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Torch Wealth Management Claims Guide

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.

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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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Torch Wealth Management timeline

2010 - Formation

Economic Financial Solutions IFA Limited was formed in Feb 2010.

2013 - Appointed Representative

The company registers the name ‘Torch Wealth Management’ with the FCA

2015 - Mr C's unsuitable advice

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.

2018 - FCA Restrictions

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.

2019 - FOS Complaint

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

SIPP Claims

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SIPP Providers

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a Sophisticated investor
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 individual
HIGH NET-WORTH 2 Or do you own £250,000 worth of investable assets?

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