The Monetary Companies Compensation Scheme (FSCS) has declared two pension recommendation corporations in default.

Each corporations had been advising on pension transfers and have 27 claims between them associated to pensions recommendation.

Nationwide Profit Consultants (FRN 624316) and Belief Monetary Consulting (FRN 401459) each defaulted on 16 September.

Nationwide Profit Consultants (NBCL) was based on 15 December 2011 and traded beneath the identify of The Pension Reporter from 29 Could 2014. The agency presently has 25 claims in opposition to it in complete, all for pensions recommendation.

The agency ceased to be registered as an appointed consultant with the FCA on 8 April 2016, with the corporate being dissolved on 14 August 2018.

NBCL was concerned with advising on and arranging pension transfers and making subsequent investments into the Trafalgar Multi Asset Fund.

The Trafalgar Multi Asset Fund is presently the topic of an investigation by the Severe Fraud Workplace and has been related to the Capita Oak Pension and Henley Retirement Profit schemes and SIPPs offered by way of Sycamore Crown Ltd, Jackson Francis Ltd, TPS Land, CLP Brokers or PFR Companies, which had been invested into storage pods.

The FSCS mentioned it has been working with the FCA and the Monetary Ombudsman Service to analyze the actions of NBCL and has referred to as for buyers who’ve obtained pension switch recommendation from NBCL to make a declare in opposition to the agency to the FSCS.

Devon-based Belief Monetary Consulting Ltd (Belief) was based in June 2004 and ceased to be registered with the FCA on 25 March 2011.

Belief was an recommendation agency which specialised in advising on pensions, investments and pension transfers.

The agency presently has two claims in opposition to it, each for mis-sold SIPPs.

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