A financial advice firm has been declared in default by the Financial Services Compensation Scheme (FSCS) three years after the Financial Ombudsman Service (FOS) upheld a claim against it dating back to 1989.
The Financial Conduct Authority (FCA), then the Financial Services Authority, revoked Middlesborough-based Philip Griffin & Associates’ authorisation to operate on 15th February 2013. According to a Professional Adviser report, the FSCS told the publication it had received two claims from former clients of the firm relating to pension advice received before this date.
This follows a 2019 ruling from the FOS, in which the body upheld a claim dating back to 1989 concerning unsuitable pension transfer advice. The FOS told the firm to pay the client – which it named “Mr M” – £150,000, its compensation cap at the time.
In addition to the declaration concerning the Middlesborough company, the FSCS has also declared another two advisory firms in default this month. One, John Dyer Financial Management, had 41 claims against it being investigated by the FSCS, all related to financial advice and some relating to its role in pension transfer mis-selling to British Steel Pension Scheme (BSPS) members.
Can I claim compensation for a mis-sold pension dating back more than 30 years?
While pension mis-selling was happening long before 2015’s pension freedoms legislation led to another avalanche of cases, learning of a successful claim dating as far back as 1989 is unique.
If you believe you were given bad or misleading advice about a pension transfer or any other aspect of pensions in the past, you could be entitled to compensation, but it will really depend on what evidence you have available and the basis for your claim.
If you feel a pension transfer or pension product was mis-sold, be it recently or years ago, you still have records of the advice received, and you want to learn if you could be due compensation, contact us here.