Fortuna Wealth Management Limited a Wolverhampton-based Financial Advisory Firm was run by its sole director and shareholder Andrew John Deeney.
The Firm has been regulated by the Financial Conduct Authority since June 2017 and it specialized in advising on investments, pension transfers, and pension opt-outs. Andrew Deeney was connected to Active Wealth which was a major player in the British Steel Pension Scheme Scandal. He took on many of Active’s Wealth clients and he provided them with unsuitable advice to invest in High-Risk Bonds and arranged these investments. Deeney argued that the clients had been previously advised by Active Wealth and that after Active had become subject to restrictions in November 2017, he completed the transactions in Active’s place.
After Fortuna broke rules and regulations when placing investments on unsuitable bonds, which were high risk, received its First Supervisory Notice from the FCA on 29 th August 2019, and on 9 th December 2019 received its Second Supervisory Notice. Fortuna couldn’t carry out any regulated activities without the written consent of the Authority. The firm entered into liquidation on 8 th November 2021.