Economic Financial Solutions IFA Ltd
Economic Financial Solutions IFA Ltd (FRN) 514849, trading under the name of Torch Wealth Management and JAG Protection, found itself in hot water after providing its clients with advice relating to investments and pensions which was not suitable.
In 2018 the FCA demanded that the company stopped performing any business related to regulated business like pensions or investments that were introduced through unregulated third parties, and asked that the relationships with them were terminated.
After the Financial Ombudsman Service upheld several complaints against Economic Financial Solutions, the company quickly appointed liquidators. It went into liquidation in November 2019 and was declared in default by the FSCS in January 2020. The company was dissolved on September 1, 2023.
Self-Invested Personal Pensions (SIPPs)
The company was responsible for arranging the transfer of pensions into SIPPs so that the services of a Discretionary Fund Manager (DFM) could be used for the investments.
The purpose of a DFM or stockbroker is to make decisions relating to investments for clients that are in line with their set of agreed objectives. What Economic Financial Solutions did not explain to their clients was that a fee would be charged on each and every transaction made, so the costs can rise very quickly.
Once a client’s appetite for risk was put as being high, investments were then put into an aggressive model portfolio provided by the DFM. The Financial Ombudsman Service took the view that there was more risk involved here than their clients were happy with.
Recommended Investments
One investment that was made available was SVS Securities managed portfolios. However, ITI Capital has now taken over this responsibility.
Other options were Corporate Finance Bonds, Angelfish PLC Bonds, Affinity Commercial LLP, or Affinity Bonds. Many of these corporate bonds had not been secured to assets of the company involved and so were incredibly risky.
Unsuitable Advice
Anyone that had dealings with any of these companies and transferred their pension, as a result, may have received advice that wasn’t suitable. If this happened to you then you should have your transaction reviewed.
The same is also true if were given statements that showed your pension was performing well when the truth was that the investments were illiquid, so you couldn’t access them.
Company background (public record)
The company was incorporated at Companies House on 25 February 2010 under company number 07170272. Its status at Companies House is recorded as dissolved.
Registered office: Sanderling House Springbrook Lane, Earlswood, Solihull, B94 5SG.
Previously named: ECONOMIC FINANCIAL SOLUTIONS ISA LTD.
Nature of business (SIC): 64922.
Company timeline (public record)
Key dated events for this firm, drawn from public records. Each entry shows its source.
| Date | Event | Source |
|---|---|---|
| 25 Feb 2010 | Company incorporated | Companies House |
| 25 Feb 2010 | Jonathan Lee Dale appointed director | Companies House |
| 18 Mar 2010 | Company renamed (previously ECONOMIC FINANCIAL SOLUTIONS ISA LTD) | Companies House |
| 01 Oct 2012 | Stewart Carl Jones appointed director | Companies House |
| 01 Oct 2012 | Jonathan Lee Dale resigned as director | Companies House |
| 25 Feb 2013 | Stewart Carl Jones approved by the FCA at the firm | FCA Register |
| 02 May 2013 | Kelvin Facey approved by the FCA at the firm | FCA Register |
| 04 Jan 2016 | Paul Joseph Edwards approved by the FCA at the firm | FCA Register |
| 07 Nov 2019 | Company wound up (creditors’ voluntary liquidation) | Companies House |
| 07 Nov 2019 | Insolvency practitioner appointed: Andrew Fender | Companies House |
| 08 Jan 2020 | Declared in default by the FSCS | FSCS |
| 01 Sep 2023 | Company dissolved | Companies House |
| 01 Sep 2023 | Company due to be dissolved (creditors’ voluntary liquidation) | Companies House |
| 10 Oct 2023 | 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.
- Stewart Carl Jones. Listed on the FCA Register as having held CF30 Customer (25/02/2013 to 08/12/2019), CF11 Money Laundering Reporting (25/02/2013 to 08/12/2019), CF10 Compliance Oversight (25/02/2013 to 08/12/2019), CF1 Director (25/02/2013 to 08/12/2019) at the firm.
- Kelvin Facey. Listed on the FCA Register as having held CF30 Customer (02/05/2013 to 08/12/2019) at the firm.
- Paul Joseph Edwards. Listed on the FCA Register as having held CF30 Customer (04/01/2016 to 07/02/2018) at the firm.
- Jonathan Lee Dale. Listed at Companies House as director (appointed 2010-02-25, resigned 2012-10-01).
Review page sources: FCA Register (FRN 592076) · Companies House (07170272) · FSCS. Public records, provided for transparency.
