FSCS probes BSPS adviser which used 38 trading names
Pension transfer adviser Better Retirement Group Ltd, a firm which has used nearly 40 trading names, has today been placed under investigation by the Financial Services Compensation Scheme.
The FSCS said the firm, under investigation for a number of BSPS pension transfers, was formerly known as Directly Financial Ltd and Financial Strategy Ltd.
The firm also currently trades under three main names: Better Retirement Group Ltd, Better Annuity and Better Retirement.
However a check of the FCA register shows the firm has used at least 38 trading names in its history, including at least four this year.
Previous names the company has used since 1993 include the Pension Tracing Service, Pension Vesting Service, MPI Financial, Better Wealth Management, CLAASS Financial Planning, Arlington Financial and Millenial (sic) Wealth.
Previous names used by the company (from the FCA Register):
Company Name |
Type of name |
Effective from |
Effective to |
Better Financial Solutions |
Trading |
05 Jun 2020 |
14 Apr 2022 |
Pension Tracing Service |
Trading |
24 Apr 2020 |
14 Apr 2022 |
Pension Vesting Service |
Trading |
30 Mar 2020 |
24 Apr 2020 |
MPI Financial |
Trading |
12 Dec 2019 |
10 Feb 2021 |
Money Advice Partnership |
Trading |
19 Jun 2019 |
14 Apr 2022 |
Better Wealth Management |
Trading |
26 Apr 2019 |
14 Apr 2022 |
CLAASS Financial Planning |
Trading |
26 Apr 2019 |
10 Feb 2021 |
Arlington Financial |
Trading |
07 Mar 2019 |
05 Jun 2020 |
Millenial Wealth |
Trading |
31 Oct 2018 |
23 Aug 2019 |
Marwood Financial |
Trading |
15 Jun 2018 |
23 Aug 2019 |
SIPPCLUB |
Trading |
15 Jan 2018 |
15 Sept 2021 |
SIPP Club |
Trading |
15 Sept 2017 |
15 Jan 2018 |
ADVIES WEALTH |
Trading |
11 Sept 2017 |
27 Feb 2020 |
FIDUCIA PROSPERITY |
Trading |
11 Sept 2017 |
03 May 2019 |
I-Retirement |
Trading |
19 Jun 2015 |
15 Sept 2017 |
Retirement Choices |
Trading |
19 Jun 2015 |
15 Sept 2017 |
Better Financial Planning |
Trading |
25 Feb 2015 |
31 Oct 2018 |
Tuto |
Trading |
16 Jan 2015 |
01 Apr 2015 |
Better Retirement Solutions |
Trading |
01 Oct 2014 |
23 Aug 2019 |
Better Retirement Income |
Trading |
20 Jun 2014 |
23 Aug 2019 |
Better Care |
Trading |
31 Jan 2011 |
23 Aug 2019 |
Better Drawdown |
Trading |
31 Jan 2011 |
23 Aug 2019 |
Better Equity Release |
Trading |
31 Jan 2011 |
23 Aug 2019 |
Better Investment |
Trading |
31 Jan 2011 |
23 Aug 2019 |
Better Pension |
Trading |
31 Jan 2011 |
23 Aug 2019 |
Directly Financial |
Trading |
31 Jan 2011 |
23 Aug 2019 |
William Burrows Annuities |
Trading |
31 Jan 2011 |
23 Aug 2019 |
JTD Financial Services |
Trading |
25 Nov 2009 |
15 Sept 2017 |
JTD Financial Ltd |
Trading |
15 Nov 2009 |
19 Apr 2010 |
Burrows & Cummins |
Trading |
24 Jul 2009 |
01 Apr 2015 |
EquityCare |
Trading |
24 Jul 2009 |
23 Aug 2019 |
Clancy LeSurf |
Trading |
11 Jan 2006 |
23 Jan 2008 |
Directly Financial Limited |
Registered |
20 Apr 2000 |
31 Jan 2011 |
Life & Health Direct |
Trading |
18 Jan 2000 |
23 Jan 2008 |
Term Direct |
Trading |
18 Feb 1998 |
24 Jul 2009 |
Financial Strategy Limited |
Registered |
12 Jul 1995 |
20 Apr 2000 |
The Pensions Bureau Limited |
Registered |
21 Apr 1995 |
12 Jul 1995 |
Annuity Direct |
Trading |
15 Jan 1993 |
24 Jul 2009 |
Source: FCA Register
Better Retirement Group Ltd (FRN: 153420) is one of more than 30 adviser firms with claims connected to transfers from the British Steel Pension Scheme (BSPS). It’s the third advisory business this week to face FSCS investigation over BSPS transfers. The FCA Register lists the firm at an address in Northampton.
The FCA has placed a number of restrictions on the company over the past six years. In 2016 it was stopped from carrying out consumer buy-to-let mortgage business. In 2020 the firm was stopped from disposing of any assets and in May this year it was stopped from conducting any investment business.
Stuart Philip Bayliss is listed as the SMF3 executive director of Better Retirement Group Ltd and also as SMF16 for Compliance Oversight.
The FSCS said that in 2017, many British Steel workers were advised to transfer out of their defined benefit pension into a defined contribution pension, typically a Personal Pension Plan or a Self-Invested Personal Pension (SIPP).
The compensation body said that by transferring to a private pension arrangement, members of the BSPS scheme would have lost the benefits already built up in the British Steel Pension Scheme. The FSCS said the advice they received, “may not have been the best advice for them.”
The FSCS investigation may be followed by Better Retirement Group being declared in default, opening the door to claims for compensation from clients.
The FSCS has pointed out that a claims company is not necessary to claim compensation.