Tramway Financial Management Ltd was an independent financial advisory firm that was one of the companies associated with the British Steel Pension Scheme scandal.
Tramway 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 30 June 2016, their last accounts were made up to 29 July 2020 and The company was liquidated on 19 November 2021.
The company had one officer throughout its lifespan: Angela Skinner formerly Angela South (active). The company was originally based at Brunel House the Tramway Todenham Road Moreton-in-Marsh Gloucestershire GL56 9NJ the United Kingdom. It moved to Suite 2 Croft Lane Temple Grafton Alcester Warwickshire B49 6PW on 22 May 2018, then to 79 Caroline Street Birmingham B3 1UP on 11 August 2020.
Were you mis-sold SIPP or investment products by any of the advisors at Tramway Financial Management Ltd? If so, you may qualify for mis-sold pension or SIPP compensation from the Financial Services Compensation Scheme (FSCS).
What did Tramway Financial Management 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).
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, toxic investments.
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.
FSCS Tramway Financial Management Ltd claims
Tramway Financial Management Ltd has been declared in default by the Financial Services Compensation Scheme and can no longer pay out any returns. 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 Tramway Financial Management Ltd. Fill in our online application form to get started.