Founded in 2004, Bedfordshire based financial advisers Total Wealth Solutions Ltd (TWS), went into voluntary liquidation in June 2017 following a number of client complaints.
These complaints, which were upheld by the Financial Ombudsman Service (FOS), were in relation to pension transfer advice.
Total Wealth Solutions Ltd were one of several advice firms linked to the Green Retirement Pension Plan (GRPP) and Para Sky Plantation.
This was a high risk, unregulated investment scheme involving Brazilian Teak Forestry, which was marketed by a company called Global Forestry Investments (GFI) who were subject to a Serious Fraud Office investigation.
The new trustees of GRPP actually wrote to over 70 of its members in 2017, urging them to make a claim against their Financial Adviser for recommending this investment, which subsequently had its value reduced to £1.
Another investment linked to Total Wealth is Harlequin Property.
Harlequin Property is a Caribbean property development scheme which promised investors high returns from the proposed 6000 hotel and holiday rental properties it had planned to build. Many people were invested in this scheme through their SIPP pensions.
However, only a fraction of these properties were actually built and the investments are considered practically worthless. The Harlequin Group was also subject to a Serious Fraud Office investigation, as well as a high court case against its’ Chairman.
Total Wealth Solutions Ltd is no longer authorised by the FCA.
Whilst you can’t claim against failed investments, you can claim if you received unsuitable or negligent financial advice from a regulated company or individual.
When making a recommendation for a financial product, regulated advisers have a duty to check the suitability for its clients.
The basic criteria for checking this usually involves ensuring the client:
Failure to do so not only put’s the client’s finances at potential risk, but may also be mis-selling and therefore may be eligible to make a claim for compensation.
If you would like to know more call 0114 2664216 and talk to one of our team, who can tell you if we think you may have a case. We will also explain how the claims process works and what options are available to you in making a claim. This is free and with no obligation to use our service.
Or use the enquiry form to arrange a call back at a time that suits you.
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 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.