TIDEWAY ASSET MANAGMENT
Tideway, also trading as Tideway Asset Management, Tideway Wealth or InvestwithQ, have been ordered by the FCA to stop all pension transfer advice business.
Defined Benefit Pensions
The regulatory body had previously reviewed the operations when looking into their defined benefit (DB) transfers in 2017.
On accession IFAs who did not hold the relevant permissions to give advice in relation to occupational pension transfers referred clients to Tideway. Tideway would carry out the pension transfer work, but the client would remain a client of its original adviser who would advise on the investments going forward.
The firm changed its strategy after the regulatory body raised concerns about such practice.
Pension Transfers
The firm’s website states that Tideway are one of the UK’s leading pension transfer specialist – covering Defined Benefit / Final Salary pension transfers, handling over £1bn worth of final salary pension transfers since April 2015.
However, as of 3rd of July 2020 the company has not been allowed to advise on the transfer of pension benefits, nor complete any existing work related to pension transfers. Tideway was also told that it must not dispose of, deal with or diminish the value of any of its assets, nor dispose of, transfer or sell part of or all of its entire client bank without permission from the FCA.
If you have had any dealings with this firm, you may have lost money. Remember that on the face of it you may think that you have not lost any money, but you should still review matters to make sure. We have the expertise to calculate any loss that you may have incurred.
