Consumer Wealth Ltd
Under investigation 01 June 2019
You might be eligible for compensation
Consumer Wealth Ltd (Consumer Wealth) has been in Members’ Voluntary (Solvent) Liquidation for some time. It’s recently been announced that the company is now insolvent, so the liquidation is in the process of converting to a Creditors’ Voluntary Liquidation. This means FSCS can begin accepting claims against Consumer Wealth.
27 Aug, 2019
Claims made against Consumer Wealth Ltd relating to discretionary fund managers and SIPP operators have now been moved to our claims processing teams for assessment.
Many Consumer Wealth customers seem to have been advised to invest in high risk, non-standard investments, many of which are now illiquid. We’re also aware that Consumer Wealth advised some of its customers to switch existing personal pensions to SIPPs. Consumer Wealth has also been identified as a distributor of the Greyfriars Asset Management Portfolio Six (P6) investment, which provided investment into non-standard assets.
We’re currently investigating Greyfriars Asset Management LLP (Greyfrairs), in particular its P6 offering, after the Financial Conduct Authority (FCA) expressed concerns. In 2016, FCA instructed Greyfriars to stop accepting any new money into the Greyfriars Asset Management P6 on a permanent basis.
We’re currently working closely with the administrators of Greyfriars to get the information our investigation requires, and for further information about our progress, visit the Greyfriars page.
FSCS is also accepting claims against Greyfriars and we're currently assessing where the responsibility for any customer losses should lie.
If you received advice from Consumer Wealth and you’d like to make a claim, but are unsure who to make it against, claim against Consumer Wealth.
If you’ve already made a claim against Consumer Wealth with the Financial Ombudsman Service (FOS) you don’t need to take any action now. The FOS will soon be in touch to ask permission to transfer your claim documents to FSCS.
When we receive your file, we will contact you directly to ask you to submit your claim. You won’t need to submit all the original documentation again.