Copia Wealth


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Background Information

Copia Wealth Management is a Manchester-based, Independent Financial Advisor firm specialising in pension plans and individual savings accounts (ISAs). Copia have now gone into liquidation after a number of claims were brought against them regarding mis-sold pension advice.

Copia Wealth Management also known as CWM, was also known for trading under Absolute ISA, Alpha ISA and Westway ISA. The firm advised several Clients to transfer their pensions into several Self-Invested Personal Pensions (SIPP) and investments which were not suitable for them.

CWM promoted pension transfers into:-

  • Lifetime SIPP
  • SVS Securities
  • Easy SIPP
  • Advanced Oncotherapy PLC
  • Angelfish Investments PLC
  • Gem Diamonds
  • OC Finance SA 5.95% bond
  • OC Finance SA 6.25% bond

Customers initially started to complain after one company after another started going into administration and their pensions funds became illiquid.

Copia argued that it was not at fault for the losses however, the Financial Ombudsman Service (FOS) found that the risk of the investments and the costs associated with the pension transfers made the advice to transfer the pensions unsuitable.

After an initial successful claim from the Financial Ombudsman Service (FOS) was upheld, in which Copia were ordered to pay compensation, more claims because to be made against the company. Due to this, Copia applied to cancel their FCA licence in August 2020 and went into liquidation.

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