Argent Wealth
Argent Wealth Ltd (FRN: 515379) was an independent financial advisory firm involved in advising members of the British Steel Pension Scheme (BSPS) on pension transfers. The firm operated under various trading names, including Carlton Smith Private Wealth, Orchard Financial Planners, Morley James Asset Management, and Lifestyle Wealth Management. It ceased trading and entered liquidation on July 7, 2021.
The company was established by David Hardman and his father, John Thomas Hardman, in 2009. During the restructuring of the BSPS in 2017, many members were advised to transfer their defined benefit pensions into defined contribution schemes, such as Personal Pension Plans or Self-Invested Personal Pensions (SIPPs). This advice often resulted in the loss of valuable guaranteed benefits, and in many cases, the advice was deemed unsuitable.
If you were advised by Argent Wealth Ltd to transfer your BSPS pension and believe the advice may have been unsuitable, you may be eligible to claim compensation.
British Steel Pensions Scheme
In 2017, many members of the British Steel Pension Scheme (BSPS) were advised to transfer out of their defined benefit pensions into defined contribution arrangements, such as Personal Pension Plans or Self-Invested Personal Pensions (SIPPs).
By moving to private pension schemes, they gave up the guaranteed benefits they had built up in the BSPS. In many cases, it was unlikely their new plans would be able to provide the same level of long-term financial security. For some, the advice they received simply wasn’t in their best interests.
Financial Services Compensation Scheme
If you are or were a member of the BSPS, you may be able to claim for compensation through the Financial Services Compensation Scheme (FSCS). Doing this is completely free of charge.
However, the FSCS only pays compensation after a claim against the correct independent financial advisor has been made. Even though the introducing company might have been fully regulated, there may have been other companies or third parties involved. Because of this, you might need to raise a complaint with the financial advisor and then take the complaint to the Financial Ombudsman Service (FOS). If the company has either closed down or has no assets, then you need to take your claim to the FSCS instead. Where the funds lost are more than the compensation you got from the financial advisor, you might be entitled to even more compensation – although this depends on who was involved.
The FSCS is responsible for determining how much money you’ve lost. It is important that the compensation amount is worked out correctly. It is likely to be the case that the FSCS send you an payment in the interim. Even though you have faced some losses, the FSCS will not always be able to obtain a proper valuation of all of the investments you made – you need to be aware of this so that you don’t lose out.
In the case where you haven’t correctly progressed with your claim or the company does not respond to it, the FCSC will only award compensation that is calculated based on the value of pension funds transferred in. If for whatever reason the FCSC doesn’t accept your claim, do not be afraid to challenge their decision.
Anyone who had dealings with the company (Argent Wealth) and transferred their pension may very well have been given advice that wasn’t suitable and they should have their transaction(s) reviewed. When choosing a company to help with this, be sure to avoid those ones that cold call you as they have purchased your personal details illegally and will be paying commission to the very company that mis sold you the product.
Claims Help
We offer an expert pension consulting service that you are welcome to take advantage of to get advice about making a claim. You should act quickly though as there are likely to be time barring restrictions in place. There is no obligation to use our service but if you do decide to, know that our fees are very reasonable.
Company background (public record)
The company was incorporated at Companies House on 17 November 2009 under company number 07079006. Its status at Companies House is recorded as liquidation.
Registered office: 9 C/O Rendle & Co, No 9 Hockley Court, Hockley Heath, Solihull, B94 6NW, England.
Previously named: GFP WEALTH MANAGEMENT (NORTH EAST) LIMITED; KINGSWAY FINANCIAL PLANNING LIMITED.
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 |
|---|---|---|
| 17 Nov 2009 | Company incorporated | Companies House |
| 17 Nov 2009 | David Hardman appointed director | Companies House |
| 17 Nov 2009 | John Thomas Hardman appointed director | Companies House |
| 30 Apr 2010 | David Hardman approved by the FCA at the firm | FCA Register |
| 30 Apr 2010 | John Thomas Hardman approved by the FCA at the firm | FCA Register |
| 28 May 2010 | Company renamed (previously KINGSWAY FINANCIAL PLANNING LIMITED) | Companies House |
| 02 Sep 2011 | Company renamed (previously GFP WEALTH MANAGEMENT (NORTH EAST) LIMITED) | Companies House |
| 16 Jul 2012 | Kevin Healy approved by the FCA at the firm | FCA Register |
| 20 Jul 2012 | Hugh Ross Lindsay approved by the FCA at the firm | FCA Register |
| 10 Aug 2012 | George Oliver Carlton-Smith approved by the FCA at the firm | FCA Register |
| 10 Aug 2012 | Nicolas Edward James Carlton-Smith approved by the FCA at the firm | FCA Register |
| 10 Aug 2012 | James Thomas Morley-Cotterell approved by the FCA at the firm | FCA Register |
| 11 Nov 2013 | Garry Burden approved by the FCA at the firm | FCA Register |
| 01 Dec 2015 | John Thomas Hardman resigned as director | Companies House |
| 07 Jul 2021 | Company wound up (creditors’ voluntary liquidation) | Companies House |
| 07 Jul 2021 | Insolvency practitioner appointed: Richard Paul Rendle | Companies House |
| 07 Jul 2021 | Declared in default by the FSCS | FSCS |
| 28 Nov 2024 | FCA status recorded as: No longer authorised | FCA Register |
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.
- George Oliver Carlton-Smith. Listed on the FCA Register as having held CF30 Customer (10/08/2012 to 18/06/2018) at the firm.
- Garry Burden. Listed on the FCA Register as having held CPD11 – Pension transfer specialist (from), CPD6 – Personal recommendation on Friendly Soc tax-exempt policies(not Holloway) (from), CPD4 – Personal recommendation on retail investments (not broker funds) (from), CF30 Customer (11/11/2013 to 08/12/2019) at the firm.
- Nicolas Edward James Carlton-Smith. Listed on the FCA Register as having held CPD20 – Advising or arranging regulated mortgage contracts (from), CPD6 – Personal recommendation on Friendly Soc tax-exempt policies(not Holloway) (from), CPD4 – Personal recommendation on retail investments (not broker funds) (from), CF30 Customer (10/08/2012 to 08/12/2019) at the firm.
- James Thomas Morley-Cotterell. Listed on the FCA Register as having held CPD6 – Personal recommendation on Friendly Soc tax-exempt policies(not Holloway) (from), CPD4 – Personal recommendation on retail investments (not broker funds) (from), CF30 Customer (10/08/2012 to 08/12/2019), [FCA CF] Client dealing (09/12/2019 to 28/11/2024) at the firm.
- Kevin Healy. Listed on the FCA Register as having held CPD20 – Advising or arranging regulated mortgage contracts (from), CPD6 – Personal recommendation on Friendly Soc tax-exempt policies(not Holloway) (from), CPD4 – Personal recommendation on retail investments (not broker funds) (from), CF30 Customer (18/01/2013 to 08/12/2019) at the firm.
- David Hardman. Listed on the FCA Register as having held CPD20 – Advising or arranging regulated mortgage contracts (from), CPD11 – Pension transfer specialist (from), CPD6 – Personal recommendation on Friendly Soc tax-exempt policies(not Holloway) (from), CPD4 – Personal recommendation on retail investments (not broker funds) (from) at the firm.
- John Thomas Hardman. Listed on the FCA Register as having held CF30 Customer (30/04/2010 to 03/12/2015), CF1 Director (30/04/2010 to 03/12/2015) at the firm.
- Hugh Ross Lindsay. Listed on the FCA Register as having held CF30 Customer (20/07/2012 to 21/12/2012) at the firm.
Review page sources: FCA Register (FRN 515379) · Companies House (07079006) · FSCS. Public records, provided for transparency.
