A. W. Dallas Financial Services Ltd was an independent financial advisory firm that was one of the companies associated with the British Steel Pension Scheme scandal. The company traded under the names of A. W. Dallas Financial Services Ltd and Portfolio Pension Consultancy. They were incorporated as a private limited company on 06 March 2008 and went into voluntary liquidation on 19th September 2021. Their last accounts were made up to 31 July 2020.
A. W. Dallas Financial Services Ltd exploited the uncertainty that surrounded Tata’s Steel decision to sell its UK business in 2016, by advising many British Steelworkers to swap their defined benefit pension into risky investments and SIPP products, losing valuable accrued benefits when they did.
Were you mis-sold SIPP or investment products by any of the advisors at A. W. Dallas Financial Services Ltd or Portfolio Pension Consultancy? If so, you may qualify for mis-sold pension or Sipp compensation from the Financial Services Compensation Scheme (FSCS).
The company had six officers and 3 resignations throughout its lifespan: Andrew William Dallas, appointed on 06 March 2008 and resigned on 27 June 2017; Judith Ann Dallas ( Director and Secretary) appointed on 06 March 2008 and resigned on 27 June 2017; Gareth Williams Johns (Operations Director and Secretary ) appointed on 27 June 2017 and still active; Christian Roche (Director) appointed on 27 June 2017 and still active.
What did A. W. Dallas Financial Services Ltd do wrong?
During 2017, many British Steelworkers were advised to transfer out of their defined benefit pension into a defined contribution pension, known as a Personal Pension Plan or a Self-Invested Personal Pension (SIPP).
British Steel employees received enviable pensions. These were often final salary pensions, which keep pace with inflation. When the cost of living increases, your monthly income increases as well, and they don’t have fees or extra costs. Best of all, a final salary pension (also known as a defined benefit pension) lasts as long as you live. Sadly, many British Steelworkers received negligent advice to transfer their desirable final salary pension to an inferior private plan which may have included high-risk, esoteric overseas investments.
By transferring to a private pension arrangement, British Steel employees would have lost the benefits already built up in the British Steel Pension Scheme. It may not have been realistic to achieve the same level of benefits from their new plan. These private pension schemes are limited – when the pot runs out, it runs out, which could leave you destitute in your golden years. Since they’re tied to the market, these risky pension plans can dwindle to zero overnight. You are also charged high annual fees and commissions.
Are you entitled to mis-sold SIPP compensation from A. W. Dallas Financial Services Ltd?
Did you invest any of your pension funds with A. W. Dallas Financial Services Ltd? A. W. Dallas Financial Services Ltd is now officially dissolved, and they can no longer pay out any returns. However, the FSCS has made mis-sold pension and SIPP compensation available to people like you. If an A. W. Dallas Financial Services Ltd advisor convinced you to put your pension money into a SIPP or investments, only for that investment to fail, you might qualify for mis-sold pension or SIPP compensation.
Our claims experts can advise on whether you could qualify for mis-sold pension or SIPP compensation. Apply online today for an information pack to learn more.