He said: “From most of these people, they don’t need a CMC to put a claim, they are better off doing themselves.”
For Martin Bamford, chartered financial planner and managing director of Informed Choice, “it’s a sad fact that victims of poor advice, scams and fraud are often re-targeted by less than scrupulous individuals, seeking to make a quick buck”.
He said: “These steelworkers have been through enough already, so it’s good to see Intelligent Money taking steps to protect them from further financial harm.
“Vulture CMCs should respectfully keep their distance from victims of the BSPS debacle, instead letting those with their welfare at heart take the lead in recovering what money they can on their behalf.”
FTAdviser reported recently that advisers who helped steelworkers transfer out of their pension schemes are being targeted by CMCs with a view to bringing complaints to the Financial Ombudsman Service.
It emerged in April that more than 900 CMCs have registered to continue trading while they go through the FCA’s authorisation process, which is now in charge of supervising these companies.