A claims management company (CMC) got in touch with an adviser asking for client data - and promising "beneficial outcomes" - as his pension transfer advice company was in the process of closing down.
Perceptive Planning director Phil Billingham said the unsolicited contact from CMC Legal Force, concerning the closure of his O&M Pension Advice business, was "nuts" as any future claims would fall at his feet. Billingham explained that he bought O&M Pension Advice back in January, with a view to creating his "perfect model" for a pension transfer firm - an independent, Chartered firm, with a non-contingent model. However, Billingham was unable to obtain professional indemnity (PI) cover that was commercially viable for the firm after its previous insurer's parent company fell into admi...
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