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Fortuna Wealth Management Ltd

Did you receive advice from Fortuna Wealth Management Ltd?

Fortuna Wealth Management was based in Wolverhampton and its previous names include Fidelis Wealth Management Ltd and AWG Financial Ltd.

The firm was declared in default by the Financial Services Compensation Scheme on December 8th 2021.

Fortuna Wealth Management was dissolved in June 2022.

In September 2023 the FCA announced it had fined director Andrew Deeney £397k and banned him from working in financial services.

This was in part to do with his conduct during his time as an adviser at Active Wealth (UK) Ltd.

Check if you have a mis-sold pension claim


We provide an initial assessment to check if you may have been given mis-sold pension advice.


Each case is individual, but as pension mis-selling specialists we know to look for certain signs that in our experience indicate unsuitable advice may have been given.


Our assessment is free and there’s absolutely no obligation to use our service if you have case.

Initial Assessment

Fortuna Wealth Management and Active Wealth

Between February 2015 and December 2017, the director Andrew Deeney was connected to another financial advice firm – Active Wealth.

Active Wealth was involved with claims in relation to the British Steel pension scheme and was dissolved in February 2018.

Mr Deeney set up Fortune Wealth in June 2017, prior to leaving Active Wealth and in February 2018 purchased its client book for £5,000,

Why did the FCA restrict Fortuna Wealth Management?

In August 2019 the FCA issued a supervisory notice to Fortuna Wealth Management restricting it from carrying out regulated activities.

This was in respect of advice given to clients to invest in £1.6m of high-risk bonds. And for charging £20,000 in ongoing fees without providing any service to the clients.

A second supervisory notice was published in December 2019 upholding the initial notice. This was due to the firm “failing to satisfy the threshold conditions”

The FCA alleged Fortuna Wealth Management had failed to provide accurate information about the high-risk bonds when they had asked about them.

It said Fortuna Wealth Management had breached the rules by “Recklessly misleading the Authority with regard to arranging investments in High-Risk Bonds”

According to the FCA register, Fortuna Wealth was no longer authorised since September 2021.

What does it mean if the FSCS declare a firm in default?

The Financial Services Compensation Scheme (FSCS) exists to protect customers of financial services firms that have failed.

When the FSCS declares a firm or adviser in default it means it has established there are claims that are eligible under its rules.

And that the firm/adviser is unlikely or unable to pay the compensation in relation to these claims.


Can you still make a claim if your Adviser is in default?

Yes you can still make a claim if the FSCS have declared your Adviser in default.

Your complaint will be processed by the FSCS who will pay compensation if you have an eligible claim.

The Financial Services Compensation Scheme (FSCS) has limits to how much compensation it can award.

This is dependent on factors such as when and how you were mis-sold.

Need some help?

If you need some help our initial assessment can tell you if we think you have a case.

Simply fill in the form below to arrange a chat with one of experienced and friendly experts!

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    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.