Joseph Oliver is a financial advisory firm based in Portugal. It is authorised to conduct insurance mediation activities in the UK.

The advice firm got into trouble when the Financial Ombudsman Services awarded compensation to a client, who was advised to transfer his Royal Mail pension to a Qualifying Recognised Overseas Pension Scheme (QROPS) with a firm called STM Fidecs (STM) based in Gibraltar, for an onward investment in TMAF, a fund based in the Cayman Islands.

TMAF was mismanaged and is now in the process of liquidation. It appears to form part of an investigation by the Serious Fraud Office (“SFO”).

A Suitability Report was issued by The Pension Reporter, also known as Nationwide Benefit Consultants Ltd (NBCL), an appointed representative of the firm.

The client transferred his entire Royal Mail pension scheme into the QROPS with STM and invested this in TMAF in March 2015.

TMAF was managed by a firm called Victory Asset Management. According to a shareholder’s report for TMAF, the sales agent was connected to Victory Asset Management.

The FOS found that the director of NBCL was also a director of Victoria Asset management, showing a clear connection between the sales agent and the director.

Pension Transfer Compensation Claims

Another advisor of the firm, Richard Fletcher, also gave unsuitable advice, causing compensation claims for Westerby Trustees Services Limited (Westerby).

Mr Fletcher arranged a number of pension transfers into the Westerby SIPP and subsequent investments into both the Kijani Commodity Fund and the TCA Global Credit Fund.

Westerby confirmed to the FOS that commissions were paid directly to Richard Fletcher, in accordance with an instruction from James Groombridge, who was the Managing Director of Joseph Oliver LDA.

In May 2013, Joseph Oliver LDA wrote to Westerby, explaining that Mr Fletcher had terminated his agreement.

When Mr Fletcher left the firm Abana Unipessoal Lda (“Abana”) – another financial advisory firm, based in Portugal, took over all of Mr Fletcher’s clients.

This didn’t stop Mr Fletcher from transferring clients to Abana FS Ltd, in June 2015.

Abana FS Ltd rebranded as KB WEALTH MANAGEMENT LTD, in August 2015, and has since been dissolved in July 2019.

Unsuitable Pension Transfer or Investment Advice

If you had dealings with any of the firms or individuals named in this article and transferred your pension or invested money with them, you may have been given unsuitable advice. We strongly advise you should get your pension transactions reviewed by a claims expert.

Our team possess a deep knowledge of pension and investment compensation and welcome your call to find out if you too can make a successful claim. So, you’ve nothing to lose and everything to gain by calling us on 0333 358 0074.

This also applies to you if you have limited information.

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Take advantage of our pension claim consulting service. We offer a free assessment of your situation to find out if you may be owed money redress or other compensation. Don’t delay because there are time limits to claim your compensation. The time to act is now!

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