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In the intricate world of financial advising, trust and integrity are paramount. Clients rely on financial advisors to make sound investment decisions that align with their goals and aspirations. However, not all financial advisors uphold these values, and the fallout from such breaches of trust can be devastating. One such case that has sent shockwaves through the financial industry is Tidal Wealth.
In this article, we delve into the controversy surrounding Tidal Wealth, an independent financial advisor based in Glasgow. We'll explore their association with Ntrust Group Ltd and Cowley & Miller Independent Financial Services Limited, their investments, and the subsequent mis-selling claims that have shaken the foundations of their reputation.
On 16th March 2018, a significant shift occurred in the financial landscape as Tidal Wealth severed its ties as an Appointed Representative (AR) of Ntrust Group Ltd. This move marked the cessation of its authorisation to engage in regulated activities, signalling a pivotal change in its trajectory.
During its tenure under the banner of Ntrust Group Ltd, Tidal Wealth's AR status lasted just under 2 years. This transition is crucial to understanding the unfolding scandal that eventually gripped the financial world. Additionally, Tidal Wealth had been associated with Cowley & Miller Independent Financial Services Limited, operating as their AR from 30th August 2013 to 31st May 2016.
Tidal Wealth's journey was interwoven with a range of investments, each carrying its own set of complexities and consequences. Biomass investments, Contraxus Investments, and UK PDS were among the investments linked to Tidal Wealth's portfolio. These investments served as both opportunities and pitfalls, ultimately contributing to the mis-selling allegations that would emerge later.
Ntrust Group Ltd, formerly authorised by the Financial Conduct Authority (FCA) and/or the Prudential Regulation Authority (PRA), holds a significant place in the narrative of the Tidal Wealth failures. Its prior authorisation lent an air of legitimacy to the operations, yet the subsequent events would tarnish this reputation. Tidal Wealth's association with Ntrust Group Ltd adds complexity to the situation, raising questions about oversight and accountability.
Hailing from Glasgow, Tidal Wealth’s impact was felt beyond the city's borders. With its operations based in this vibrant Scottish city, the misconduct emanating from Tidal Wealth's practices echoed across regions, affecting not only its clients but also the larger financial ecosystem.
On 8th September 2017, a turning point arrived in the form of a meeting of creditors. This gathering unveiled the first glimpses of issues plaguing Tidal Wealth, offering a preview of the storm that was about to engulf the company.
Fast forward to 25th May 2018, and a voluntary liquidator was appointed. Lines Henry, a trusted name in the field of insolvency and business recovery, took up the task of dissecting the intricacies of Tidal Wealth's financial affairs.
Lines Henry's efforts unearthed a trail of customer complaints, each echoing concerns about the advice provided by Tidal Wealth. The liquidator's initial review raised red flags regarding the advice given and the subsequent repercussions. Beyond that, there were glaring issues with advisor charges and commissions, further complicating matters. This revelation spotlighted the essence of the mis-selling claims – a crisis that demanded resolution.
It was also discovered that Tidal Wealth had been advising to move pensions into pensions provided by ForthPlus Pensions Ltd.
As Lines Henry delved deeper, it became evident that the investigations needed to extend beyond the surface-level issues. The involvement of New South Law Ltd, a firm specialising in auditing company records and identifying regulatory non-compliance, signalled a serious intent to uncover the truth.
Regulatory compliance by directors of FCA-regulated companies was in the spotlight, with the focus on understanding the extent of the deviations from established norms.
In the aftermath of the Tidal Wealth failures, the impacted individuals found themselves facing a daunting journey towards seeking redress for the mis-selling claims. Opening a claim became a crucial step in their pursuit of justice and reparation. The process, while intricate, offers a glimmer of hope for those who placed their trust and financial well-being in the hands of Tidal Wealth. We can help you open a claim at CP Financial Claims.
The journey to opening a claim begins with collecting and organising all relevant information. This includes documentation of investments, communication with Tidal Wealth, account statements, and any records that detail the advice received. Having a comprehensive record of interactions and transactions serves as a foundation for building a strong case.
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You are not obliged to use our service. It is possible for you to present your 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.
