Claims vs FP Consulting – advice to transfer out of British Steel company pension scheme

FP Consulting Ltd was an Independent Financial Advisor (IFA) specialising in Defined Benefit (company) pension transfers. The firm entered liquidation on 20 April 2020, and the Financial Services Compensation Scheme (FSCS) declared the firm in default on 24 February 2023.

FP Consulting also had an appointed representative (AR), Pinfields Wealth Management Ltd, which was previously an AR of AXG Advice. The firm traded under the following names:

• The Salmon Partnership
• RMS Wealth Management
• Honeypot Financial Services
• Chilworth Financial Management

FP Consulting is one of several firms associated with claims for unsuitable pension transfer advice given to members of the British Steel Pension Scheme (BSPS). Employees were advised to transfer their valuable defined benefit (DB) pensions into Self-Invested Personal Pensions (SIPPs) or other personal pensions. For most, this advice was unsuitable as it resulted in the loss of significant benefits, and it was rarely realistic to achieve the same level of benefits from these new plans.

The FSCS is currently handling 40 active cases against FP Consulting. If you were advised by FP Consulting Ltd to transfer out of a company pension and have suffered financial losses as a result, CP Financial Claims can assist you with a claim for compensation to the FSCS.