REX Financial Services defaulted in September after ceasing all regulated business in the July, leaving its clients in the lurch and potentially facing huge losses. The FSCS (Financial Services Compensation Scheme) has already received many claims against REX for “dodgy” advice, specifically regarding “self-invested Personal Pensions – or SIPP’s”!
The bad thing is, as a responsible firm, we then pay the fee’s that support the payouts’ from the FSCS for bad advice. Meaning the cost of “good and appropriate” advice using “top quality regulated pensions” then has to go up to pay for it – Scandalous! Recent stats show the bill to good advice firms has increased recently given the rising payouts from £16million to £229million – Wow.
As always, be careful whom you put your trust in, whilst REX Financial doesn’t appear to have been a “pension scam” its clear their advice was at the very least “not the best”. Get in touch with your local experts to ensure your own Financial Fortress!