Strategic Wealth UK Ltd trading as Gibro Wealth
Failed 30 April 2018
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12 Feb, 2021
Strategic Wealth UK Ltd operated in the UK offering an advisory service to customers across a range of products including pension advice and pension transfers.
FSCS has been investigating advice-related claims concerning Strategic Wealth Ltd (SW – a Gibraltar based firm) and Strategic Wealth UK Ltd (SWUK). We are looking to identify which firm provided the advice to customers to transfer their pensions into the Optimus Retirement Scheme (an offshore QROPS scheme administered by Integrated-Capabilities (Malta) Ltd), and in particular, whether there are valid claims under FSCS rules.
Customers are now seeking compensation from FSCS due to the failure of the Optimus scheme. They understood that they received advice from SWUK to transfer their pensions and that the advice was unsuitable.
Having considered all the information available to FSCS, and the claims we have received, there is a lack of evidence to suggest that the advice was provided by SWUK. Rather, it appears to have been provided by SW being the Gibraltar-based entity and therefore outside the FSCS’ jurisdiction to protect claims.
Also, while there may be a suggestion that the IFA - SWUK - provided advice to a small group of customers (on behalf of SW), and that it took place at the customers’ residence in the UK, there is a lack of evidence to conclude that (1) the presence of SW via the IFA in the UK was on more than a temporary basis and (2) that SW was operating a branch in the UK.
FSCS would still welcome claims that have not yet been submitted, as each claim will be considered on its own merits. As such FSCS would still encourage claims from customers if they feel they have received negligent pension advice to transfer into the Optimus Retirement scheme.