AXG Advice Ltd

If you transferred your defined benefit pension to a private pension, such as SIPPs, following the advice given by AXG Advice Ltd, or if you were contacted by an unauthorised company that introduced you to AXG Advise Ltd you might be eligible for compensation.

A defined benefit (DB) pension scheme, also known as a final salary scheme, is an occupational pension scheme where the amount a member is paid is based on how many years, he/she has been on the employer’s scheme and the salary the member has earned when he/she leaves or retires.

Defined benefit pensions are not very flexible but the benefits in retirement such as guaranteed spousal death benefits, protection from the PPF, index-linked increases, and Ill health benefits can be extremely valuable. The employer contributes to the scheme and is responsible for ensuring there’s enough money to pay members’ pension income.

Many people were negligently advised to transfer their defined benefit pension into private pensions, such as SIPPs. Financial advisors ignored the reality that the transfer of the defined benefit will have a significant impact on the people’s level of living during their retirement because they had no other assets or savings to fall back on, and they made no evaluation of whether the people could withstand the risks of removing the monies. They also didn’t assess the future income needs or the relative importance of the plan.

The Financial Conduct Authority found that only 48.1% of people that transferred their final salary pension had been correctly advised. One of the companies that negligently advised defined benefit members to transfer their pension away is AXG Advice Ltd. The FCA expressed its concerns over the suitability of advice given by AXG Advice Ltd.

Since 25 February 2022 AXG is not able to conduct any regulated activity without the prior written consent of the FCA. The Firm used to work with unauthorized introducers that were not regulated by the FCA to advise people on DB transfers. The FCA ordered that the Firm “terminates all the businesses with unauthorized introducers” and “must not carry on any DB transfer activities in relation to customers under the age of 50.” The FCA ordered assets restrictions as well so “The Firm must not dispose of, withdraw, transfer, deal with or diminish the value of any of its own asset” and “The Firm must not dispose of, transfer, or sell in whole or in part its client base unless it has the FCA’s prior written consent.”

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AXG Advice Ltd is currently contacting all its clients in order to inform them that they “voluntarily” agreed with the FCA to carry out a review of the advice they gave to people regarding the transfer of their defined benefit scheme.

We’ve made 1000’s of successful claims on behalf of our clients, totaling over:

£18 MILLION

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What our clients are saying…

Some kind words from our respected clients

“You have proved I was miss advised”

You have proved I was miss advised, regarding my mis-sold pension, I am very happy with the outcome, your payment was a bit expensive, however, I realise everyone has to make a living. I did not think that the amount would be so much.
Thank you all for your hard work.

Pete | Trust Pilot

“From the very first moment of dealing…”

From the very first moment of dealing with Elite Chambers, I have been met with nothing but common courtesy, politeness, and Professionalism at all times, especially from Jamie Baker and Jordan Casey. Both these Employees are absolute Assets to the Company. I was kept up to date with every detail and progress through emails and Calls.
I would definately recommend this Company to everyone like myself who was mis sold something.

Thankyou once again Elite Chambers
Lesley Hogg

Lesley Hogg | Trust Pilot 

“I received a call from Elite Chambers…”

I received a call from Elite Chambers about a SIPP claim I spoke with Ashley, he was very helpful took a great deal of time in explaining the process and how it would work, Paper to be signed next week so fingers crossed for a positive outcome to this terrible situation.

David Barker | Trust Pilot