Beneath the veneer of trust and expertise, a wave of worry ran through the pension world — the Lighthouse Advisory Services pension failures. In a tale of broken trust and unsuitable advice, this misconduct has left countless individuals with shattered dreams of a secure retirement.
The Financial Conduct Authority (FCA) has censured Lighthouse Advisory Services Limited for serious failings that have cost people £23 million in redress.
Join us as we delve deep into the labyrinth of mismanagement, exploring the web of trading names and connected firms involved. Unearth the truth behind the public censures by the FCA, exposing the breach of customer trust and the devastating impact on individuals seeking to transfer out of defined benefit pension schemes, including the renowned British Steel Pension Scheme (BSPS).
The FCA issued a press release announcing the censure of Lighthouse Advisory Services Limited for serious failings in relation to defined benefit pension transfers, including the BSPS.
The period between April 2015 and April 2019 saw Lighthouse provide advice to 1,567 customers, with 262 of them being members of the BSPS.
The FCA's disciplinary action against Lighthouse Advisory Services reflects a breach of Principle 9, which pertains to customer relationships and trust. As a result, the FCA has imposed a public censure on Lighthouse. The seriousness of the failings is further emphasised by the redress paid out, amounting to £23 million.
Lighthouse Advisory Services, previously known as Lighthouse Group Financial Solutions, operates as part of Quilter Financial Planning, which is a subsidiary of Quilter plc. Quilter plc is a prominent company listed on the FTSE 250.
Lighthouse Advisory Services, based in London, claimed to be committed to helping individuals achieve their financial goals. Their team of expert advisers provide a range of financial solutions, including pension advice. However, the scandal surrounding Lighthouse has raised concerns about the suitability of their advice and the breach of customer trust.
Behind every group of failures, there are individuals whose actions shape its course. The Lighthouse Advisory Services pension issues are no exception. All we can say is that Mitchell Dean, Stephen Gazard, Hollie Swift were all directors of The Lighthouse Advisory Services. Understanding their roles may help shed light on the internal dynamics that contributed to the mismanagement and unsuitable advice given to pension scheme members.
Steven Hall, listed as the FCA website contact for Lighthouse Advisory Services, can be reached at qfpcomplaints@quilter.com. Those who feel they were affected by the scandal may find it necessary to engage with the FCA through this contact to report their grievances and seek further guidance regarding the claims process.
How do you open a mis-sold pension claim, you may ask yourself.
If you believe you have received unsuitable advice from Lighthouse Advisory Services regarding your pension, it is crucial to take action. Opening a mis-sold pension claim can help you seek compensation for any financial losses or hardships you may have faced as a result of the advice received.
To begin the process, it is recommended to gather all relevant documents, including correspondence with Lighthouse, pension statements, and any other evidence that supports your claim. It is also advisable to seek professional assistance from a claims management company, such as CP Financial Claims, who can guide you through the complexities of the claims process.
If you suspect that you have been affected by unsuitable pension transfer advice from Lighthouse Advisory Services, it may be time to open a mis-sold pension claim. CP Financial Claims is dedicated to assisting individuals in such situations, providing expert guidance and support throughout the claims process.
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