Novia Financial provide wealth management service for investment advisers and their clients. They were established in 2008. Other trading names include Copia Capital Management and Minerva Capital Management.
Some advisers and fund managers use Novia’s platform to invest their client’s money into investments and SIPPs.
However, some of these advisers and fund managers recommended investments that were not always suitable for their clients.
Greyfriars DFM used the Novia platform to allow investors into their Portfolio Six (P6). Portfolio Six hit the headlines due to several high-risk investments it contained. Or rather the fact that these investments had been sold to people who are not suitable for them.
Investments in Portfolio Six include:
In 2016 the FCA told Greyfriars to stop accepting any new business into Portfolio Six. In October 2018 they went into administration and the FSCS began accepting claims in relation to their investment portfolios. Last year the FSCS announced it was now assessing claims against Greyfriars SIPP too.
Consumer Wealth were identified as a distributor of Portfolio Six and reportedly advised many clients to switch their personal pension into SIPPs with non-standard investments Consumer Wealth are currently in liquidation after receiving complaints for mis-selling.
Active Wealth Management were a financial advice company linked to the British Steel Pension Transfer scandal of 2018. They also used the Novia platform to invest client monies into SIPPs. Some of these also included Greyfriars Portfolio.
There are some investments that were found in mis-sold Novia SIPPs that aren’t suitable for the average pension investor. These include:
SIPPs are usually mis-sold as a result of poor financial advice. Whether that’s pension transfer or investment advice – if the end product is not suitable or you were mis-led in any way you may have been mis-sold your SIPP.
If you want to know if your SIPP may have been mis-sold to you – we can help with our free assessment check.
Whilst each case is individual, as mis-selling specialists we know to look for certain signs that in our experience indicate that mis-selling may have happened.
Our assessment is free and there’s absolutely no obligation to use our service if you have case.
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.
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.