Blackstar Wealth Management

Have you received advice from Blackstar Wealth Management Ltd?

Investors face losing thousands of pounds from their pensions due to poor pension advice. Are you one of these people?   

Black Star Wealth Management Ltd were established in 2008 and based in the Midlands.

They were declared in default by the FSCS in January 2020, following 99 complaints made to the Financial Ombudsman Service.

The FSCS usually declares a company in default when they are satisfied there’s a valid claim and that the company is unable to return money to eligible customers.

Pension Transfer Complaints

Many of these complaints involved pension transfer advice given to clients to move their pensions into SIPPs.

Unfortunately, these SIPPs held high-risk investments, which aren’t usually recommended for the average SIPP investor.

High-risk Investments connected to SIPP mis-selling

One investment was German Property Group (GPG) previously called Dolphin Capital/ Dolphin Trust.

This investment to develop unlisted buildings in Germany promised high returns, but actually caused significant losses to UK pension investors.  GPG/Dolphin is currently undergoing bankruptcy proceedings in Germany.

Other high-risk, unregulated investments include Best International – Lateral Eco Park, Colonial Capital Bonds, as well as DFM Beaufort Securities.

Blackstar Wealth Management and Previous FCA Restrictions

In 2017 the FCA had placed restrictions on Blackstar Wealth Management, preventing them from carrying out pension transfer business without FCA consent. In 2016 they instructed them to immediately terminate all relationships with introducers associated with non-standard assets.

Introducers – Avacade

It’s been reported that Blackstar Wealth accepted business from Introducer firm Avacade. The Directors of Avacade had been involved in a court case with the Financial Conduct Authority. The FCA alleged that Avacade carried out regulated activity without proper authorisation, as well as making “misleading statements” to customers.

This mainly involved the promotion of unregulated investments, which led to hundreds of investors transferring millions of pounds into SIPPs.

The court didn’t agree and found their actions unlawful. They were fined £10m.

Latest on Blackstar Wealth Management

In August 2019, Blackstar Wealth entered Administration and the company liquidated in July 2020.

It’s been reported that the FSCS had already paid 4.4m in compensation to Blackstar Wealth Management clients.

 

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
Blackstar Wealth were declared in default by the FSCS in 2020 following 99 complaints made to the Financial Ombudsman Service
2
Over £4m compensation already paid to Blackstar Wealth clients by the FSCS

We win more than 9 out of 10 claims

The cost of our service is 15% + VAT on the total monies awarded for a successful claim. Our cost is also priced capped at one of the lowest rates.

Robert Pemberton
2022-04-11
Antony Stroud
2022-04-08
Excellent company, would definitely use again, they never gave up
Junior Geener
2022-03-20
always kept you informed has to what was going on .I'd recommend pension claim to anybody
Ian Gaynor
2022-03-14
A thoroughly positive result and experience. In all honesty I didn't have much hope of any success following a truly dodgy pension investment. I spent years angry at myself then decided to let these guys have a go on my behalf. It took hardy any effort on my part and they kept me fully informed, then out of the blue I got a call saying they have won all my pension back plus more and within days it hit my account. Thrilled with their effort and professionalism. I dealt with a few different staff and all were informative, polite and helpful. I great end to a terrible situation. 100% genuine review and I cannot recommend them enough. Thank you.
Grace Anderson
2022-03-11
Pension Claim Consulting were a Godsend. I was told about them by a friend who had also invested in a pension. They kept me informed on the progress of my claim with regular updates and answered my queries with patience and professionalism. There percentage for on behalf was also lower than expected. I can't thank them enough
adrian buck
2022-03-10
Keith Wilkins
2022-03-09
Very thorough and achieved the goal regarding compensation in full. Took a while but was worth the wait
Mark Holmes
2022-03-08
Excellent service. Great result.
michael dixon
2022-03-08
I was approached by Pension Claim Consulting after the company that was handle ing my SIPP had been investigated by the Financial Ombudsmen and informed me i had a case, with this information given to me i agreed to let them represent me in trying to reclaim my investment. All through the process i was informed of every step and on a regular basis even though it took many months the outcome was successful and i was reimbursed fully. This is a fantastic company to work with and dedicated staff who know their business. Many Thanks. Mike Dixon.
Roderick Turnbull
2022-03-08
Important Information!

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.