Inspirational Financial Management Ltd, an authorised financial advice firm since July 2003, is presently undergoing an investigation following its entry into administration on 30 November 2023. The Financial Services Compensation Scheme (FSCS) is currently reviewing claims against the firm to assess eligibility for compensation on an individual basis.
Clients of Inspirational Financial Management Ltd may qualify to file a claim for compensation. To determine eligibility, individuals are advised to click the ‘Check if you can claim’ button on the FSCS website and respond to a series of straightforward questions. For guidance, claimants may contact a claims handler or refer to the FAQ section for assistance.
It is essential to acknowledge that the services of a claims company or solicitor are unnecessary when making a claim with the FSCS. However, individuals who encounter difficulties with the forms may wish to engage the aid of a trusted friend or family member to act as a personal representative during the process.
Subscribers can stay abreast of the investigation’s status and any developments concerning compensation claims by signing up to receive news updates via email.
Additionally, the association of Inspirational Financial Management Ltd with claims pertaining to the British Steel Pension Scheme (BSPS) and defined benefit transfer advice for other occupational pension schemes should be noted. In 2017, several British Steel workers received advice to transfer out of their defined benefit pension into a defined contribution pension, including a Personal Pension Plan or a Self-Invested Personal Pension (SIPP).
The Financial Conduct Authority (FCA) subsequently instituted a redress scheme for individuals advised to transfer out of the BSPS between 26 May 2016 and 29 March 2018. This scheme mandates firms to review the advice they provided, identify any unsuitability, and compensate clients for any financial losses incurred due to unsuitable advice.
With Inspirational Financial Management Ltd no longer operational, affected clients now have the opportunity to file a claim directly through the FSCS. Failure to do so may result in a deficit in the available retirement funds. Eligible claims may receive compensation of up to £85,000 from the FSCS.
Individuals who believe they are entitled to compensation can access the FSCS compensation claim guide and commence the process by clicking the ‘Check if you can claim’ button on the FSCS website.
For comprehensive information on defined benefit pension transfer advice and the calculation of compensation for pension transfer claims, individuals are advised to consult the FSCS website or their dedicated webpage for further guidance.
Given these developments, affected individuals are urged to take action and ascertain whether they qualify for compensation as a consequence of their involvement with Inspirational Financial Management Ltd.
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