Nationwide Benefit Consultants (NBCL) and Trust Financial Consulting, are two of the latest firms to be declared in ‘default’ by the Financial Services Compensation Scheme (FSCS).
About the FSCS
A declaration of default is made when the FSCS is satisfied that a firm cannot meet any eligible claims made against it. This lifeboat scheme is funded by the financial services industry. If a firm fails and cannot pay customers’ claims, they can seek compensation from the fund.
The firms, who are reported to have been embroiled in targeting British ex-pats in Spain and Portugal, have a combined 27 complaints against them, most of which relate to poor or unsuitable pension transfer advice.
NBCL in particular, arranged pension transfers into the Trafalgar Multi Asset Fund which is currently under investigation as potentially fraudulent.
NBCL which used the trading style, The Pension Reporter and which acted as an appointed representative of Joseph Oliver Mediacao de Seguros was dissolved in 2018 and Trust Financial Consulting was dissolved back in 2012.
What should I do if I was advised by one of these firms?
If you were advised by NBCL, The Pension Reporter or Trust Financial Consulting, to transfer your pension into a SIPP, QROPS or another pension vehicle, you may be able to claim compensation.