Consumer Money Matters and SIPPs
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Many people who received a cold-call from Consumer Money Matters Limited, an unregulated marketing company, were later introduced to Independent Financial Advisers like CIB Life and Pensions, and ended up transferring their pension into a SIPP – a Self-Invested Personal Pension, with high-risk and non-FCA regulated investments like The Resort Group in Cape Verde.
Big Commissions were available to marketing firms like Consumer Money Matters if they sold high-risk investments around this time.
That might sound fine, but only if the people investing were high net-worth individuals (earning over £100k or with £250k in assets) or Sophisticated Investors with plenty of investment experience – the criteria for being recommended a Resort Group SIPP investment due to its risky nature.
Can you claim? Take a FREE initial assessment with Spencer Churchill Claims Advice to find out.
Consumer Money Matters administration
Like many unregulated pension cold-calling firms, Consumer Money Matters went into Administration – a type of insolvency proceeding.
The Administration began in October 2015 and the company was formally dissolved in April 2019.
The Administrator’s Proposal states the the explained cause of Consumer Money Matter’s insolvency proceedings was down to a decline in the profitability of the PPI reclaiming market effecting the group of companies it was attached to.
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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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The Resort Group & CIB Life and Pensions
While it is unknown whether all of the pension lead business generated by Consumer Money Matters was directed to CIB Life and Pensions and The Resort Group, we know that some of it was.
Many of the people who were advised by CIB Life and Pensions were unsuitably advised, leading them to invest in The Resort Group via a SIPP pension.
The Resort Group is a high-risk overseas property scheme with assets in Cape Verde, and financial advisers should only be recommending it to investors that understand the high-risk level and have the money to afford running those risks.
CIB Life and Pensions often got it wrong, and if you invested in the Resort Group, you may have a claim.
Consumer Money Matters timeline
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Incorporated
2009
Consumer Money Matters Limited starts life as Carrington Carr Marketing Services Limited in August 2009
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Administration
2015
Consumer Money Matters goes into administration.
Key Financial Claims, a PPI claims company enters into administration in November 2015, quoting a downturn in the profitability of PPI claims. The firm owed Consumer Money Matters money.
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BBC Panorama
2017
An episode of BBC Panorama focused on pensions and potential mis-selling focuses around The Resort Group. The show focuses on other unregulated pension introducers.
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Claims continue
2019
Years later, Consumer Money Matters is gone, but the effects of the pension transfer that began with their cold-calls lives on.
If you invested in a SIPP after a cold-call from Consumer Money Matters, you may be able to make a claim on a No Win – No Fee* basis.
Could you be owed Compensation for a mis-sold Resort Group investment?
Find out now with a free call back from one of our specialists
Consumer Money Matters related claims
Consumer Money Matters FAQ’s
How successful are Consumer Money Matters complaints?
Consumer Money Matters was never a regulated financial adviser, and therefore complaints relating to pension transfers and investment advice are not directed at CMM, but at a financial adviser whose job it would have been to give suitable advice.
The firm is no-longer trading.
Was Consumer Money Matters a financial adviser?
No. In order to give advice on things like pension and investments, a firm should be regulated by the Financial Conduct Authority to do so.
Instead, Consumer Money Matters was what we call an unregulated introducer – a marketing company that exists to get attention and introduce people to new pension arrangements.
In many cases, these types of companies cold-called prospective clients in order to drum up interest – a practice that has been banned since Jan 2019.
What is Carrington Carr?
Carrington Carr marketing services is the original name of Consumer Money Matters, but also the name of the parent company (Carrington Carr Group Services Limited).
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.
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