Heather Dunne is a consultancy firm that specialises in support services for independent financial advisors (IFAs) active in the pension transfer sector. The paraplanner was intrinsically involved with the owner’s alternative business, Heather Dunne IFA, which operated in the final salary pension transfer sector before the Financial Conduct Authority (FCA) intervened. In-line with recent regulatory behaviour, the FCA elected to restrict the pension firm from performing pension transfer business as of July 2017.
The ramifications of this for Heather Dunne Consultancy were not immediately apparent, but the firm’s owner has elaborated on the impact that this restriction had on her business at large:
‘When I had the visit from the regulator in June 2017…it meant that Heather Dunne Consulting lost its biggest client overnight.’
After struggling through the changing landscape of the pension transfer sector for over a year, Heather Dunne Consulting has now entered voluntary liquidation.
What Happened with Heather Dunne Consulting?
Heather Dunne Consulting provided an outsourcing service for IFAs that were involved in pension transfers from an established workplace, or people’s pension, into new self-invested personal pension (SIPP) plans with affiliated providers. During the goldrush of final salary pension transfer activity, this was an incredibly lucrative niche to occupy.
When the FCA began to clamp down on advisors, revenue streams for third-party organisations such as Heather Dunne Consulting abruptly stopped flowing. These organisations made significant portions of their revenue from individual clients, and in some cases individual pension schemes. Heather Dunne Consulting found itself in such a scenario when Heather Dunne IFA was forced to abandon its final salary transfer service.
A sudden shift in public perception regarding the legitimacy of pension transfer activity caused a market slowdown, which further reduced the payoff for performing pension transfers. Heather Dunne has blamed these dual aspects for the collapse of the consultancy. Liquidators have been appointed to the firm as of 4th September 2018.
Perhaps ironically, Heather Dunne IFA is still operating albeit under significantly restricted conditions. The pension transfer specialist was due to re-enter the market following a suspension from the FCA but failed to reach a new agreement with Financial Solutions Midhurst Limited (FSML). Heather Dunne IFA was an appointed representative of the firm until March 2018 and has since been unable to perform any business regulated or otherwise.
Heather Dunne IFA is currently facing several claims regarding pension transfer business conducted with a third-party firm that has since collapsed.
Pension Compensation with Money and Me Claims
Money and Me Claims is a pension compensation specialist with significant experience in the field of final salary pension transfer claims. We understand the complicated aspects of levying a compensation claim with a firm that is still claiming, particularly in such uncertain circumstances as Heather Dunne IFA.
If you performed a pension transfer service with Heather Dunne IFA that resulted in a financial loss, then you may be entitled to compensation. There is no guarantee that your investment failed as a result of financial malpractice, but Heather Dunne has been explicitly linked to a liquidated advisor that marketed alternative investments.
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