Independent Financial Advisor Firm, Strategic Wealth UK Ltd, Has Gone Into Liquidation
North Wales based company, Strategic Wealth UK Ltd, has gone into liquidation after losing its authorisation to work in financial services.
The firm is subject to a review by the Financial Conduct Authority (FCA). They have told the Welsh Independent Financial Advisor firm to immediately stop all pension-related business. The Financial Conduct Authority (FCA) has also placed asset retention restrictions on the firm, meaning it cannot dispose of, deal with or diminish the value of its assets without their consent.
This order given is known as a Section 166 notice, which means Strategic Wealth UK Ltd can no longer provide advice in relation to any underlying investments, whether they are regulated or unregulated.
This was given after the Financial Conduct Authority (FCA) received a number of complaints about inappropriate advice given from Strategic Wealth UK Ltd. The firm is known to have dealt with pensions, often transferring people’s pensions into Qualifying Recognised Overseas Pension Schemes (QROPS), which is an unregulated investment, based outside of the UK such as the Isle of Man.
Identical restrictions have also been imposed on Strategic Wealth UK Ltd’s appointed representative, Synergy Wealth Ltd. The Financial Conduct Authority (FCA) ordered them to provide them with ‘weekly updates’ on the balances of both companies.