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Second British Steel IFA goes into liquidation

File image of Welders at work in steel forgeA second advice firm involved in the British Steel saga has gone into liquidation, according to an insolvency notice published by The Gazette.

An update published on The Gazette’s website shows Retirement & Pension Planning Services, based in Barnsley, appointed liquidators on 25 June.

It says this is a solvent liquidation and all known creditors have been or will be paid in full. Seneca Insolvency Practitioners’ John Hedger is handling the wind up.

Retirement & Pension Planning Services follows British Steel adviser Active Wealth, which went into liquidation in February.

Retirement & Pension Planning Services applied to the FCA to cancel all of its regulatory permissions on 22 May.

It agreed to stop doing transfer work with the regulator in December 2017 and is one of 10 firms that stopped transfer work on British Steel in agreement with the FCA.

The others are: Vintage Investment Services, West Wales Financial Services, Active Wealth, Pembrokeshire Mortgage Centre, Mansion Park, Bartholomew Hawkins, Inspirational Financial Management, County Capital Wealth Management and Acklam Financial.

Money Marketing has attempted to contact Retirement & Pension Planning Services for comment.



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There are 5 comments at the moment, we would love to hear your opinion too.

  1. Julian Stevens 10th July 2018 at 1:07 pm

    There’ll be more….

  2. Is just conveniently closing shop via liquidation and easy get out for some bandits in the industry?

  3. This afternoon the FCA declined to confirm whether they would force IFAs to hold higher levels of Capital Adequacy where they had been investigated and found unsuitable advice in relation to BSPS. They also declined to confirm the firms would be asked to write to clients to inform them.

    Until the FCA actually makes the rogue adviser firms pay for the damage they’ve done, it will just keep happening

  4. It begs the question why are these firms folding when they have just filled their boots with British Steel transfers?

    Such a windfall would surely have put the firms in a strong financial position for the longer term, which I suspect was never the objective.

  5. There seems to be a general assumption that British Steel transfers were all bad.

    I have seen one CETV under the old scheme, and an new CETV under the new scheme. The new scheme has a 30% lower transfer value, and the pension has had a reduction in revaluation, and had escalation removed entirely.

    So, I am not entirely convinced transferring out was bad; the bigger question is where were they transferred to?

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