The independent financial services provider Cowley & Miller has recently been placed into default by the Financial Services Compensation Scheme (FSCS) in response to 34 separate claims for compensation after individuals were provided with pension transfer advice that was unsuitable.

The company started winding up back in March and has since been appointed Tidal Wealth Management and Cliffton Gillis as its representatives. The latest filings from Companies House show that Cowley & Miller was put into default by the FSCS in July.

Ten of the 34 claims that were made against the company between September 2018 and March 2022 were upheld by the Financial Ombudsman Service (FOS). Although none of the claims have been paid out yet, they all relate to the unsuitable pension transfer advice that was given to its clients.

In a number of cases, Cowley & Miller instructed their clients to invest their money into an unregulated investment and to transfer their personal pension into a self-invested personal pension (SIPP).

Back in 2018, the company was issued with restrictions by the Financial Conduct Authority (FCA) and as part of this, has to stop advising its clients on the transfer of either existing or new defined benefit pensions. Then in 2021, the company was given a restriction order by the FCA so that it couldn’t dispose of or sell assets without informing the regulator first.

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.

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 your 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.


Some of our clients did not know that they have taken bad advice or that an adviser was at fault until they spoke to us.

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