You might be eligible for compensation
Strategic Wealth UK Ltd is no longer trading. You may be eligible to make a claim against it.
To check, click the ‘Check if you can claim’ button and answer a few simple questions.
Before you begin, please review the ‘Before you make a claim’ page. It outlines the documents required for each type of claim.
If you need assistance, click the ‘Need help’ button. You can chat with one of our friendly claims handlers or search our FAQs.
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Latest updates
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12 Jul, 2021
In our statement dated 12 February 2021, FSCS stated the Optimus Retirement Scheme (an offshore QROPS scheme administered, at the relevant time, by Integrated-Capabilities (Malta) Limited) had failed. This is incorrect. The Optimus Retirement Scheme Is still operating and is regulated in Malta by the Malta Financial Services Authority. The current trustees of the Optimus Retirement Scheme are Optimus Fiduciaries (Malta) Limited (OFML). OFML took over the trusteeship of the Optimus Retirement Scheme on 29 May 2020.
In spite of the corrected position noted above, FSCS remains of the view that having considered all the information available to us, and the claims we have received, there is still a lack of evidence to suggest that the advice was provided by Strategic Wealth UK Limited, and for the reasons noted in our update dated 12 February 2021 below.
However, and as noted in our updated on 12 February 2021 below, FSCS will consider each claim on its merits. As such, FSCS will consider claims from any customers of Strategic Wealth UK Ltd if they feel they received negligent pension advice to transfer into the Optimus Retirement Scheme.
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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.