Wealth Connection Ltd
Under investigation 02 August 2019
You might be eligible for compensation
FSCS has received a number of claims against Wealth Connection Limited from customers who were advised to invest their pensions into various non-standard investments, some of which have become illiquid.
One of the directors of Wealth Connection Limited 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 monies were not used for their intended purpose and were instead used to fund the Director’s lifestyle.
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31 Jul, 2019
FSCS is accepting claims against Wealth Connection Limited. 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.