pension Scheme saga and was declared insolvent in February.

So far, there have been 29 claims in total with 16 relating to a transfer to a personal pension and seven to a Sipp.

Three relate to other pensions advice and another two relate to collective investment schemes, one regulated and the other unregulated.

FSCS says all eligible claims are still in progress, it is too early to form a picture of claims in their entirety and the majority of its cases take six months to complete.

Last week Money Marketing revealed an introducer at the heart of the British Steel fiasco was criticised for having access to the financial details of an Active Wealth client when it had no right to do so.

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Comments

There are 6 comments at the moment, we would love to hear your opinion too.

  1. Would this grab your attention if the headline was “0.02% of total members claim against British Steel IFA revealed”.

    I know what Active Wealth did is disgraceful, wrong, needs to be highlight, made sure it does not happen again, but until some clear information, outcomes and numbers are revealed, is it not time this was put to bed.

    Until we have some clear outcomes there is little point going over the same old news, time, after time, after time.

  2. Robert Milligan 15th May 2018 at 2:18 pm

    Six months!!!! Yesterday I received a letter from the FOS informing me of a SIPP case which had finally been allocated to an investigator, the FOS acknowledgement of receiving my FOS Application is dated 19th July 2016

  3. 1.What element id his PI Insurers picking up.
    2. What is his net worth house cars take the lot then get the FSCS INVOLVED FOR SHORTFALL

    • While I appreciate the sentiment, the ignorance of how things work in the real world it reveals worries me:

      * The whole point of trading through a limited company is to protect the entrepreneur from this sort of expropriation. Although legislation does provide for officers to be personally liable in certain circumstances.

      * FSCS pays out first and becomes a creditor so – if the officers were made personally liable, say – future levy demands would be reduced by the net recovery by FSCS. It does happen, but is rarely reported.

  4. What is worrying is the speed at which the transfers were done, the money spent and the company going bust, as if it were all premeditated.

    If it looks like fraud it probably is fraud, or were they just unlucky? You decide.

  5. * The whole point of trading through a limited company is to protect the entrepreneur from this sort of expropriation. Although legislation does provide for officers to be personally liable in certain circumstances.
    Stuff that me old fruit and get as much out of active wealth and the guy running it into the ground and costing me money

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