Our solicitors are currently working with a number of clients who have taken advice from a failed financial firm called Strategic Wealth UK Limited.
Strategic Wealth UK
Strategic Wealth UK was well known to have dealt in pensions. It often transferred people’s pensions to QROPS and QNUPS schemes. These are overseas and non-UK pension schemes that HMRC recognise as eligible to receive transfers from registered pension schemes in the UK.
The firm started life in June 2008 as Gibro Wealth Limited. It changed its name in March 2013. Strategic Wealth UK Ltd was an Independent Financial Advisor, based in Wales, which partnered with offshore advisers in Gibraltar.
In June 2017, Strategic Wealth UK Limited was ordered by the Financial Conduct Authority (FCA) to immediately cease all pension-related business. In December 2017, the firm went into Creditors Voluntary Liquidation.
The order, known as a Section 166 Notice, also meant the UK-based company could no longer provide advice for both regulated and unregulated funds. In addition, they must not dispose of, or in any way diminish the value of its assets without the FCA’s approval or consent.
It was reported that the Section 166 would remain in place until an independent expert reviewed the firm. The Skilled Person Review would confirm to the FCA that the firm’s business model is compliant.
Synergy Wealth Ltd
The FCA’s order affected the firm’s operation and its authorised representative, Synergy Wealth Ltd.
At the time the company published on its website that is had “partnered a team (sic) of specialist offshore advisers that can advise on QROPS and QNUPS for expatriates, as well as Offshore Lifetime Annuities”.
Have you dealt with these firms regarding your pension? Our experts will give you a free initial assessment to see if you can make a claim.