S&M Hughes Ltd was an independent financial advisory firm that was one of the companies associated with the British Steel Pension Scheme scandal.
S&M Hughes 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 12 September 2003 and the wind up of the company commenced on 4 September 2019.
S&M Hughes Ltd traded as Crescent Financial and operated in the Swansea area. Their last accounts were made up to 5 April 2018, and their last annual return was made up to 2 September 2015. The company had 4 officers and 2 resignations:- Hughes, Mary Ellen Keegan (active); Hughes, Simon Richard (active); HCS Secretarial Limited (resigned); Hanover Directors Limited (resigned).
Were you mis-sold pension products by S&M Hughes?
The company is now a failed firm in liquidation, and you will not get a penny from S&M Hughes. However, the government has made compensation available for people like you.
The Financial Services Compensation Scheme (FSCS) is accepting claims about S&M Hughes Ltd. Were you mis-sold SIPP or investment products by any of the advisors at S&M Hughes Ltd? If so, you may qualify for mis-sold pension or SIPP compensation from the Financial Services Compensation Scheme (FSCS).
S & M Hughes 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.
S&M Hughes 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 S&M Hughes 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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