Wellington Court Financial Services is a financial advice firm based in County Offaly, Ireland. They have temporary FCA permissions to provide certain services in the UK and have an office based in Devon.
In October 2020 they were told by the FCA to stop giving pension transfer advice.
An unsuitable advice claim made against Wellington Court Financial Services was upheld by the Financial Ombudsman Service in March this year. It related to advice they had given a client in 2015 to transfer his personal pension into a Orbis SIPP.
The FOS ordered Wellington Court to pay compensation and stated in their decision…
“…switching a pension can be a complex transaction with several different factors to weigh up and consider. Mr R was an ordinary retail investor. He doesn’t appear to have had any experience or knowledge of this type of transaction. So, I think he was entitled to rely on this advice. And presumably he was persuaded the switch to a SIPP would meet his objective to increase his provision for retirement. But I’ve not seen enough evidence to persuade me that the advice to switch to a SIPP was suitable.”
There were also reports of Wellington Court’s involvement in a pension transfer in which a client moved from a local government pension scheme into a SIPP. This kind of pension transfer is seldom recommended as it’s rarely the case that the client will be better off.
The client was introduced by Brunel and Lewis and the SIPP was run by with Forthplus Pensions. Both companies have been linked to other mis-selling cases involving pension transfers.
Mis-selling quite often begins with poor quality financial advice.
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