Active Wealth (UK) Limited
Active Wealth (UK) Ltd was a financial advisory firm with the Financial Services Register Number (FRN) 631415.
The firm entered liquidation in February 2018 and was declared in default by the Financial Services Compensation Scheme (FSCS) on 26 March 2018.
In September 2023, the Financial Conduct Authority (FCA) announced its decision to fine Darren Reynolds, the director of Active Wealth (UK) Ltd, £2,212,316 and ban him from working in financial services due to dishonest pension transfer advice.
If you were a client of Active Wealth (UK) Ltd and believe you received unsuitable advice, you may be eligible to claim compensation.
Many of the company’s clients were given the advice to transfer their pension into a financial product known as a self-invested personal pension (SIPP) with a number of companies – one of these was Momentum Pensions. If you are someone who has lost money as a result of this advice, then you should get some advice right away.
British Steel
Soon coming to an end, members of the British Steel Pension Scheme have been offered several different options, including the option to move their pension to a new British Steel Pension Scheme, a new plan altogether, or stay where they are. If they go with the latter, they will either be transferred out or moved over to the pension protection fund.
The independent financial advisor, Active Wealth (UK) Limited, gave advice to members of the pension scheme on transferring their pension. They were often introduced to clients through Celtic Wealth Management & Financial Planning. Various reports show that Active Wealth (UK) Ltd encouraged members to move their pension, even though this was not necessarily the best choice for the members.
The Momentum Pensions Company
One of the SIPP providers that clients were encouraged to invest their pension pot into by Active Wealth (UK) Ltd was Momentum Pensions. The company put all pension and investment transfers from British Steel workers on hold after concerns were raised about the information being given and investments advised.
Anyone who has a pension with British Steel and had dealings with Celtic Wealth Management & Financial Planning should work to establish that their funds are safe. Similarly, if Active Wealth (UK) Limited, gave you financial advice, you need to check your investments made with the company.
If you are at all concerned about your transaction(s), then get some expert advice as quickly as possible.
Company background (public record)
The company was incorporated at Companies House on 28 July 2014 under company number 09149811. Its status at Companies House is recorded as dissolved.
Registered office: 85/87 High Street West, Glossop, SK13 8AZ, England.
Nature of business (SIC): 64999.
Company timeline (public record)
Key dated events for this firm, drawn from public records. Each entry shows its source.
| Date | Event | Source |
|---|---|---|
| 28 Jul 2014 | Company incorporated | Companies House |
| 28 Jul 2014 | Darren Antony Reynolds appointed director | Companies House |
| 01 Dec 2014 | Darren Reynolds approved by the FCA at the firm | FCA Register |
| 06 Feb 2015 | Andrew John Deeney approved by the FCA at the firm | FCA Register |
| 05 Feb 2018 | Company wound up (creditors’ voluntary liquidation) | Companies House |
| 05 Feb 2018 | Insolvency practitioner appointed: Tina Bullock | Companies House |
| 26 Mar 2018 | Declared in default by the FSCS | FSCS |
| 14 May 2019 | Company dissolved | Companies House |
| 14 May 2019 | Company due to be dissolved (creditors’ voluntary liquidation) | Companies House |
| 14 May 2019 | FCA status recorded as: No longer authorised | FCA Register |
| 07 Sep 2021 | FSCS update: September 2021 one-to-one events We are holding one-to-one sessions for those who transferred out of the BSPS | FSCS |
| 09 Nov 2021 | FSCS update: Further one-to-one sessions for those who transferred out of the BSPS are to be held in Swansea and Scunthorpe this mont… | FSCS |
Who was involved?
The following individuals are listed on public records in connection with the firm. These are matters of public record only and their inclusion does not imply any wrongdoing by any named person.
- Andrew John Deeney. Listed on the FCA Register as having held CF30 Customer (06/02/2015 to 12/12/2017) at the firm.
- Darren Reynolds. Listed on the FCA Register as having held Responsible for Insurance Mediation (01/12/2014 to 05/02/2018), CF30 Customer (01/12/2014 to 05/02/2018), CF11 Money Laundering Reporting (01/12/2014 to 05/02/2018), CF10 Compliance Oversight (01/12/2014 to 05/02/2018) at the firm.
- Darren Antony Reynolds. Listed at Companies House as director (appointed 2014-07-28).
Review page sources: FCA Register (FRN 631415) · Companies House (09149811) · FSCS. Public records, provided for transparency.
