FSCS probes SIPP links to pension transfer firm

The FSCS has joined forces with the FCA and Financial Ombudsman Service to investigate a Telford-based pension transfer adviser with links to a Portuguese expat specialist company. The FSCS says it is now considering claims against Nationwide Benefit Consultants Ltd (NBCL) which it believes may have been involved in pension transfers, SIPPs and QROPs advice. NBCL is no longer a registered firm but its address is listed on the FCA Register as M54 Space Centre, Telford, Shropshire. The FSCS is asking ex-customers of NBCL to get in touch if they received bad advice from NBCL or if they believe that NBCL was involved in arranging a transfer of pension benefits into a SIPP or QROPS plan for them. NBCL was incorporated as a business on 15 December 2011 and traded under the name of ‘The Pension Reporter’ from 29 May 2014. The firm’s website is no longer active. The firm ceased to be registered as an appointed representative with the FCA on 8 April 2016 and the company was dissolved on 14 August 2018, the FSCS said. The FSCS is asking ex-customers of NBCL to get in touch if they received bad advice from NBCL or if they believe that NBCL was involved in arranging a transfer of pension benefits into a SIPP or QROPS plan. NBCL acted as an appointed representative of Joseph Oliver Mediação de Seguros, Lda (FRN 521370), a Portuguese firm regulated by the Instituto de Seguros de Portugal, between Between 29 May 2014 and 8 April 2016. Joseph Oliver Mediação de Seguros, Lda passported into the UK under the Insurance Distribution Directive allowing it to transact business in the UK. The firm particularly focuses on expats looking to retire to Spain or Portugal. The FSCS said that NBCL was involved with advising on and/or arranging pension transfers. Money from the transfers was invested in the Trafalgar Multi Asset Fund. Trafalgar Multi Asset Fund is now the subject of a Serious Fraud Office investigation. The FSCS is working alongside the FCA and the Financial Ombudsman Service to investigate NBCL and is now considering whether valid claims can be made by ex-clients of NBCL. Claims will be considered on a case-by-case basis.

FSCS probes SIPP links to pension transfer firm

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