Bluesky Wealth Management: if they advised you to transfer your pension, you may be able to claim compensation

Investment and pensions adviser Bluesky Wealth Management Limited– which also traded under the names Bluesky Agency Limited, Pensions Matter, My Cover and tier1investorvisa – was finally dissolved at the end of 2025. Subsequently, one of the owners has been heavily fined and banned from financial services for putting customers at risk with inappropriate (and uninsured) pension advice. So if you were advised to transfer your pension by Bluesky, or one of its associated businesses, you may be eligible for compensation.

Bluesky’s Appointed Representatives

Bluesky was also responsible for various Appointed Representative (AR) firms, from whom you may have had pension advice. They include:

• My Cover Online
• Nouveau Wealth Management
• Pensions Matter Limited

Where it went wrong for Bluesky

At the heart of Bluesky’s downfall is principal and director Frank Breuer, who the Financial Conduct Authority (FCA) has said was "repeatedly acting without integrity and putting customers at risk for personal financial gain". A key part of Bluesky’s business was Defined Benefit (DB) pension schemes, more commonly referred to as company pension schemes (Bluesky is one of the firms associated with claims regarding the British Steel Pension Scheme). Breuer would advise clients to transfer these to defined contribution pensions, known as a Personal Pension Plan or a Self-Invested Personal Pension (SIPP).

While they were authorised to advise on DB pension transfers, Bluesky didn’t have appropriate professional insurance in place, putting clients at risk of not receiving full compensation if anything went wrong.

Fully aware he was uninsured, Breuer still carried out DB pension transfers and repeatedly misled the FCA about the firm's insurance position; then in October 2019, he agreed to restrictions introduced by the FCA to protect customers. However, he ignored these restrictions and stripped the firm's assets by paying himself large dividends, taking personal loans and moving money through connected accounts.

Complaints and compensation

From June 2022 onwards, the Financial Ombudsman Service upheld several complaints against Bluesky regarding advice Breuer had given, and after Bluesky failed to pay an Ombudsman award, Breuer placed Bluesky into insolvency, leaving customer liabilities of at least £214,772.

Following an investigation into Breuer’s activities by the Financial Conduct Authority, he was fined a total of £755,000 and banned from working in financial services.

The Bluesky Timeline

• Feb 2008 – Bluesky Wealth Management Limited registered
• 2017 – Bluesky is one of the companies associated with unsuitable pension advice for British Steel Pension Scheme members
• April 2019 – Bluesky fails to have appropriate professional insurance in place
• October 2019 – Bluesky agrees to FCA restrictions to protect customers and the firm’s assets
• June 2022 – the Financial Ombudsman upholds several complaints against Bluesky over DB pensions advice
• April 2023 – Bluesky placed into insolvency process
• May 2026 – Bluesky’s joint owner and sole director Frank Breuer fined £755,000 and banned from working in financial services

What compensation is available?

Commenting on the fine and ban, FCA joint Executive Director of Enforcement and Market Oversight Therese Chambers said: "Mr Breuer sought to evade paying compensation due to customers as a result of his own bad pension advice and feathered his own nest in the process, stripping substantial assets from his firm. He repeatedly misled the FCA and flouted FCA restrictions. He's not fit to work in financial services."

As a result of Breuer’s actions, the Financial Ombudsman Service has already awarded over £250,000 in compensation over complaints against Bluesky. Now that the Financial Conduct Authority has de-authorised the company and declared a ‘default’, anyone who has been poorly advised and had a DB pension transferred over the last 10 years or so may now be eligible for compensation under the Financial Services Compensation Scheme (FSCS). The maximum compensation available from the FSCS for bad pension advice is £85,000.

What happens next and how CP Financial Claims can help

We’re specialists in recovering money on behalf of clients who’ve lost out as a result of poor pension or investment advice.

If you think you may have a claim, our expert advice and support makes it smooth and straightforward. We can handle the entire process of putting together your claim, including paperwork and communicating with the FSCS or the Ombudsman. There’s nothing to pay upfront, and you only pay a fee if we’re successful – so it could be well worth your while talking to us now.

Your next steps

If you’ve had a pension transferred by Bluesky Wealth Management or any of its associated businesses and lost money as a result, you can submit your details on this page for a free, no obligation chat with our team of experts. They’ll give you clear, straightforward advice on whether or not a successful case can be made.