Argent Wealth Limited is an independent financial advisory firm that was authorized and regulated by the Financial Conduct Authority since April 2010. The firm was involved in the British Steel Pension Scheme (BSPS) and it wrongly advised steelworkers to transfer their defined benefit pension into a defined contribution pension also known as Personal Pension Plan or Self-Invested Personal Pension (SIPP). These workers gave up the benefits already built up in the BSPS. The expectation that their new plan would provide the same level of benefits would nothave been realistic.
In June 2021 the Financial Ombudsman Service (FOS) found out that Argent Wealth gave unsuitable advice and ordered the firm to put the client into the position he would be in had it not been for the unsuitable advice. As of January 2022, the Financial Services Compensation Scheme (FSCS) had received 17 claims against
Argent Wealth. The claims relate to pension transfer advice, with 8 relating to the BSPS.
As a result, the firm has been in liquidation since July 2021 and it was declared in
default by the FSCS in January 2022.