A trio of financial advisory firms involved in the British Steel Pension Scheme (BSPS) scandal have closed.
The Financial Services Compensation Scheme (FSCS) said that A W Dallas Financial Services – trading as Portfolio Pension Consultancy – failed on 19 November 2021, after going into liquidation in August 2021.
On the same day, Tramway Financial Management was liquidated, along with West Wales Financial Services – which traded as both IWA Financial Solutions and Mike Powell Mortgages.
Anyone who decided to transfer out of their British Steel pension after receiving unsuitable advice can make a claim with the FSCS and potentially receive compensation of up to £85,000 ($113,820, €99,273).
The lifeboat scheme said: “You could be one of the many people due compensation after receiving unsuitable advice to transfer out of the BSPS. Hundreds of steelworkers have already complained about the advice they received.
“Even if you’re happy with your decision to transfer, you should consider making a claim. If you don’t, you may end up with less money in retirement than you should have done.”
