Consumer Wealth Limited (consumer and wealth management goldman sachs) were a financial adviser authorised by the FCA until they were told to cease all regulated activities by the regulator on 6 March 2019. This is due to them advising their clients to invest in products that were not suitable for them and put them at risk of losing some, if not all, of their pension.
Consumer Wealth are known to be a distributor of the infamous Portfolio 6, a discretionary managed portfolio from Greyfriars which was subject of an FCA investigation and a lot of media attention. One such article can be read here: https://citywire.co.uk/new-model-adviser/news/why-did-the-fca-ask-dfmgreyfriars-to-stop-taking-in-new-money/a964716 Prior to the commencement of liquidation proceedings, the company received a number of Ombudsman decisions were upheld against them, meaning they would have to compensate these clients for the negligent advice they have provided them with.
Several financial advisers and the FSCS have been paying out compensation for mis-selling investments via SIPPs and SSASs for a few years, with Get Claims Advice often leading the claim on a No Win – No Fee* basis.
- Transferred your pension to a SIPP
- Made high-risk investments
- Aren’t earning over £100k per year
- Aren’t a Sophisticated Investor
- Then you may have been mis-sold, and you could be able to make a claim for negligent SIPP advice.