Free pension reviews can sometimes be legitimate, but they were often an excuse to get somebody talking about their pension, with a view to transferring it, earning marketing companies and financial advisers some big fees and commissions.
In many cases, IFAs and Advisers would persuade people to invest directly in high-risk investments, usually overseas.
However in recent years, money was often instead directed towards DFMs: companies that build portfolios of investments, that may contain high-risk bonds that may be disguised under a friendly sounding name.
While details about Consumer Wealth Ltd and the reasons for the solvent liquidation are scarce, it is know that as of Dec 2018, Consumer Wealth Ltd is in solvent liquidation, and have applied to cancel their authorisation to give pension advice with the FCA.
If you made changes to your pension with Consumer Wealth Ltd, you may be able to make a mis-sold pension claim.Get started now
Several financial advisers and the FSCS have been paying out compensation for mis-selling investments via SIPPs and SSASs for a few years, with Spencer Churchill Claims Advice often leading the claim on a No Win – No Fee* basis.
Then you may have been mis-sold, and you could be able to make a claim for negligent SIPP advice.
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Comments on popular finance blog moneysavingexpert mention ‘Consumer Wealth Limited’ – a company reported to have called at least one person in order to review their pension. The original poster reported a “pretty hard sell”.
Tony Hetherington writes for the Financial Mail on Sunday and This Is Money, and in 2017 investigated a company that cold-called a reader about their pension. The firm, Pension Safe, which is a trading name of Knight Meade Limited based in Bury, was used to ‘drum up’ business for Consumer Wealth Limited.
A notice was finally placed in The Gazette that liquidators from RSM Restructuring Advisory LLP were now appointed to Consumer Wealth Ltd as part of a member’s liquidation.The FCA register records the firm as having ‘applied to cancel’ as of January 2019.