Independent Pension Analysis Limited – which trades as O&M Pension Advice – is to cease its activities as an introductory pension transfer advisory service from 1stJuly. O&M Pension Advice is a trading style of Independent Pension Analysis Limited, which is an appointed representative of Perceptive Planning.
Neither of the two parents – O&M Pension Solutions and Perceptive Planning – will cease trading. O&M Pension Solutions is a software and services firm, providing pension transfer software and produce transfer reports for advisers using O&M’s transfer bureau service. Perceptive Planning is a chartered financial planning firm.
Phil Billingham, director, who took over the business at the start of the year, had planned to move it to direct regulation with the FCA, but problems arranging PI insurance have forced management to withdraw.
“It is with great disappointment that we have been forced into this position. When I took over the business in January, we had plans to become directly regulated with the FCA, and move onto chartered status as soon as possible.
“Whilst this will be difficult for everyone, especially our fabulous staff, we will be working hard to ensure that we give the best advice we can to as many of the clients we have been introduced to as possible. To that end, we will cease to accept new cases as of today’s date.”
“Unfortunately, a hardening of the PI market in the wake of the British Steel fiasco, together with unexpected difficulties with our arranged PI insurance, has forced our hand. Sourcing commercially acceptable PI cover at short notice has proved impossible.”
Jason Wykes, who ran the firm until January, says: “This is a particularly galling situation, as we have never had an advice complaint since O&M Pension Advice was formed in 2014. In addition, we had a full review of our service, advice and processes by the FCA in 2017 resulting in only minor process changes.”