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.Get started now
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.
Then you may have been mis-sold, and you could be able to make a claim for negligent SIPP advice.
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The company registers the name ‘Torch Wealth Management’ with the FCA
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.
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.