AXG Advice in Liquidation amid concerns over pension transfer advice

AXG Advice Ltd, also known as AXG Money Ltd, entered a creditors' voluntary liquidation on 9 February 2024.

Before the insolvency process, the Financial Conduct Authority (FCA) imposed several restrictions on the firm to hold it accountable. These restrictions included a prohibition on ‘financial promotions’ (20 April 2020) and restrictions on accepting business through “unauthorised introducers”, IE; firms not regulated by the FCA (25 February 2022).

AXG Advice Ltd, which had been involved in pension transfers, including Defined Benefits (company) pensions, was also specifically prevented from carrying on ‘any Defined Benefits transfer activities in relation to customers under the age of 50’.

The FCA has been monitoring and reviewing the provision of defined benefit pension transfer advice by firms such as AXG Advice Ltd. One of its reviews found that: “In our review of 18 firms, we found that only 48.1 per cent of the people who transferred their DB pension were correctly advised to do so.”

In addition to pension transfer advice, AXG may have also promoted fixed-return investments such as loan notes and bonds.

AXG Advice Ltd has operated under numerous trading names, including:

• AXG Money Ltd
• Indigo 360 Advice
• AXG Asset Management Ltd
• GSB Capital
• Wealth Management Partners Ltd
• AHR Asset Management
• AHR Financial Planning
• AXG Fixed Income
• Pension Money
• The Salmon Partnership

AXG also has an appointed representative firm, E44 Ltd.

Previously, there have been complaints to the Financial Ombudsman Scheme (FOS), some of which resulted in awards for compensation in favour of the claimant for losses incurred as a result of AXG pension transfer advice.

If you have incurred financial losses after receiving advice from AXG to transfer your pension, or to invest in unsuitable, high-risk products, CP Financial Claims can assist you with a claim to the Financial Services Compensation Scheme (FSCS).