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23 September 2022 | Comment | Article by Ria Coleman

Ex-pat pension scandal: two firms declared in ‘default’ by the FSCS

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.

In Default

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.

Speak to our specialist Financial Mis-Selling Team today to find out how we can help. We offer ‘no win, no fee’ funding on approved cases.

Author bio

Ria currently specialises in handling claims for financial mis-selling relating to pensions, mortgages and other financial products.

Disclaimer: The information on the Hugh James website is for general information only and reflects the position at the date of publication. It does not constitute legal advice and should not be treated as such. If you would like to ensure the commentary reflects current legislation, case law or best practice, please contact the blog author.

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