Transfer Adviser Service -
On 2nd May 2018, it was announced that Independent Pension Analysis Limited – which trades as O&M Pension Advice - is to cease its activities as a Introductory Pension Transfer Advisory service.
The firm ceased giving advice on the 1st July 2018.
O&M Pension Advice is a trading style of Independent Pension Analysis Limited, which is an Appointed Representative of Perceptive Planning Limited, which is authorised and regulated by the Financial Conduct Authority. Perceptive Planning Limited is entered on the Financial Services Register (www.fca.org.uk/register) under reference 534666.
The O&M Pension Advice team can be contacted directly on 01206 805497
Phil Billingham, Director, explained “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.
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, further remarked “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.”
The firm operates an Independent, introducer only, non-contingent charging model. Jamie Newell, Director of O3 Insurance Solutions commentated that “It’s a real shame, almost the perfect storm. It’s just very unfortunate that with the current spotlight on DB Transfers by both the FCA and PI Insurers that obtaining commercially acceptable PI Insurance has proved fruitless”
With the help of CATS, their outsourced compliance support, the firm will now enter a period of orderly rundown. Phil said “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 todays date.”
Neither of the two ‘Parent’ firms are affected by these events.
O&M Pension Solutions is a software and services firm and does not give advice. It continues to provide industry leading pension transfer software and produce transfer reports for advisers using O&M’s transfer bureau service.
Perceptive Planning is a Chartered Financial Planning firm and continues to provide Financial Planning to UK and overseas clients