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‘Mrs G receives maximum award from FSCS!’
Mrs G received a cold call from a firm of Independent Financial Advisors called Bright Financial offering her a free pension review.
Bright Financial advised Mrs G that she would be guaranteed higher annual returns of 6% if she transferred her company pension scheme into a SIPP (Self-Invested Personal Pension).
Mrs G, having no investment experience trusted the recommendations made by her financial advisor thus, agreeing to transfer £45,000 from her company pension scheme to The Lifetime SIPP Company. Mrs G was relying on these pension funds for retirement, and would therefore not be in a position to risk them.
Subsequently, Mrs G lost the entire amount that had been invested. As Bright Financial were a firm of regulated Independent Financial Advisors, The Byrne Practice were able to secure £50,000 in compensation for Mrs G from the Financial Services Compensation Scheme – the maximum award given by the FSCS.