"Mansion Park Executives Banned from Advising Pension Transfers Over Unsuitable Advice"
Two former directors of Mansion Park Limited (in liquidation), Keith Dickinson and Andrew Allen, have been banned from giving pensions advice and ordered to pay large amounts to the Financial Services Compensation Scheme (FSCS). Nearly £3 million in compensation has already been paid out by the FSCS to Jessie Park customers who received unsuitable advice on pension transfers and opt-outs. Mr. Dickinson advised 135 customers in total, including 68 members of the British Steel Pension Scheme, whose pensions were worth approximately £36.8 million. Around 400 Mansion Park customers were advised to transfer out of their defined benefits pension schemes, with Mr. Allen demonstrating lack of due diligence in his oversight for 82% of those cases. The advice was unsuitable, as it didn't consider the customer's reliance on income from the pension scheme in retirement, or whether the customer could bear the financial risks of transferring out. The FCA are continuing to investigate any other individuals involved in this issue and those affected have been urged to contact the FSCS to see if they have a right to compensation.