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May 25, 2023

Wellington Court Financial Services declared in default

Wellington Court Financial Services Ltd was declared in ‘default’ by the Financial Services Compensation Scheme on May 23rd 2023.

Based in County Offaly, Ireland the firm also had an office based in Devon, which closed on 31 December 2021.

From 19 December 2016, Wellington Court had permission from the FCA to carry out certain regulated activities. These included advising on investments and pension transfers. However, prior to this date, the firm only had permission to carry out insurance mediation and insurance distribution activities.

In October 2020 the FCA told Wellington Court Financial Services to stop giving pension transfer advice and in June 2022 the FSCS announced that Wellington Court Financial Services is “under investigation”

Complaints against Wellington Court Financial Services

According to FTAdviser there are currently 329 claims open against Wellington Court, the majority of which are related to pension and self-invested personal pension (SIPP) advice.

The Financial Ombudsman Service (FOS) has upheld a large number of complaints against Wellington Court in respect of its involvement with pension transfers into SIPPs administered by Guinness Mahon Trust Corporation Ltd.

Guinness Mahon was declared in default by FSCS on 29 October 2020.

In claims where Wellington Court was involved in the transfer into the GMTC SIPP, the FSCS has required customers to ‘first exhaust their rights against Wellington Court via the FOS before FSCS is able to consider any claim against GMTC.’

According to the FSCS website Wellington Court has failed to satisfy the FOS awards. It also said that the FCA has been notified of this failure and the FSCS is now considering whether valid claims exist under its rules in connection with Wellington Court’s activities.

 

Were you advised by Wellington Court?

The FSCS has declared Wellington Court Financial Services in default.

If you think you’ve received bad advice from Wellington Court to transfer your pension or if they arranged the transfer rather than providing advice – you may be able to make a claim against the firm with the FSCS.

Need some help?

If you are unsure if you have a case against Wellington Court Financial Services – our initial assessment could help!

It’s simply a chat with one of the team who can tell you if we think you have a case and what your options are if you want to make a claim.

It’s free, confidential and there’s absolutely no obligation to use our claims service.

Just fill in the form below

Important Information!

You are not required to use our services to pursue your claim. You can also seek further advice or shop around subject to any time limits within which a claim must be made.

It is possible for you to present the claim for free, either to the firm or person against whom you wish to complain or to the statutory ombudsman (Financial Ombudsman Service or Pension Ombudsman Service) or the Financial Services Compensation Scheme, whichever is applicable to your claim.