Pembrokeshire Mortgage Centre (PMC) was a key adviser firm in the British Steel Pension Scheme (BSPS) mis-selling scandal that devastated steelworkers across South Wales. PMC is the subject of FCA enforcement action. If you were a BSPS member advised by PMC to transfer, FSCS and FOS compensation routes are available.
Start your free assessment →Pembrokeshire Mortgage Centre (PMC) was among the most prominent financial adviser firms in the British Steel Pension Scheme (BSPS) mis-selling scandal. PMC gave a large volume of DB pension transfer recommendations to British Steel steelworkers across South Wales — many of whom transferred out of what was one of the UK's most generous defined benefit pension schemes.
The FCA and FOS found that PMC's advice was systematically unsuitable — failing to properly assess clients' attitudes to risk, capacity for loss, and whether transferring out of guaranteed BSPS benefits was in their best interests. PMC has been the subject of FCA enforcement action. The FOS has upheld the overwhelming majority of complaints against PMC arising from BSPS advice. PMC is now in FSCS default.
PMC is in FSCS default. FSCS claims are open for BSPS members who received unsuitable transfer advice from PMC. The FCA's BSPS Redress Scheme (PS22/13) provides a structured calculation methodology.
Up to £85,000Where losses exceed the FSCS cap or for claims outside the FSCS scheme, FOS complaints remain available. The FOS has upheld the overwhelming majority of BSPS transfer complaints.
BSPS — time limits are critical and the FCA knows it. The FCA has taken steps to extend the standard time limits for BSPS claimants given the scale of the mis-selling. However, the FOS and FSCS have their own separate limitation rules. For BSPS transfers made in 2017–2018, the six-year absolute FOS clock has now expired or is very close to expiry. The FSCS route remains open. Act now. See redressadvisory.com/time-limits for the full limitation framework.
You have FSCS compensation available (PMC is in default), and the FCA's BSPS Redress Scheme provides an additional structured route. The RA assessment will identify which routes remain open based on your specific transfer date and loss calculation.
The FCA's BSPS Redress Scheme (PS22/13) requires adviser firms that gave unsuitable BSPS transfer advice to calculate and offer redress to affected clients using a standardised methodology. Where the adviser firm has failed (such as PMC), the FSCS steps in to pay the redress.
The six-year FOS absolute clock on a 2017 transfer has now expired. However, the FSCS route has different limitation rules and the FCA Redress Scheme provisions extend some time limits. An urgent formal assessment will clarify your specific position.
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You can complain directly to the firm, refer to the Financial Ombudsman Service or apply to the FSCS — all completely free. If you use the free routes, you keep 100% of any compensation.
| Redress received | Max % | Max fee |
|---|---|---|
| Up to £1,499 | 30% | £420 |
| £1,500–£9,999 | 28% | £2,500 |
| £10,000–£24,999 | 25% | £5,000 |
| £25,000–£49,999 | 20% | £7,500 |
| £50,000 and above | 15% | £10,000 |
Compensation is paid directly to you. We invoice after you receive your compensation. You pay nothing if unsuccessful. Source: FCA PS21/18 (Chapter 2, Table 1) & CMCOB 5.2. Excl. VAT.
Compensation is paid directly to you. We invoice after you receive your compensation. You pay nothing if unsuccessful. Source: FCA PS21/18 (Chapter 2, Table 1) and CMCOB 5.2. Excl. VAT.
Cancel any agreement with us within 14 days of signing, without charge or obligation. No questions asked.
Contact complaints@redressadvisory.com. If unresolved, refer to the Financial Ombudsman Service free of charge within 6 months of our final response.