Acklam Financial Limited, a firm of Financial Advisers based in Middlesbrough was authorized and regulated by the Financial Conduct Authority and has been declared in default by the FSCS.
Acklam is one of the companies associated with the unsuitable advice given to British Steel workers. British Steel Pension Scheme (BSPS) was a defined benefit scheme and in 2017 thousands of steelworkers were unsuitably advised to transfer out of their defined benefit pension into a defined contribution pension, known as a Personal Pension Plan or a Self-Invested Personal Pension (SIPP). Many of these people had limited experience in making decisions and they were persuaded to put their pensions into inappropriate investments. After conversations with the Financial Conduct Authority, Acklam voluntarily gave up its defined benefit permissions and stopped giving pension transfer advice. As a result, on 26th November 2021 the firm entered into liquidation.