The company known as Active Wealth (UK) Limited has faced suspension from taking on new clients for business relating to pensions by the regulatory board, the Financial Conduct Authority.
This happened because 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, has been giving 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 has been encouraging members to move their pension, even though this may not be the best choice for the members. Because of this, the company has been suspended from taking on new clients by the Financial Conduct Authority.
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 though has recently put all pension and investment transfers from British Steel workers on hold as there have been concerns raised about the information being given and investments advised.
Anyone who has a pension with British Steel and has 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 may soon be getting a letter stating that the company is no longer allowed to give out pension advice to its clients – not unless it is confirmed by a third party advisor that is completely independent. You need to be aware of this and 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.
