Wealth Connection Ltd
Failed 02 August 2019
You might be eligible for compensation
FSCS has received a number of claims against Wealth Connection Ltd from customers who were advised to invest their pensions into various non-standard investments, some of which have become illiquid, which means they can’t currently be sold or traded.
One of the directors of Wealth Connection Ltd was charged with fraud by Essex Police on 20 January 2016. The Director was sentenced on 17 August 2017 to six years in prison for fraud by abuse of position and two years for fraudulent trading, to run concurrently.
It was found that the Director had created a pension scheme in which he loaned money to investors. The loans, with tax relief, were invested in a property company that he was a Director of. The invested money was not used for its intended purpose and was instead used to fund the Director’s lifestyle.
See our investment compensation limits and their conditions on our Investments page.
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06 Mar, 2020
Since summer 2019, FSCS has been trying to discover if there are valid claims involving Wealth Connection Ltd, and understand its connection to Noisnep Capital Ltd.
Specifically, we’ve been trying to establish how investors became aware of Noisnep Ltd and its dealings with Wealth Connection Ltd. We’re also examining how investors’ money was invested. But we need more information to determine if Wealth Connection Ltd owes a civil liability to its customers. Or in other words, that a UK court would hold the failed firm responsible for a customer’s losses.
Last year, we asked Essex Police to send us details of its investigation into one of the directors of Wealth Connection Ltd, and we await their response.
Unfortunately, at this stage, we can’t establish that these firms may owe customers a civil liability regarding their pension transfers to Noisnep Capital Ltd. The result is that we’re suspending our investigation into Wealth Connection Ltd.
We may be able to restart our investigation if we receive this evidence.
29 Oct, 2019
FSCS is still trying to discover if there are valid claims involving Wealth Connection Ltd and its connection to Noisnep Ltd.
We’re working to get information that will help with our investigation into the behaviour of Wealth Connection Ltd and its connected parties. We’ve been in contact with Essex Police who were involved in the original investigation into one of the directors of Wealth Connection Ltd. This led to a conviction in August 2017.
Specifically, we’re trying to establish how investors became aware of Wealth Connection Ltd. We’re also examining how their money was invested. More information will help us know if Wealth Connection Ltd owes a civil liability to its customers. Or in other words, whether there’s the potential the firm could be sued in court.
31 Jul, 2019
FSCS is accepting claims against Wealth Connection Ltd. However, claims have not yet been passed to our claims teams for assessment.
Firstly we need to establish whether there are protected claims against Wealth Connection Limited. For this to happen we need to know that the financial adviser who gave the advice owes a civil liability to customers that would enable them to be sued in court.