Make a claim
Kingsway Wealth Management falls into administration following a number of complaints which were likely to cost the firm millions.
Between February 2014 and June 2019, thirteen cases were raised against Kingsway with the Financial Ombudsman Service.
Nine of the above case were upheld against the firm and all nine related to SIPP transfers made with the advice of Kingsway. The cases all referred to firm failing to conduct appropriate due diligence to ensure that the investments were suitable for their clients.
All of these were where a client was advised to transfer from another pension to a SIPP, five of them concerning unregulated investments.
Examples of unregulated investments include the Eco Fuel Green Oil fund, other ‘green oil’ investments and Cyprus One, an overseas property scheme.
By 2018 the firm had racked up almost £2m in contingent liabilities from complaints about pension transfers to SIPPs
On 18 October 2019, the Financial Conduct Authority (FCA) ordered the firm to “immediately cease all regulated activities except where the Firm has obtained the prior written consent of the FCA”. The FCA also placed a number of restrictions upon the firm.
Kingsway Wealth Management filed for administration on the 12th of December 2019.
Have I been affected?
Did Kingsway Wealth Management advise you to transfer your pension?
Has your pension decreased or been lost completely?
If you answered yes to either of the above questions, please contact us urgently as we may be able to help!
What do I do if I think I have been mis-sold?
Contact Oakwood Solicitors Ltd free of charge to find out if you are entitled to compensation on a ‘No-Win, No-Fee’ basis. We have helped clients to recover thousands of pounds in compensation and may be able to help you too.
We work closely with Independent Financial Advisors who can assist before you agree to move your funds.
How much will it cost me to make a claim?
We operate on a Conditional Fee Agreement more commonly known as a no-win, no-fee.
If we fail to secure you a settlement, you will not be charged.
Any charges will be deducted from your settlement so you will not need to pay us anything out of your own pocket unless there is a reinstatement of the pension.
How much compensation will I receive?
We cannot provide an exact figure until we have completed our investigation. In the event the advisor was regulated and is no longer trading, there may be a cap on the level of compensation we can recover via the Financial Services Compensation Scheme.
In the event the advisor was not regulated we would seek to have the pension reinstated with your previous pension provider. We have recovered thousands of pounds already for a number of our clients, and could also help you.
WHAT TO DO NEXT
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