Pembrokeshire Mortgage Centre Ltd
Pembrokeshire Mortgage Centre Limited (FRN 479220), trading as County Financial Consultants, was an FCA-authorised financial advice firm incorporated in February 2003. The firm advised hundreds of clients on whether to transfer out of the British Steel Pension Scheme (BSPS) and other defined benefit pension arrangements — advice that the FCA later found to be seriously and systematically flawed.
An FCA investigation found that the firm advised 420 consumers, nearly two-thirds of whom were BSPS members, on pension transfers. A remarkable 93% were advised to transfer out of their defined benefit scheme. The suitability reports prepared by the firm were found to be generic, not tailored to individual clients, and in many cases contained contradictory, misleading and confusing statements. The firm earned over £2 million in transfer and ongoing advice fees from this activity.
In December 2022, the FCA fined Pembrokeshire Mortgage Centre Limited £2,354,331 in connection with these failings. Lee Morgan, the director responsible, was subsequently banned by the FCA. The firm is now in liquidation, with McAlister & Co Insolvency Practitioners appointed. The FSCS has investigated the firm and found an 88% uphold rate on claims, awarding the maximum compensation of £85,000 in 38% of cases. Had no cap applied, the total compensation due would have been approximately £14.6 million.
Issues / Why You May Have a Claim
Defined benefit pension transfers are among the most consequential financial decisions a person can make. Advisers recommending transfers carry a heavy duty of care to ensure the advice is suitable for the specific individual — their age, health, financial circumstances and retirement plans. Where that duty was not met, clients who transferred out of the British Steel Pension Scheme on PMC’s recommendation may have suffered very significant, potentially lifelong financial losses.
Company background (public record)
The company was incorporated at Companies House on 27 February 2003 under company number 04680558. Its status at Companies House is recorded as liquidation.
Registered office: Menzies Llp 5th Floor Hodge House, 114-116 St Mary Street, Cardiff, CF10 1DY.
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 |
|---|---|---|
| 27 Feb 2003 | Company incorporated | Companies House |
| 27 Feb 2003 | Denis Lee Morgan appointed director | Companies House |
| 27 Feb 2003 | Ian Poole appointed director | Companies House |
| 27 Feb 2003 | Gareth Tony Upham appointed secretary | Companies House |
| 27 Feb 2003 | Same-day Company Services Limited appointed corporate-nominee-secretary | Companies House |
| 27 Feb 2003 | Same-day Company Services Limited resigned as corporate-nominee-secretary | Companies House |
| 27 Feb 2003 | David John, Cllr Pugh appointed director | Companies House |
| 27 Feb 2003 | Gareth Tony Upham appointed director | Companies House |
| 27 Feb 2003 | Wildman & Battell Limited appointed corporate-nominee-director | Companies House |
| 27 Feb 2003 | Wildman & Battell Limited resigned as corporate-nominee-director | Companies House |
| 02 Jun 2008 | FCA status recorded as: Authorised | FCA Register |
| 29 Jan 2009 | Paul Windsor Sage approved by the FCA at the firm | FCA Register |
| 29 Jan 2009 | Charles Ian Evans approved by the FCA at the firm | FCA Register |
| 30 Jan 2009 | Stephen Gwynne Phillips approved by the FCA at the firm | FCA Register |
| 05 Feb 2009 | Anthony William Bonar approved by the FCA at the firm | FCA Register |
| 19 Feb 2009 | David Andrew Carne approved by the FCA at the firm | FCA Register |
| 12 Apr 2017 | Gareth Lee Dewhurst resigned as secretary | Companies House |
| 12 Apr 2017 | Gareth Tony Upham resigned as secretary | Companies House |
| 12 Apr 2017 | Gareth Lee Dewhurst resigned as director | Companies House |
| 12 Apr 2017 | Gareth Tony Upham resigned as director | Companies House |
| 02 Sep 2020 | Company wound up (creditors’ voluntary liquidation) | Companies House |
| 02 Sep 2020 | Insolvency practitioner appointed: Gareth Bishop | Companies House |
| 02 Sep 2020 | Insolvency practitioner appointed: Sandra Mcalister | Companies House |
| 14 Jan 2021 | Declared in default by the FSCS | FSCS |
| 22 Mar 2021 | Insolvency practitioner appointed: John Dean Cullen | Companies House |
| 22 Mar 2021 | Insolvency practitioner appointed: Rachel Helen Lai | Companies House |
| 07 Sep 2021 | FSCS update: September 2021 one-to-one events We are holding one-to-one sessions for those who transferred out of the BSPS | FSCS |
| 10 Nov 2021 | FSCS update: Further one-to-one sessions for those who transferred out of the BSPS are to be held in Swansea and Scunthorpe this mont… | FSCS |
Focused on the firm’s early history and the events leading up to and following its failure. 7 routine entries from its active years are omitted.
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.
- Ian Poole. Listed on the FCA Register as having held SMF17 Money Laundering Reporting Officer (MLRO) (from 09/12/2019), SMF3 Executive Director (from 09/12/2019), CF30 Customer (11/07/2008 to 08/12/2019), CF11 Money Laundering Reporting (16/12/2011 to 08/12/2019) at the firm.
- Denis Lee Morgan. Listed on the FCA Register as having held Responsibility for MCD Intermediation (from 05/10/2016), SMF16 Compliance Oversight (09/12/2019 to 05/07/2023), SMF3 Executive Director (09/12/2019 to 05/07/2023), CF30 Customer (09/06/2008 to 08/12/2019) at the firm.
- David Andrew Carne. Listed on the FCA Register as having held CF30 Customer (19/02/2009 to 28/06/2010) at the firm.
- Ian Poole. Listed on the FCA Register as having held SMF17 Money Laundering Reporting Officer (MLRO) (from 09/12/2019), SMF3 Executive Director (from 09/12/2019), CF30 Customer (11/07/2008 to 08/12/2019), CF11 Money Laundering Reporting (16/12/2011 to 08/12/2019) at the firm.
- Denis Lee Morgan. Listed on the FCA Register as having held Responsibility for MCD Intermediation (from 05/10/2016), SMF16 Compliance Oversight (09/12/2019 to 05/07/2023), SMF3 Executive Director (09/12/2019 to 05/07/2023), CF30 Customer (09/06/2008 to 08/12/2019) at the firm.
- Gareth Lee Dewhurst. Listed on the FCA Register as having held CF30 Customer (02/06/2008 to 13/04/2017), CF1 Director (02/06/2008 to 13/04/2017), CF11 Money Laundering Reporting (02/06/2008 to 20/12/2011), Responsibility for MCD Intermediation (21/03/2016 to 21/09/2016) at the firm.
- Anthony William Bonar. Listed on the FCA Register as having held CF30 Customer (05/02/2009 to 30/03/2010) at the firm.
- Gareth Tony Upham. Listed on the FCA Register as having held CF30 Customer (02/06/2008 to 13/04/2017), CF1 Director (02/06/2008 to 13/04/2017), CF10 Compliance Oversight (02/06/2008 to 29/11/2011) at the firm.
- Stephen Gwynne Phillips. Listed on the FCA Register as having held CF30 Customer (30/01/2009 to 08/12/2019) at the firm.
- Paul Windsor Sage. Listed on the FCA Register as having held CF30 Customer (29/01/2009 to 04/10/2019) at the firm.
Review page sources: FCA Register (FRN 479220) · Companies House (04680558) · FSCS. Public records, provided for transparency.
