West Wales Financial Services Ltd was an independent financial advisory firm that was one of the companies associated with the British Steel Pension Scheme scandal. The company traded under many names including IWA Financial Solutions; Mike Powell Mortgages; Kingswood Mortgage Solutions; RWE Wealth Management; Arfon Hughes; Concise Mortgages; Dewi Lloyd Davies; Dyfed Financial; Lewis Phillips; West Wales Financial Services Limited.
West Wales Financial Services 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 20 February 2003 and liquidated on 19 November 2021. The company was based in Carmarthen. The company had 7 officers throughout its lifespan, with 4 resignations. The officers included: Colin Andrew Mudge (active), David Nigel Lewis (active) Online Corporate Secretaries Ltd (resigned), Lewis Tegwen (resigned), Katrina Vincent Mudge (resigned), and Online Nominees Ltd (resigned).
Were you mis-sold SIPP or investment products by any of the advisors at West Wales Financial Services Ltd? If so, you may qualify for mis-sold pension or SIPP compensation from the Financial Services Compensation Scheme (FSCS).
West Wales Financial Services Ltd is one of the companies associated with claims of misconduct 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.
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.
Did you invest any of your pension funds with West Wales Financial Services Ltd? West Wales Financial Services Ltd is now officially dissolved, and they can no longer pay out any returns. However, the FSCS has made mis-sold pension and SIPP compensation available to people like you. If a West Wales Financial Services Ltd advisor convinced you to put your pension money into a SIPP or investments, only for that investment to fail, you might qualify for mis-sold pension or SIPP compensation.
West Wales Financial Services Ltd has been declared in default by the Financial Services Compensation Scheme. 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 West Wales Financial Services Ltd. Fill in our online application form to get started.
Our claims experts can advise on whether you could qualify for mis-sold pension or SIPP compensation. Apply online today for an information pack to learn more.Apply Now
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