Mis-sold Investment Specialists - Call For a Free Expert Claims Assessment
0808 163 1659

Back to blog overview

British Steel Pension Scandal: Cardiff-Based IFA Enters Default with 13 Claims

Published on:

The British Steel pension scandal has been going on for years now, with growing numbers of financial firms coming under fire for their mis-selling practices. The latest IFA to get caught up in the situation is Bartholomew Hawkins, who have now been declared in default.

Here’s further information about what happened, and what to do if you think you’ve been mis-sold to.

The scandal – a brief overview

Back in 2017, around 43,000 of British Steel’s employees were invited to transfer their existing DB pensions to a new plan, which was called BSPS II. Alternatively, they could choose to stick with their current pension, which would then be moved to the PPF (Pension Protection Fund).

After seeking financial advice, several workers chose to transfer. This was partly due to the cheap deals being offered to them by Celtic Wealth Management & Financial Planning, an introducer company (who were unregulated).

Many of these employees lost money as a result of swapping to a new pension plan, which led to the FCA launching an investigation. Several of the financial firms involved were then forbidden to offer DB pension transfer advice, and many of them collapsed as a result.

Bartholomew Hawkins – one of the latest to enter default

Bartholomew Hawkins are one of the latest firms to be declared in default, as a result of the advice they offered to British Steel workers. To be ‘in default’ means that the company cannot meet its liabilities.

The firm had voluntarily stopped providing advice on DB pension transfers after the FCA had been in touch, but stated that they’d believed the measure would be ‘temporary’, not permanent. In 2019, it sold its assets and trade to Bartholomew Hawkins Asset Management, which was previously its sister-company.

Bartholomew Hawkins Asset Management was then acquired by Independent Wealth Planners, and continues to trade to this day. As for Bartholomew Hawkins Ltd? It entered liquidation in October 2020, after the Financial Ombudsman upheld a complaint against it.

When will the scandal come to a close?

The situation has been going on for several years now, with increasing numbers of financial firms being declared in default over time. Bartholomew Hawkins weren’t the only ones to be impacted recently; two other firms were also declared in default – Mansion Park and Estate Matters (trading as Pension Matters).

While it’s good news that the financial advisors are being held to account for their actions, it doesn’t solve the key problem – the fact that several British Steel employees have been left out of pocket as a result of receiving poor pension advice.

Have you been mis-sold to?

If you’ve recently transferred your DB pension, ask yourself the following:

  • Did your financial advisor explain the new pension product properly to you?
  • Did they assess your attitude to risk?
  • Did they present you with a full range of options – including sticking with your existing workplace pension?
  • Did they explain the risks involved with transferring?
  • Did they pressurise you to transfer?

These are all classic signs of pension transfer mis-selling. If you believe you were mis-sold your pension, get in touch with the Goodwin Barrett team. We’ll investigate the situation on your behalf, then let you know if we think you’re eligible to seek compensation. Get in touch with us today by calling 0808 163 1659 today or email enquiries@goodwinbarrett.co.uk.

Request a call back

If you'd like us to call, please fill in your details

Why choose us?

  • Hassle-free process.
  • No lengthy paperwork to complete.
  • Your own dedicated claims expert.
  • Claims settled within 8 weeks on average.
More About Us

Speak to our friendly experts

If you feel you've been let down by your bank or financial adviser please call us.

Call today 0808 163 1659

Customer Stories

We've helped thousands of people win compensation as a result of unsuitable financial advice.

William Thornley I’m absolutely delighted with the service we got from Goodwin Barrett, I couldn’t believe how easy it was and i’ve nothing but praise for them
Alan Parton This was an excellent result which my wife and I never expected. My sincere thanks to you for such an excellent achievement, I cannot thank you enough
Stuart Snowden After sending a report to Santander, they agreed with our findings and awarded Mr Snowden an amount of £7,000 made up from a refund of the losses together with interest and compensation.
William Miller This was a fantastic result I never expected. My sincere thanks for such a prompt and efficient service.
Margaret Long I am so grateful to your company but especially to Steve Wise for getting me the money back
Janet Rynkiewicz We reported our findings to Halifax and within a matter of weeks had secured our client the sum of £26,700 in compensation.
Fred Hardman After we sent a detailed complaint to Halifax, Fred was delighted to receive £6,916 from the bank in a matter of weeks.
Stephen Montague Having investigated the complaint Lloyds TSB agreed that the advice was unsuitable and agreed to pay the clients £10,000.

Figures shown are before the deduction of our fee.