We have good news for clients advised by Wellington Court Financial Services. The mis-selling of pensions has been a grave concern in recent years, and Wellington Court Financial Services has come under scrutiny for their involvement in such practices. It’s not too late for you to claim too.
In this article, we look at the details surrounding Wellington Court's pension transfer advice and shed light on the mis-sold pension claims associated with them. We will also explore the potential claims against other firms and provide guidance for those affected. Read on to discover the latest updates in the world of mis-sold pension claims.
Who are Wellington Court and What Do They Do?
Wellington Court Financial Services claim to be unique in their offering of cross border international products and solutions aimed at predominantly High Net Worth Individuals, International Business Executives and Expatriates.
Wellington Court Financial Services and Mis-Sold Pension Claims:
Wellington Court Financial Services provided pension transfer advice related to Guinness Mahon Trust Corporation (GMTC) SIPP and Forthplus SIPP. Additionally, they advised clients to invest in high-risk and unregulated investments, such as Dolphin Capital and Cornhill, via firms like Brunel and Lewis.
However, the Financial Services Compensation Scheme (FSCS) is now processing claims against Wellington Court, bringing hope to those affected.
Moreover, there is further potential for claims regarding the previous SIPP providers, GMTC and Forthplus, as they are also in administration. This multi-layered claim can be thoroughly investigated with a holistic review of all circumstances to ensure that all potential claims are unearthed.
If you recognise any of the firms associated with Wellington Court Financial Services, such as Brunel and Lewis, GMTC, Dolphin or the German Property Group, Forthplus SIPP, or Cornhill, we urge you to contact us immediately for assistance.
Regulatory Orders and Decisions Against Wellington Court:
In 2020, the regulatory body, the Financial Conduct Authority (FCA), issued an order to Wellington Court Financial Services to cease providing pension transfer advice. Although the firm currently holds temporary permissions in the UK, they have faced consequences for their actions.
The Financial Ombudsman Service (FOS) has made five decisions against Wellington Court in relation to unsuitable pension switching advice, further highlighting the mis-selling concerns.
Wellington Court's Involvement with GMTC and Due Diligence Failures:
Wellington Court Financial Services' involvement with Guinness Mahon Trust Corporation Limited (GMTC) and Forthplus SIPP has raised significant concerns regarding due diligence failures. These SIPP providers, whose products Wellington Court facilitated pension transfers into, have both fallen into administration as a result of their inadequate oversight.
The Orbis SIPP, a product offered by GMTC, was marketed and recommended by Wellington Court to their clients. However, the subsequent collapse of GMTC highlights the gravity of the due diligence failures that occurred within the company. It is deeply troubling that Wellington Court not only recommended investments through GMTC but also failed to exercise the necessary scrutiny and caution in assessing the risks associated with such products.
Furthermore, Wellington Court's involvement with Forthplus SIPP, another SIPP provider that has gone into administration, raises even more red flags. It is alarming to discover that Wellington Court recommended investments through Forthplus SIPP without conducting the appropriate due diligence and without adequately assessing the risks involved.
This lack of oversight not only jeopardised the financial well-being of their clients but also demonstrates a pattern of negligence in their decision-making processes.
The Financial Ombudsman Service (FOS) shed further light on this concerning situation. In 2016, Wellington Court had discussions with the regulatory body regarding their work with Guinness. The fact that Wellington Court was already under scrutiny at that time should have served as a wake-up call to reassess their practices and exercise increased vigilance.
However, it appears that appropriate measures were not taken to rectify the situation, leading to the ongoing mis-selling of pensions and subsequent harm to their clients.
The implications of Wellington Court's involvement with GMTC and Forthplus SIPP extend beyond the collapse of these SIPP providers. It highlights a systemic failure within Wellington Court Financial Services itself—a failure to conduct thorough due diligence, a failure to assess risks adequately, and a failure to prioritise the best interests of their clients.
This pattern of inadequate oversight and negligence is deeply troubling. It underscores the urgent need for individuals affected by Wellington Court's practices to take action and seek compensation for the financial losses they have suffered.
By engaging with the Financial Services Compensation Scheme (FSCS) and pursuing claims through the Financial Ombudsman Service (FOS), individuals involved can hold Wellington Court Financial Services accountable for their actions and seek the justice they deserve.
It is imperative that regulatory bodies continue to investigate and address the failings within the financial industry to protect consumers and restore confidence in the sector. The mis-selling of pensions should not go unchecked, and those responsible for such misconduct must be held accountable for their actions.
Only through collective efforts can we ensure a fair and transparent financial landscape that prioritises the well-being and interests of individuals seeking financial advice and guidance.
Cold Calling and Risky Investments:
Clients who were affected by the mis-selling practices of Wellington Court Financial Services confirmed that they were initially cold-called to initiate the transfer process. Subsequently, their hard-earned money was invested in high-risk and unregulated ventures, including Dolphin Capital and others.
Notably, Wellington Court Financial Services claims to be regulated by the Central Bank of Ireland on their website, but UK Companies House records show that no accounts have been filed since 2017, raising further doubts about their legitimacy.
Recent Developments and FSCS Intervention:
Wellington Court was incorporated in Ireland and had a UK establishment in Devon until its closure on 31 December 2021. The FSCS declared GMTC in default on 29 October 2020, but customers who transferred into the GMT SIPP through Wellington Court must first pursue their rights against the latter via the FOS before the FSCS can consider any claims against GMTC.
Unfortunately, Wellington Court has failed to satisfy the FOS awards, which has been duly notified to the FCA. Consequently, the FSCS is currently evaluating the validity of claims under its rules regarding Wellington Court's activities.
FOS Upholds Complaints and FSCS Payouts:
All 31 complaints against Wellington Court received since March 2021 have been upheld by the FOS, underscoring the magnitude of the mis-selling problem. As a result, the FSCS has already paid out over £260,000 in five successful claims against the firm.
These numbers reflect the impact on individuals who have suffered financial losses and seek justice for the misconduct they experienced.
CP Financial Claims:
The mis-selling of pensions remains a pressing issue, and Wellington Court Financial Services stands at the centre of this controversy.
Those affected should take immediate action to pursue their rights. If you believe this to be you, it is important that you reach out to our friendly team by completing the form below, so that we can arrange a free no-obligation chat.