Economic Financial Solutions IFA Ltd were established in 2010 and based in Swansea. They also previously traded as Torch Wealth Management and JAG Protection.
They advised clients to transfer from existing pension schemes into SIPPs. In some cases, this involved investing with a stockbroker using a discretionary fund manager.
There were several complaints upheld by the FOS relating to this pension transfer advice which was judged to be unsuitable. In one case decision it was found that there wasn’t “any real justification for recommending the transfer.”
Clients also complained about the suitability of the investments chosen by the Fund Manager.
In October 2018 the FCA placed restrictions on the company’s permissions. They were told to cease any business relating to pensions and investments arising from unregulated introducers.
Economic Financial Solutions IFA ltd went into Liquidation in November 2019.
They were declared in default by the FSCS January 2020. The FSCS usually does this when they are satisfied there’s a valid claim and that the company is unable to return money to eligible customers.
Whilst each case is individual, as pension mis-selling specialists we know to look for certain signs that in our experience indicate that SIPP mis-selling may have happened.
Our assessment is free and there’s absolutely no obligation to use our service if you have case.
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.
We will not make or pursue a claim, or advise you to, if we know or have reasonable grounds to suspect that the claim does not have a good arguable basis, and or is fraudulent or frivolous.