Copia Wealth Management Ltd (CWM) got into trouble when their advice to clients to transfer their pensions into a SIPP came under scrutiny.
The Manchester based firm advised clients to use a Discretionary Fund Manager (DFM) to invest and manage their pensions.
The firm promoted pension transfers into the Lifetime SIPP (now Hartley Pensions) and investments using Discretionary Funds Managers via Power of Attorney such as Smile (an Appointed Representative (AR) of Independent Portfolio Managers) via SVS Securities.
They also promoted pension transfers into an Easy SIPP with Gaudi (GRSL) via Valbury Capital – which is now exiting the UK market.
Customers started complaining when one firm after the other went into administration and the funds within their pension plans became illiquid.
CWM argued that it was the fault of the service providers and that the investments were not managed properly. They disagreed that they had mis-sold the pension transfers or investments.
However, the Financial Ombudsman Service disagreed and explained that the risk of the investments and the costs associated with the pension transfers and DFM services made the advice to transfer the pensions unsuitable.
As per companies house the firm has not appointed liquidators
Investments were made into the following funds via bonds/shares or loan notes:
Advanced Oncotherapy PLC
Angelfish Investments PLC
OC Finance SA 5.95% bond
OC Finance SA 6.25% bond
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Copia Wealth Management’s History
- 02/12/2013 CWM became authorised and regulated to provide advice with Floyd and Daniel Paterson as directors.
- 13/07/2017 The Directors, Floyd & Daniel Paterson set up Copia Claim Management Limited which became authorised and regulated by the Claims Management Regulator to provide claims management services.
- 17/08/2018 Both Directors resigned
- 22/01/19 The firm changed its trading name to Misrepresentation Fraud Negligence Claims Limited (MFN Claims)
- 01/04/2019 The regulatory Body, the FCA, prohibits Misrepresentation Fraud Negligence Claims Limited from providing regulated claims management services to any client in relation to any financial product which has been previously recommended to that client by a particular business or advisors of that business.
- 14/06/2019 CWM makes the news when starting to operate the Absolute IFISA and the Westway IFIS
- 21/11/2019 The Financial Ombudsman Services upheld the first complaint in relation to unsuitable advice
- 24/08/2020 CWM applied to cancel their FCA licence and appointed liquidators
CWM was also trading under the following names:
Absolute ISA, Alpha ISA, Westway ISA