Latest news with #Equiniti
Daily Mail
05-07-2025
- Business
- Daily Mail
TONY HETHERINGTON: What's the Civil Service done to my pension after I retired?
Tony Hetherington is Financial Mail on Sunday's ace investigator, fighting readers corners, revealing the truth that lies behind closed doors and winning victories for those who have been left out-of-pocket. Find out how to contact him below. Ms R.F writes: I retired from the Civil Service in February, after 26 years. I gave the required four months notice and claimed my pension, but so far I have received no payment and nothing to say when I will start receiving it. I have been trying constantly to contact the pension scheme by phone and email, but without getting anywhere. Tony Hetherington replies: The Civil Service pension scheme is financed by the taxpayer and by contributions deducted from civil servants' pay. It is the responsibility of the Cabinet Office in Whitehall, headed by Pat McFadden MP. But the Government contracted out the running of the scheme to MyCSP Ltd – and this is where things have gone badly wrong. You told me you contacted MyCSP when your first pension payment failed to arrive, but nobody could help you. You then contacted Equiniti, the American-owned financial services firm behind MyCSP, but they simply put your call through to MyCSP again, which put you on hold, with no pension, no advice, and no explanation. I think politicians should be held responsible for the failures of companies they hire to carry out what would at one time have been public services. So, armed with your signed authority allowing me to make enquiries on your behalf, I by-passed MyCSP and went straight to the Cabinet Office. Two days later, your pension arrived. This was excellent, but what had gone wrong in the first place, I asked? Was four months not long enough to allow for the start of your pension? And whether it was or not, why was nobody able to explain what was going on? The Cabinet Office, like MyCSP itself, failed to offer any explanation. Officials there seemed to think once you got your pension, you and I would lose interest. Wrong! This is not a one-off incident. Your experience is symptomatic of what can happen when the Government pays an outside contractor to do its job and fails to keep hold of the reins as the contractor goes off course. Who says so? The Government's own National Audit Office (NAO) says so. It opened an investigation after seeing a sharp rise in complaints from Civil Service pensioners. Last year there were over 4,800 complaints, with the NAO identifying repeated failures by MyCSP to start pension payments on time. Some pensioners were waiting for months. And a spot check last November on how long it took MyCSP's contact centre to answer the phone showed on average callers were forced to wait 24 minutes. The NAO concluded: 'Cabinet Office has been unable to hold the current pension scheme administrator, MyCSP, accountable for when performance has fallen below agreed service levels or incentivise improvement through its contract.' There was really little reason for MyCSP to up its game. The Government had already decided in 2023 it would dump it in favour of Capita – but there are already signs tomorrow's mess will be no better than today's. Capita was due to take over the pension scheme in December this year, earning itself £239million to run it for the next seven years. But Capita has already missed three deadlines in its transition work, so the takeover has been pushed back to next March at the earliest. It does not look as if Civil Service pensioners can count on a future that is any brighter than today's failures. WE'RE WATCHING YOU A former Nasa scientist is facing prison after pleading guilty to a £1 million investment fraud. John Burford, 85, who now lives in Mansfield in Nottinghamshire, owned and ran Financial Trading Strategies Ltd. He had worked at Nasa on a team to send men to Mars before he became a trading adviser in the US – but he had never been authorised to offer advice or manage funds in the UK. The Financial Conduct Authority (FCA) found that he had recruited more than 100 investors to his VIP Traders' Club, and made more than £1 million from them which he used for 'living expenses'. The FCA said he 'repeatedly lied to investors' and 'hid the full extent' of his losses. In December 2023 it put his company on its list of unauthorised firms, but no action was taken. Last August I warned Burford was still breaking the law, but he was not charged until April. He pleaded guilty at Westminster Magistrates' Court and will be sentenced at Southwark Crown Court at a later date. He faces an unlimited fine, and between his unlicensed business and fraud charge could be handed 12 years. The FCA said: 'Burford fleeced unwitting investors to enrich his life – not theirs.'
Yahoo
03-03-2025
- Business
- Yahoo
ACCESS Newswire Announces the Sale of its Compliance Business to Equiniti Trust Company, LLC
Transaction Highlights the Strategic Transformation of the Company to a Pure Communications SaaS Subscription Model Transaction creates a focus on the higher growth communications subscription business. $12.5 million total cash consideration, subject to certain post-closing adjustments, with $12 million paid at closing and $500,000 held back for twelve months. $12 million proceeds will be used to immediately pay down debt. The asset sale includes the transfer of the entire compliance team of 11 employees and associated client contracts, intellectual property and other related assets. Refined business model expected to deliver enhanced EBITDA margins. Includes transition services agreement for up to six months to assist Equiniti with the integration of the compliance business. RALEIGH, NORTH CAROLINA / / March 3, 2025 / ACCESS Newswire (NYSE American:ACCS) (the "Company," "ACCESS Newswire," "ACCESS"), a leading communications company, today announced the completion of the sale of its compliance division to Equiniti Trust Company, LLC ("Equiniti") for $12.5 million, subject to certain post-closing adjustments. This transaction, which closed February 28, 2025, is a significant step in ACCESS Newswire's strategic transformation into a pure-play communications SaaS subscription business. "Late in Q4 last year, we conducted a comprehensive market review-not only to evaluate the value of our compliance business but also to explore interest from potential buyers. Our outreach attracted multiple parties with strong interest. It soon became clear that Equiniti was the ideal partner, and we are excited to announce the sale of our compliance business to them," said Brian R. Balbirnie, ACCESS Newswire's Founder, Chairman, and CEO. Balbirnie continued, "We believe this marks a transformative moment for ACCESS, aligning with our strategic vision to lead the communications industry through innovation and investment in our core communications platform. By serving both investor and public relations markets, we aim to meet the evolving needs of our customers and industry. This transaction will enable us to drive growth, strengthen our competitive edge, and deliver exceptional value to our shareholders and customers alike. With our recent rebranding to ACCESS Newswire and the launch of our subscription model, we are now focused on our core mission: becoming the go-to communications platform across all industry segments and sizes." The Company will use the full initial proceeds of $12 million to reduce its outstanding bank debt from $15.3 million to approximately $3.3 million. As a result of the outstanding debt reduction, ACCESS Newswire has also restructured and amended the term loan to reflect its new balance, renewed its line of credit, and reduced its financial covenants. The streamlined business model is expected to set the communications business up to deliver enhanced EBITDA margins and predictable monthly recurring revenue through its subscription-based platform. The transaction enables ACCESS Newswire to focus exclusively on transitioning its over 10,000 customers into its three comprehensive fixed-fee subscriptions: ACCESS IR: Essential investor relations tools and distribution ACCESS PR: Comprehensive press release distribution, public relations, and media outreach All ACCESS: Complete suite of communications solutions subscription In connection with the Company's recent comprehensive rebranding initiative and the sale of the compliance business, the Company will record certain non-cash charges in the fourth quarter of 2024 and first quarter of 2025. The Company will also recognize certain accounting adjustments related to discontinued operations from the sale of the compliance business. These non-cash charges and discontinued operations accounting treatments will be reflected in the Company's upcoming financial statements but are not expected to impact the Company's cash flows or ongoing operations. The Company expects to file its Annual Report on Form 10-K for the year ended December 31, 2024 with the U.S. Securities and Exchange Commission (the "SEC") on or before March 25, 2025. Additionally, the Company will file a Current Report on Form 8-K with the SEC within four business days of February 28, 2025 further describing the sale of the compliance business. About ACCESS Newswire are ACCESS Newswire, a globally trusted Public Relations (PR) and Investor Relations (IR) solutions provider. With a focus on innovation, customer service, and value-driven offerings, ACCESS Newswire empowers brands to connect with their audiences where it matters most. From startups and scale-ups to multi-billion-dollar global brands, we ensure your most important moments make an impact and resonate with your audiences. To learn more visit Forward-Looking StatementsThis press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). Statements preceded by, followed by or that otherwise include the words "believe," "aim, " "anticipate," "estimate," "expect," "intend," "plan," "project," "prospects," "outlook," and similar words or expressions, or future or conditional verbs, such as "will," "should," "would," "may," and "could," are generally forward-looking in nature and not historical facts. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance, or achievements to be materially different from any anticipated results, performance, or achievements for many reasons. The Company disclaims any intention to, and undertakes no obligation to, revise any forward-looking statements, whether as a result of new information, a future event, or otherwise. For additional risks and uncertainties that could impact the Company's forward-looking statements, please see the Company's Annual Report on Form 10-K for the year ended December 31, 2023, including but not limited to the discussion under "Risk Factors" therein, which the Company filed with the SEC and which may be viewed at For Further Information: ACCESS Newswire Brian R. Balbirnie 919-481-4000brianb@ Hayden IR Brett Maas (646) 536-7331brett@ Hayden IR James Carbonara(646)-755-7412james@ SOURCE: ACCESS Newswire Inc. 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