Good to know: You do not need to use a claims management company to make your complaint to your pension provider or intermediary. If your complaint is not successful you can refer it to the Financial Ombudsman Service or the Pension Ombudsman yourself for free if the firm is still trading. For eligible failed firms, you can refer a claim to the Financial Services Compensation Scheme for free.
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.
Andy understands financial services regulations and the technical arguments required to make a successful claim.
In his career he has successfully dealt with an array of claims such as pension transfers and switches, SIPP and endowment claims.
Andy was part of the “Pension Review” and Customer Liaison Departments for Royal Sun Alliance. Unhappy with how consumers were being treated, he realigned himself and has been representing consumers since 2004, ensuring fair and equitable treatment for consumers.
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Click to ReadThe 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.
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Pre complaint investigation and analysis. No paperwork? Don't Worry! We could still help.
Once we've assessed claim prospects, we make a pension complaint to the Ombudsman or FSCS, where appropriate
Pension complaint response received. We'll carefully analyse the response and advise you on how to proceed.
If appropriate resolution cannot be reached with a live firm, and we disagree with their stance, we will refer the claim to Ombudsman on your instruction.
As of the 1st March 2022 we have implemented a new fee structure which we have explained below. If you signed your contract with us prior to the 1st March 2022, please refer to your signed claims pack for our previous fee terms.
Our fees are owed upon a successful claim and will depend on the Gross Compensation you receive. “Gross Compensation” means the amount awarded to you whether this is paid directly to you or paid into an investment or pension, and prior to any deduction of any income tax due to HMRC on your award. Please refer to the definition of “Gross Compensation” and Section 5 of our Terms of Engagement for further information including a table showing how our fees work in different scenarios.
If successful, your fee will be calculated based on which band your redress falls into and will be charged by whichever is the lowest of:
The below table outlines the redress bands, the maximum percentage rate of charge and the maximum total charge is for each band.
| Band | Redress | % Charge (with VAT) | Maximum charge (with VAT) (£) | Maximum charge (without VAT) |(£) |
| 1 | 1 – 1499 | 36% | 504 | 420 |
| 2 | 1,500 – 9,999 | 33.6% | 3000 | 2500 |
| 3 | 10,000 – 24,999 | 30% | 6000 | 5000 |
| 4 | 25,000 – 49,999 | 24% | 9000 | 7500 |
| 5 | 50,000+ | 18% | 12,000 | 10,000 |
Examples of how this would work in practice:
| Band | Lower example | Higher example |
| 1 | You receive £100 in redress; our fee would be £36. | You receive £1499 in redress; our fee would be £504. |
| 2 | You receive £1,600 in redress; our fee would be £537.60. | You receive £9,999 in redress; our fee would be £3,000. |
| 3 | You receive £12,000 in redress; our fee would be £3,600. | You receive £24,999 in redress; our fee would be £6,000. |
| 4 | You receive £30,350 in redress; our fee would be £7,284. | You receive £49,999 in redress; our fee would be £9,000. |
| 5 | You receive £55,000 in redress; our fee would be £9,900. | You receive £100,000 in redress; our fee would be £12,000. |
Please note, the above fee examples are for illustration purposes only. They are not an estimate of the likely outcome or fee you will need to pay. Each claim depends on its own merits.
It is possible that our fee may become payable before you have access to your pension or investment which may result in you having to pay our fee from your own funds
You can cancel for free at any time within 14-days without giving any reason and without incurring any liability. You can communicate your cancellation by telephone, post, email or online.
You can cancel this agreement at any time after the 14-day cancellation period. However, if a complaint submitted by us is successful, the Success Fee will apply in the usual way.
You can cancel by post: Allegiant Finance Services Limited, Freepost RTYU–XUTZ–YKJC, 400 Chadwick House, Warrington Road, Birchwood Park, Warrington, WA3 6AE; (b) by email: [email protected]; (c) by telephone: 0345 544 1563; or (d) online at https://allegiant.co.uk/compliance/cancellation.
Our small, dedicated pensions team provide a personal touch
We’ll treat your claim as strictly confidential. Your personal information is safe with us.
We’ve serviced over 100,000 clients across all service lines since our inception in 2010.
We could still help if you don’t have all your paperwork or details. Our team are experienced in helping locate paperwork where possible.
Our online application system and claim audit surveys enable us to offer an efficient and convenient claims journey.
Good to know: You do not need to use a claims management company to make your complaint to your pension provider or intermediary. If your complaint is not successful you can refer it to the Financial Ombudsman Service or the Pension Ombudsman yourself for free if the firm is still trading. For eligible failed firms, you can refer a claim to the Financial Services Compensation Scheme for free.
