Torch Wealth Management Claims Guide
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Wales based financial advisers Economic Financial Solutions IFA Limited, better known to many of their clients as Torch Wealth Management, are known to have dealt with people’s pensions in the past.
They’re also known to have gotten their pension advice wrong on a few occasions, being told by the Financial Ombudsman Service (FOS) to pay clients compensation on at least 2 occasions.
In October 2018, the Financial Conduct Authority, which makes the rules for financial advisers to follow and authorises businesses to give advice, added notes to Torch Wealth Management’s register entry to say that the firm must “cease carrying on any business that involves any regulated activities relating to new investment or pension business arising from unregulated introducers, or in any way connected to the activities of unregulated introducers.”
This means that Torch must not take on new pension or investment clients from unregulated marketing companies.
FOS decision DRN2321087 told the story of how a ‘Mr C’ received advice from Torch Wealth Management to transfer his personal pension to a SIPP in 2015. The advice was found to be unsuitable because the investments chosen (through a DFM) were too high risk, and this resulted in a loss of several thousand pounds.
Can You Make A Torch Wealth Managment Claim?
You wouldn’t be the first – Torch’s occasional mis-selling of pension switches to SIPPs is a matter of public record since the FOS decisions were published.
If you:
- Transferred your pension to a SIPP
- Made high-risk investments
- Aren’t earning over £100k per year
- Aren’t a Sophisticated Investor
Then you may have been mis-sold, and you could be able to make a claim for negligent SIPP advice.
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We are here to rewrite the book for you. And luckily we are pretty damn good at creating happy endings.
When you get let down by someone you thought you could trust, it can leave its mark on you, emotionally and physically.
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Torch Wealth Management Timeline
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Appointed Representative
2013
The company registers the name ‘Torch Wealth Management’ with the FCA
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Mr C's Unsuitable Advice
2015
As details above, in 2015, Mr C received advice to transfer his pension into a SIPP, advice that would later be determined to have been unsuitable.
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FCA Restrictions
2018
In October 2018, the FCA amended the firm’s entry on it’s register to say that it must stop taking on investment and pension business from unregulated introducers.
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FOS Complaint
2019
In March 2019 it was revealed that the FOS had upheld Mr M’s complaint against Torch for SIPP pension advice, setting the stage for Torch to pay compensation.
Related To Torch
SOPHISTICATED INVESTOR
Do you have a wealth of knowledge and experience in investing?
HIGH NET-WORTH 1
Do you earn in excess of £100,000 per annum?
HIGH NET-WORTH 2
Or do you own £250,000 worth of investable assets?
Do you know how people complained about mis-sold investments and pensions in the last year?
A lot. Over twenty thousand complaints were made about mis-sold pensions and investments in 2020/21, a figure which had doubled since the year before.. It’s no secret how serious this problem is, and it just seems to keep getting worse.
Have you been a victim of financial mis-selling?
Reaching out for help is never easy,
especially if you’ve been misled in the past.
But getting in touch with us won’t commit you to anything. We want to toss you a lifeboat and guide you through the choppy waters of the financial ocean, not leave you struggling to stay afloat. Our experts are here to offer advice and support on financial claims. We know what we’re doing and you can trust that if you’ve got questions, we’ve got answers.
Spencer Churchill Claims Advice featured on:
Spencer Churchill Claims Advice Will:
- Speak to you in plain English
- Provide you with a dedicated claims specialist
- Pay attention to the small details of your case
- Keep you up to date with the status of your claim
- Make sure you understand our charges
- Do absolutely everything we can to win your claim
How does our claims process work?
With millions of mis-sold pensions reported, it’s worth finding out if you can get your money back. Here’s how our simple process works:
What types of claims do we handle?
Find out how much you could claim today
Ready to take the next step? We’re here with clear, no-pressure advice. Give us a call today to find out if you have a valid claim
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Thursday: 8.00am–6.00pm
Friday: Office Closed