Hyde Financial Management Ltd was an independent financial advisory firm that was one of the companies associated with the British Steel Pension Scheme scandal.
Hyde Financial Management 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. They were incorporated as a private limited company on 16 February 2009 and formally dissolved on 30 September 2021.
The company operated from several addresses while in existence, such as 6B the Maltings East Tyndall Street Cardiff CF24 5EZ and Unit B Upper Boat Business Centre Pontypridd. Their last accounts were made up to 28 February 2019 and the last annual return was 26 October 2015. The company had 4 officers and 2 resignations while in operation; Jones, Jason Lee (active) Morgan, Gareth Thomas (active); Cole, Anthony Gwynne ( resigned); Imperial Wealth Management Limited (resigned).
Hyde Financial Management Ltd has been in liquidation since 15 March 2021.
The Financial Services Compensation Scheme (FSCS) is accepting claims about Hyde Financial Management Ltd. Were you mis-sold SIPP or investment products by any of the advisors at Hyde Financial Management Ltd? If so, you may qualify for mis-sold pension or SIPP compensation from the Financial Services Compensation Scheme (FSCS).
What Did Hyde Financial Management Ltd Do Wrong?
Hyde Financial Management 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).
Sadly, countless British Steelworkers received negligent advice to transfer their desirable final salary pension to an inferior private plan. Many of which were then invested in high-risk esoteric funds that failed.
FSCS Hyde Financial Management Ltd claims
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.
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.
Start your Hyde Financial Management Ltd claim today