A. W. Dallas Financial Services Ltd, trading as Portfolio Financial Consultancy, who had recently bought the client book of S&M Hughes Limited (also known as Crescent Financial) is the most recent firm to go into liquidation.
The firm collapsed after a number of complaints were raised regarding the unsuitable transfers of clients' defined benefit pensions.
Unsuitable Pension Advice
When Portfolio Financial Consultancy Limited took over Crescent’s clients, the contract specified that they would not be taking on Crescent’s liabilities for any unsuitable advice.
Crescent Financial operated a revolving door exercise; clients were invited to meet the IFA’s in 15-minute allotted time slots to discuss their pension transfers, with one client handing the door straight to the next client.
A.W. Dallas Financial Services Limited started liquidation proceedings after the number of complaints made against AW Dallas had rendered the business insolvent.
If you had dealings with the firm and transferred your pension you may be have been given unsuitable advice (we really don’t like using terms like “mis-sold pension transfer” as this is a little more technical and not all advice is automatically unsuitable) you should get the transaction reviewed.
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