The Financial Conduct Authority forced the company Wellington Court Financial Services Ltd to cease with giving advice to its clients relating to pension transfers. However, the company does have temporary permission to do business in the United Kingdom.
There have been a total of five decisions made against the company by the Financial Ombudsman Service for the unsuitable advice that it has given about switching pensions.
Risky Investments
The company was responsible for arranging pension transfers into products of the Guinness Mahon Trust Corporation Ltd called the Forthplus self-invested personal pension (SIPP) and the Orbis SIPP. Both providers have recently gone into administration because of their due diligence failures.
It was explained by the Financial Ombudsman Service that in 2016 Wellington Court Financial has several meetings with the Financial Conduct Authority where their work with the Guinness Mahon Trust Corporation was the topic of conversation.
It was confirmed by numerous clients that the process of transferring their pension began with them being cold called. Their money was then taken and put into unregulated and risky investments, including the likes of Dolphin Capital.
The Wellington Court website states that the company is fully regulated by the Central Bank of Ireland. However, by looking on the UK companies house website, it is clear to see that, since 2017, no accounts have been filed – the last set of accounts were from 2015.
The company is registered as an ancillary insurance, reinsurance, and insurance intermediary via the EU insurance distribution regulations. It is also authorised to act, in Ireland, as an investment product intermediary and as an investment company via section 10 of the Investment Intermediaries Act.
Unsuitable Advice
Anyone that had dealings with the company and ended up transferring their pension, may have acted as a result of the unsuitable advice they were given. Where this is the case, those people should have their transaction(s) with the company reviewed. This applies, also, to anyone that received pension statements indicating their pension was performing well even though the investments were illiquid and they couldn’t access them.
Compensation Claim Advice
We offer individuals who may have been mis sold a pension or investment a free and no obligation pension consulting service where we provide expert claims advice. Our team will be able to quickly understand you case and determine what the best course of action for you is. If you are interested in this, you need to act quickly as there might be time restrictions in place. Know that, if you do decided to use our services, our fees are some of the cheapest around as we don’t pay for expensive customer information from the very companies that ripped you off in the first place.
