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.
