Third British Steel firm re-enters pension transfer market

Hannah Godfrey reports...

Vintage Investment Services, a firm caught up in the British Steel pension scheme debacle, has become the third advice firm to regain its defined benefit (DB) transfer permissions and re-enter the market.

The Financial Services Register entry for the firm has changed to show no evidence of restrictions on the firm, whereas it had previously stated the firm must “cease all regulated activities relating to pension transfer business”.

Vintage Investment Services has joined Mansion Park and County Capital Wealth Management – which trades as The Pension Review Service – in regaining its permissions, after a year of restrictions.

A further seven advice firms had permissions changes as a direct result of involvement with British steelworkers, and experienced a raft of different outcomes.

Active Wealth UK – the firm at the centre of the saga – entered liquidation, along with Retirement & Pension Planning Services.

Meanwhile, three firms – Middlesbrough-based Acklam Financial as well as the Wales-based Pembrokeshire Mortgage Centre and West Wales Financial Services – decided to pull out of the pension transfer market entirely.

A further two firms still have DB transfer permission suspensions: Bartholomew Hawkins and Inspirational Financial Management. It is not yet known whether these firms will regain their permissions.

RP’s sister publication Professional Adviser has contacted Vintage Investment Services for comment.