The Financial Services Compensation Scheme (FSCS) is currently assessing claims received against Nationwide Benefit Consultants (NBC).
The company was incorporated in 2011 and traded under the name The Pension Reporter from May 2014.
Between May 2014 and April 2016, NBC acted as an appointed representative of Joseph Oliver Mediação de Seguros, a Portuguese business regulated by the Instituto de Seguros de Portugal.
NBC ceased to be registered as an appointed representative on the Financial Conduct Authority (FCA) Register in April 2016 and was subsequently dissolved in August 2018, the lifeboat scheme said.
Joseph Oliver Mediação de Seguros was able to conduct business in the UK via passporting under the Insurance Distribution Directive.
Investigation
The FSCS added that NBC was involved with “advising on and/or arranging pension transfers and subsequent investment into the Trafalgar Multi Asset Fund”.
The fund is the subject of a Serious Fraud Office investigation, alongside Capita Oak Pension, the Henley Retirement Benefit and the Westminster Pension Scheme, which started in 2017 as they were believed to be fraudulent schemes.
The funds are well known in the international advisory community and were often aimed at expat investors in Europe and in other jurisdictions.
The lifeboat scheme said: “FSCS has been working with the FCA and the Financial Ombudsman Service to investigate the activities of NBC. The FSCS is now considering whether valid claims exist under its rules in connection with NBC’s activities.
“If you believe you received bad advice from NBC, or that NBC was involved in arranging the transfer of your pension benefits (defined benefits or personal pension etc) into a Sipp or Qrops, you can make a claim against the firm to the FSCS.
“All claims will be considered on a case-by-case basis, to determine whether you are eligible for compensation.”
