Good to know: You do not need to use a claims management company to make your complaint to a financial services company. If a complaint is not successful you can refer it to an Ombudsman service for free. If a financial services company has failed you may be able to refer the claim to the Financial Services Compensation Scheme for free.

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Active Wealth (UK) Ltd

Posted on 5 January, 2022 by Andy Ramsay

Active Wealth (UK) Ltd was an independent financial advisory firm that was one of the companies associated with the British Steel Pension Scheme scandal. Active Wealth (UK) Ltd exploited the uncertainty that surrounded Tata’s Steel decision to sell its UK business in 2016, by advising many British Steelworkers to swap their defined benefit pension into risky investments and SIPP products losing valuable accrued benefits when they did. They were incorporated as a private limited company on 28 July 2014 and formally dissolved on 14 May 2019.

Their last accounts were made up to 31 July 2017. The company has one officer, Darren Antony Reynolds (active), and was based at 24 Beech Road Willenhall, WV13 3DD. Active Wealth (UK) Ltd was the financial advisory firm that sold its client book to Andrew Deeney of Fortuna Wealth Management Ltd. Deeney, while working for Active Wealth (UK) Ltd, set up his own company Fidelis Wealth Management Ltd, later renamed Fortuna Wealth Management. When Active Wealth (UK) Ltd got into trouble he subsequently bought the Active Wealth (UK) Ltd client book and continued to exploit members by selling them unsuitable high-risk bonds.

Did you invest any of your pension funds with Active Wealth (UK) Ltd?

Active Wealth (UK) Ltd is officially dissolved so you will not get a penny from them, however, the Financial Services Compensation Scheme (FSCS) is accepting claims about Active Wealth (UK) Ltd. Were you mis-sold SIPP or investment products by any of the advisors at Active Wealth (UK) Ltd? If so, you may qualify for mis-sold pension or SIPP compensation from the Financial Services Compensation Scheme (FSCS).

What did Active Wealth (UK) Ltd do wrong?

Active Wealth (UK) Ltd is one of the companies associated with claims regarding the British Steel Pension Scheme (BSPS).
During 2017, many British Steelworkers were advised to transfer out of their defined benefit pension into a defined contribution pension, known as a Personal Pension Plan or a Self-Invested Personal Pension (SIPP).

Sadly, many British Steelworkers received negligent advice to transfer their desirable final salary pension to an inferior private plan. Many of which were then invested in high-risk esoteric funds that failed.

British Steel employees received enviable pensions. These were often final salary pensions, which keep pace with inflation. When the cost of living increases, your monthly income increases as well, and they don’t have fees or extra costs. Best of all, a final salary pension (also known as a defined benefit pension) lasts as long as you live.

By transferring to a private pension arrangement, British Steel employees would have lost the benefits already built up in the British Steel Pension Scheme. It may not have been realistic to achieve the same level of benefits from their new plan. These private pension schemes are limited – when the pot runs out, it runs out, which could leave you destitute in your golden years. Since they’re tied to the market, these risky pension plans can dwindle to zero overnight. You are also charged high annual fees and commissions.

FSCS Active Wealth (UK) Ltd claims

Active Wealth (UK) Ltd has been declared in default by the Financial Services Compensation Scheme and can no longer pay out any returns. This means that the UK’s compensation scheme for failed financial services firms will pay compensation for valid mis-selling claims. Allegiant can assist you with claims to the FSCS about Active Wealth (UK) Ltd. Fill in our online application form to get started.

Start your Active Wealth (UK) Ltd claim today

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Good to know: You do not need to use a claims management company to make your complaint to a financial services company. If a complaint is not successful you can refer it to an Ombudsman service for free. If a financial services company has failed you may be able to refer the claim to the Financial Services Compensation Scheme for free.