Economic Financial Solutions IFA Ltd / Torch Wealth Management

Did you receive advice from Economic Financial Solutions IFA Ltd / Torch Wealth Management? If so you may want to check if you should be claiming compensation for mis-sold pension advice.

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.

Pension transfer advice complaints

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.

FCA Restrictions

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.

Latest on Torch Wealth / Economic Financial Solutions

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.

Want to know if you may have been mis-sold your SIPP?

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.

 

Key Facts

1
Economic Financial Solutions IFA Ltd also previously traded as Torch Wealth Management and JAG Protection
2
They were declared in default by the FSCS January 2020

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