Copia Wealth Management Limited was an Independent Financial Advice firm based in Manchester.
Established in 2013 they also traded under the names Absolute Isa, Alpha Isa and Westway Isa up until April 2019.
Copia Wealth Management Limited was placed into liquidation September 2020.
The FCSC declared them as “failed” in January 2021 and according to reports in April, nearly 150 claims have already been made against the firm. These relate to SIPPs, investments, pension transfers and other pension advice.
Several unsuitable advice claims made against Copia Wealth Management were upheld by the Financial Ombudsman Service in 2020. These complaints were about the pension transfer and investment advice Copia Wealth Management had given to their clients which the FOS judged to be unsuitable.
Unsuitable advice in this context, is when the recommendation made regarding your pension or investment did not match your needs or circumstances and /or was conducted in a way that broke the rules which regulated companies must follow.
Pension transfers are a common factor in mis-sold pension advice with many mis-selling cases involving a recommendation to move to a SIPP which quite often contains unsuitable high-risk investments.
The FCA issued guidelines for advising on pension transfers (COBS 19.1.6) which says…
“When advising a retail client who is, or is eligible to be, a member of a defined benefits occupational pension …a firm should start by assuming that a transfer, conversion or opt-out will not be suitable. A firm should only then consider a transfer, conversion or opt-out to be suitable if it can clearly demonstrate, on contemporary evidence, that the transfer, conversion or opt-out is in the client’s best interests.”
Sadly, despite this guidance, people are continually receiving bad advice regarding their pensions and investments and losing thousands of pounds from their retirement pots as a result.
If a regulated firm or adviser has given you bad advice regarding your pension, you may be able to claim compensation.
If you are concerned about the advice you received from Copia Wealth Management Limited and want to check if it may have been unsuitable (mis-sold) we offer a free initial consultation.
Whilst each case is individual, as mis-selling specialists we know to look for certain signs that in our experience indicate that mis-selling may have happened.
Our assessment is free and there’s absolutely no obligation to use our service if you have case.
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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.