Advice business John Dyer Limited has failed, the Financial Services Compensation Scheme (FSCS) announced.
The company was linked to the British Steel Pension Scheme (BSPS) scandal and accusations of unsuitable advice with regard to transferring out of defined benefit (DB) pensions into Sipps.
This meant that BSPS members lost the benefits they had already built up in the British Steel scheme, and it “may not have been realistic to achieve the same level of benefits” in the Sipp, the FSCS said.
As a result, the financial advice they received may have not been in their best interests.
The lifeboat scheme has opened compensation claims against the Cardiff-based firm and is encouraging everyone who believes to have received unsuitable advice to apply.
See also: FCA to consult on British Steel pension transfer redress
