Active Wealth (UK)

Did you receive advice from Active Wealth (UK) and made an investment based on that advice?

Have you suffered a financial loss as a result? We can help you claim to recover your lost funds.

According to the Financial Conduct Authority (FCA), Active Wealth Limited was suspended from accepting any new clients on pension business.

Active Wealth (UK) Limited is believed to have encouraged its customers to invest in high risk, unregulated investments. This made investors lose out thousands of funds.

If you have suffered a financial loss due to the poor advice given by Active Wealth (UK) Limited, we can help you recover your lost funds. At Return My Money, we have a team of highly experienced claims specialists who can review the advice offered by the financial advisors at Active Wealth (UK) and determine if you are eligible to make a claim.

If we are convinced that you have been mis-sold a SIPP investment by Active Wealth (UK), we will help you make a successful claim. We will ensure that you are fully compensated for all the losses you incurred due to the poor financial advice.

What is Active Wealth Limited?

Active Wealth (UK) Limited is an Independent Financial Advisory Firm that was based in Glossop. Active Wealth (UK) Limited was established on 28th July 2014. The firm hit the news after it was involved in advising steelworkers to transfer out of their defined benefit pension schemes into a SIPP and invest in high-risk investments.

The British Steel Pension was restructuring its pension schemes and members were given limited options of either transferring out of the work-based pension scheme completely or remaining with the old scheme. Active Wealth (UK) Limited is believed to have taken advantage of this and encouraged a large number of steelworkers to move out of their existing defined benefit pension scheme even though this was not in the best interest of the pension holders.

Active Wealth (UK) Ltd is believed to have used an introducer called Celtic Wealth Management and Financial Planning to convince the steelworkers to transfer out of their employer’s pension scheme, even though this was not a viable option. This promoted the FCA to suspend Active Wealth (UK) Limited from accepting new members. Active Wealth (UK) Limited mis-sold its customers by encouraging them to move out of their existing employer-based pension scheme into a SIPP so that they could fund high risk, non-regulated investments. The IFA is believed to have advised the steelworkers to invest in a German property bond Gallium and many more. The truth is that Gallium was not the best investment option for the steelworkers.

The fact that Gallium was based in Germany meant that the investment was not under the jurisdiction of the Financial Conduct Authority (FCA). This means that investors were not under the protection of the Financial Ombudsman Service (FOS) or the FSCS. Therefore, if anything went wrong with the investment, the steelworkers could not be compensated. What was even worse is that Gallium charged the workers a 5% exit penalty if they chose to withdraw their money early. Active Wealth (UK) Limited never told their customers this and they went ahead to recommend the investment to them.

Also, Gallium was a high-risk investment that was not suitable for retail SIPP investors, such as the British Steelworkers. High-risk investments are only recommended to high net worth individuals earning more than £100k per year or sophisticated investors who have a positive attitude towards risk.

How Can I Claim for Compensation?

If you were advised by Active Wealth (UK) Limited to transfer from the British Steel Pension Scheme after being approached by Celtic Wealth Management and Financial Planning, chances are, you have been mis-sold a SIPP investment.

Contact our claims experts at Return My Money to help you make a mis-sold SIPP claim. Our claims specialists will assess the advice you received from Active Wealth (UK) Limited and determine if you qualify to make a valid claim.

We will compare your current pension status to the position you would have been in if your pension had remained in place with your previous provider had not been given advice from Active Wealth (UK) Limited. If you feel this could be you, contact us now for a free no-obligation assessment on 0161 268 8870 and speak with one of our highly experienced claims experts. We will assess your case and help you make a successful claim.

Update:

The Financial Services Compensation Scheme have just announced that they have paid £4.4m to clients who have used the Financial Advisor, Active Wealth (UK) to transfer their British Steel Pensions. Up to 4 July 2019 the FSCS has paid compensation to 137 claimants and a total of 278 have been received with the average compensation being £32,000.

See the below article:

https://www.ftadviser.com/your-industry/2019/07/11/fscs-pays-4-4m-to-active-wealth-clients

If you were advised by Active Wealth (UK) Limited to transfer from the British Steel Pension Scheme, contact us now for a free no-obligation assessment on 0800 061 4585and speak with one of our highly experienced claims experts. We will assess your case and help you make a successful claim.

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