WSW FINANCIAL SERVICES
WSW Financial Services Ltd trading as WSW Wealth Management, along with its appointed representative (AR) Easy Financial Planning LLP, provided financial advisers that didn’t hold the correct permissions to give advice on the transfer of pensions.
WSW Financial Services Limited was a UK-based financial advisory firm incorporated on 1 August 2002 under company number 04501141. The company was dissolved on 8 April 2020. WSW often advised clients that they should transfer their pension but did not then advise on the investments in that pension, as these were unregulated and high risk, in schemes like Harlequin Property, InvestUS and Bamboo.
An Execution-Only Declaration
The Financial Ombudsman Service (FOS) reviewed several complaints and found the company had advised its clients not to transfer on most occasions but then handled the transfer after their clients signed an execution-only declaration. This process was deemed to be flawed by the FOS as the company was essentially misinterpreting the regulatory regulations and rules.
FOS said that the main issue was that the advice the company had given was only paid for upon the completion of the transfer. This clearly demonstrated that there was a conflict of interest and the company was failing to act in the best interest of its clients. It also became apparent that WSW had previously queried the process with the Financial Conduct Authority (FCA) and was informed that they faced a moral dilemma in performing business that wasn’t in the best interest of their clients. Despite this, the company still continued with the practice anyway.
Claim For Compensation
Many former clients of WSW were referred from one of several companies, including Smith Osborne Associates Limited, Spectrum Financial Services, and Your Mortgage Solutions Ltd.
After being ordered to pay compensation to many of its clients, WSW was forced to go into liquidation. If you are someone who had dealings with the company or with Easy Financial Planning LLP and invested in either a family pension trust or a self-invested personal pension (SIPP), then you should have your case reviewed as you may be able to claim compensation.
Call us now for a phone or video consultation with one of our legal experts on 0800 041 8358 to find out if you are entitled to compensation, you may even be entitled to additional compensation if you have successfully claimed in the past.
Company background (public record)
The company was incorporated at Companies House on 1 August 2002 under company number 04501141. Its status at Companies House is recorded as dissolved.
Registered office: Suite 2 2nd Floor, Phoenix House, 32 West Street, Brighton, BN1 2RT.
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 |
|---|---|---|
| 01 Aug 2002 | Company incorporated | Companies House |
| 01 Aug 2002 | Karen Ann Whicker appointed secretary | Companies House |
| 01 Aug 2002 | Temple Secretaries Limited appointed corporate-nominee-secretary | Companies House |
| 01 Aug 2002 | Temple Secretaries Limited resigned as corporate-nominee-secretary | Companies House |
| 01 Aug 2002 | John Christopher Spencer appointed director | Companies House |
| 01 Aug 2002 | Karen Ann Whicker appointed director | Companies House |
| 01 Aug 2002 | Ian Peter Window appointed director | Companies House |
| 01 Aug 2002 | Company Directors Limited appointed corporate-nominee-director | Companies House |
| 01 Aug 2002 | Company Directors Limited resigned as corporate-nominee-director | Companies House |
| 01 Apr 2003 | Nicholas Charles Maynard appointed director | Companies House |
| 24 May 2004 | John Christopher Spencer approved by the FCA at the firm | FCA Register |
| 01 May 2013 | Helen Hall approved by the FCA at the firm | FCA Register |
| 08 May 2013 | Matthew Hall approved by the FCA at the firm | FCA Register |
| 29 Nov 2013 | Aron Gunningham approved by the FCA at the firm | FCA Register |
| 04 Jun 2014 | SIPPclub Limited appointed as appointed representative | FCA Register |
| 17 Jul 2014 | Hall Financial Planning LLP ceased as appointed representative | FCA Register |
| 27 Oct 2015 | Complete Retirement Solutions ceased as appointed representative | FCA Register |
| 27 Oct 2015 | MPB Financial Planning Ltd ceased as appointed representative | FCA Register |
| 27 Oct 2015 | SIPPclub Limited ceased as appointed representative | FCA Register |
| 09 Jun 2016 | Easy Financial Planning (UK) LLP ceased as appointed representative | FCA Register |
| 10 Aug 2016 | John Christopher Spencer resigned as director | Companies House |
| 11 Aug 2016 | Oliver John Maynard resigned as director | Companies House |
| 17 Apr 2019 | Company wound up (creditors’ voluntary liquidation) | Companies House |
| 17 Apr 2019 | Insolvency practitioner appointed: Colin Ian Vickers | Companies House |
| 17 Apr 2019 | Insolvency practitioner appointed: Christopher David Stevens | Companies House |
| 16 Aug 2019 | FCA status recorded as: No longer authorised | FCA Register |
| 23 Sep 2019 | Declared in default by the FSCS | FSCS |
| 08 Apr 2020 | Company dissolved (creditors’ voluntary liquidation) | Companies House |
Focused on the firm’s early history and the events leading up to and following its failure. 20 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.
- Matthew Hall. Listed on the FCA Register as having held CF30 Customer (08/05/2013 to 27/10/2014), CF4 Partner (AR) (13/05/2013 to 27/10/2014) at the firm.
- Adam James Maynard. Listed on the FCA Register as having held CF30 Customer (17/04/2015 to 21/12/2015) at the firm.
- John Christopher Spencer. Listed on the FCA Register as having held Responsible for Insurance Mediation (28/08/2007 to 09/08/2016), CF30 Customer (01/11/2007 to 09/08/2016), CF1 Director (24/05/2004 to 09/08/2016), CF8 Apportionment and Oversight (24/05/2004 to 31/03/2009) at the firm.
- Christopher John Coulson. Listed on the FCA Register as having held CF30 Customer (01/11/2007 to 11/11/2015), CF29 Significant management (09/10/2008 to 21/03/2012), CF10 Compliance Oversight (09/10/2008 to 21/03/2012), CF1 Director (09/10/2008 to 21/03/2012) at the firm.
- Helen Hall. Listed on the FCA Register as having held CF4 Partner (AR) (01/05/2013 to 27/10/2014) at the firm.
- Aron Gunningham. Listed on the FCA Register as having held CF30 Customer (29/11/2013 to 31/10/2014) at the firm.
- Nicholas Charles Maynard. Listed on the FCA Register as having held CF10 Compliance Oversight (10/09/2007 to 09/10/2008), Responsibility for MCD Intermediation (27/09/2016 to 16/08/2019), Responsible for Insurance Distribution (01/10/2018 to 16/08/2019), CF30 Customer (01/11/2007 to 16/08/2019) at the firm.
- Oliver John Maynard. Listed on the FCA Register as having held CF29 Significant management (23/09/2008 to 11/08/2016), CF1 Director (23/09/2008 to 11/08/2016) at the firm.
- Lynne Cornfield. Listed on the FCA Register as having held CF30 Customer (01/11/2007 to 14/12/2015), CF21 Investment Adviser (02/08/2006 to 31/10/2007) at the firm.
- Ian Peter Window. Listed on the FCA Register as having held CF30 Customer (01/11/2007 to 29/03/2010), CF10 Compliance Oversight (24/05/2004 to 31/08/2007), CF1 Director (24/05/2004 to 31/08/2007), CF21 Investment Adviser (24/05/2004 to 31/10/2007) at the firm.
Appointed Representatives and Agents
While it was authorised, the firm acted as principal for the following appointed representatives. An appointed representative carries on regulated business under the responsibility of its principal, so their conduct can be relevant to a claim.
| Appointed representative | Reference | Effective from | Ended |
|---|---|---|---|
| Complete Retirement Solutions | FRN 506486 | 04/09/2009 | 27/10/2015 |
| Easy Financial Planning (UK) LLP | FRN 450189 | 30/03/2006 | 09/06/2016 |
| Hall Financial Planning LLP | FRN 595157 | 23/04/2013 | 17/07/2014 |
| MPB Financial Planning Ltd | FRN 595269 | 01/02/2013 | 27/10/2015 |
| SIPPclub Limited | FRN 624902 | 04/06/2014 | 27/10/2015 |
Review page sources: FCA Register (FRN 231547) · Companies House (04501141) · FSCS. Public records, provided for transparency.
