Omega Financial Solutions Ltd was an independent financial advisory firm that was one of the companies associated with the British Steel Pension Scheme scandal.
Omega Financial Solutions 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 5 March 2008 and are in the process of being liquidated since 18 August 2018.
Their last accounts were made up to 31 March 2017, and their last annual return was made up to 25 April 2016. The company had 3 officers and 2 resignations whilst in operation:- MacLennan, Adrian Ronald (active); Jackson, Heidi Ann (resigned); Ryan, Martyn Leo (resigned).
Were you mis-sold pension funds by Omega Financial Solutions Ltd?
Omega Financial Solutions Ltd is in liquidation and you will not get a penny from them. However, the government has made compensation available to people like you.
The Financial Services Compensation Scheme (FSCS) is accepting claims about Omega Financial Solutions Ltd. Were you mis-sold SIPP or investment products by any of the advisors at Omega Financial Solutions Ltd? If so, you may qualify for mis-sold pension or SIPP compensation from the Financial Services Compensation Scheme (FSCS).
Omega Financial Solutions 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, many 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.
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.
Omega Financial Solutions 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 Omega Financial Solutions Ltd. Fill in our online application form to get started.
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The Financial Conduct Authority (FCA) has identified ‘serious and ongoing failings’ by both Individual Financial Advisers (IFAs) and Self-Invested Personal Pension Providers. Typically, mis-selling is related to the “wrong” type of investor being given poor or misleading advice as to what investments were relatively safe and right for them. In this summary, we look at What a SIPP is, and how they have been mis-sold, together with the FCA’s review into sector malpractice.Click to Read
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