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FSCS Declares Pension Transfer Adviser
Chestergate Financial Services ‘In Default’

The Macclesfield-based firm, also known as Bradshaw Bennet IFA, ceased trading in 2011. Now declared ‘in default’, with one claim being upheld, the FSCS will step in to pay compensation on future claims.

Who was Chestergate Financial Services Ltd?

Chestergate Financial Services was an independent financial adviser based in Macclesfield. It was previously known as Bradshaw Bennet Independent Financial Advisers.

The company was authorised by the Financial Conduct Authority (FCA), the UK’s financial watchdog, to carry out regulated activities between 2006 and 2011, including advising on pension transfers.

Although the firm has not traded since 2011, one pension transfer claim has only just been upheld by the Financial Services Compensation Scheme (FSCS). As the company has been dissolved and cannot meet the cost of a claim, it has been declared ‘in default’.

The Financial Services Compensation Scheme (FSCS) is a government-backed scheme set up in 2001 to protect customers of failed financial services firms. In other words, if an investor has a complaint against a firm and that firm goes bust and cannot pay any compensation, the FSCS will step in to foot the bill, up to a limit of £85,000 per claim.

Pension transfers have hit the news headlines in recent years, with high-profile cases like the British Steel Pension Scheme scandal: the plight of thousands of steelworkers who became victims of pension mis-selling was reported widely, became the subject of parliamentary debates and inquiries, and resulted in significant changes to how the financial advice sector works.

Although not connected with the BSPS scandal, the claim against Chestergate/Bradshaw Bennet does relate to pension transfer advice.

The Financial Conduct Authority has said that it is rarely good advice to transfer out of a final salary, defined benefit or company pension scheme. Many investors have been deceived about the funds they would be investing in, the rates of return they might hope to achieve, and the advisers’ fees involved in switching. As a result of being mis-sold unsuitable and high-risk funds, pension investors have lost out financially.

If you are worried about the performance of pensions or investments arranged by Chestergate/Bradshaw Bennet, please contact our team for a free, no-obligation assessment. Often, it is not clear just how much your pension would have been worth had you not switched to another fund, but we can request up-to-date valuations and help you decide whether or not you have a claim, together with what it may be worth.

Sarah Spruce, Legal Director and Head of the Pension Mis-Selling team at TLW Solicitors, says:

“Our team is experienced in bringing successful FSCS claims on behalf of our clients, but you may be concerned about the £85,000 limit, particularly where a significantly more valuable pension pot is at stake. However, using our experience and expertise, we can investigate the possibility of making additional claims, meaning we could potentially double or triple the amount of compensation you receive. These claims can be complex and time-consuming, so if you want the professionals by your side, please get in touch.”

If you, a friend or a loved one hold pensions or investments through Chestergate Financial Services or Bradshaw Bennet IFA, and have lost out financially, please contact us for a no obligation discussion to explore your options including making a possible ‘no win, no fee’ refund claim.

You can call 0800 169 5925, email info@tlwsolicitors.co.uk, or complete one of the forms below.

It is important to get advice as soon as possible, as strict time limits can apply.
Minimum case values apply.

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