This 58 year old warehouse assistant from Cranfield was extremely badly advised by Philip Pryke of Capital & Income Solutions Limited (FCA authorisation number 462885). Our client had an extremely valuable defined benefit pension with Johnson Matthey under the employee pension scheme.
He was approached by Philip Pryke who advised our client that because he no longer worked for Johnson Matthey he should transfer his pension from the employee pension scheme operated by them to a Royal London which is a defined contribution scheme.
Philip Pryke completed all of the paperwork on behalf of our client and arranged for the transfer to take place. On 27 July 2017 Johnson Matthey retirement scheme transferred the sum of £162,292.76 to the Royal London pension.
This was the worst advice possible but despite this Philip Pryke paid his company Capital & Income Solutions Limited the sum of £6,500.00 in commission.
Our client had gone from having an extremely valuable defined benefit pension scheme with a guaranteed income in retirement to a defined contribution scheme whose performance was subject to the volatility of the Stock Market and therefore completely inappropriate.
We made a claim against Capital & Income Solutions Limited to the FSCS and were very pleased to advise our client that we had recovered the sum of £53,841.71 compensation on his behalf.
Date of decision 23 March 2021