Acklam Financial Ltd was an independent financial advisory firm that was one of the companies associated with the British Steel Pension Scheme scandal. They were incorporated as a private limited company on 21 February 2003 and in liquidation on 26 November 2021.
Acklam Financial 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.
The North Yorkshire based company had eight officers and six resignations throughout its operation; Michael Bollands (active), Geoffrey Bollands (active) Pauline Ann Baker (resigned), Christine Bollands (resigned), Angela Elizabeth Butler (resigned), Temple Secretaries Ltd (resigned) and Company Directors Ltd (resigned). Their last accounts were made up to 31 March 2019 and their last statement was made up to 20 February 2020.
Were you mis-sold SIPP or investment products by any of the advisors at Acklam Financial Ltd? If so, you may qualify for mis-sold pension or SIPP compensation from the Financial Services Compensation Scheme (FSCS).
What happened with Acklam Financial Ltd?
Acklam Financial Ltd is one of the companies associated with claims regarding the British Steel Pension Scheme (BSPS).
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.
By transferring to a private pension arrangement, British Steel employees 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 Acklam Financial Ltd?
Did you invest any of your pension funds with Acklam Financial Ltd ? Acklam Financial 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 Acklam Financial 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.
FSCS Acklam Financial Ltd claims
Acklam Financial Ltd has been declared in default by the Financial Services Compensation Scheme. This means that the UK’s compensation scheme for failed financial services firms will pay compensation for valid mis-selling claims. Allegiant can assist you with claims to the FSCS about Acklam Financial Ltd. Fill in our online application form to get started.
Start your Acklam Financial Ltd claim today