The actions of County Capital Wealth Management, a financial advisor currently in liquidation, have left a trail of devastation as many individuals find themselves burdened with the aftermath of incompetent advice regarding their pension transfers.
The Financial Conduct Authority (FCA) has intervened, exposing a series of unsuitable pension transfers, including those associated with the British Steel Pension Scheme.
In this article, we explore the latest developments and provide insight into the alarming number of complaints against the director of County Capital Wealth Management, along with the financial implications faced by those affected. Read on to uncover the facts and figures surrounding this concerning situation.
The FCA's intervention regarding County Capital Wealth Management reveals the alarming extent of mis-selling within the company. Out of 595 clients advised by the firm, a staggering 575 were recommended to transfer out of their defined benefit pensions, including approximately 150 members of the British Steel Pension Scheme.
Astonishingly, the regulator has identified a lack of competence in 56% of the advice provided by a director of County Capital Wealth Management, highlighting the extent of the mis-leading practices going on behind the scenes.
As a result, the FSCS has already paid out over £2.1 million in redress to compensate those affected by County Capital's inadequate pension transfer recommendations.
The directors of County Capital Wealth Management established another advice business called Fathom Financial. Both entities operated from the same address in Spennymoor. According to the FCA register, Fathom Financial applied to cancel its regulatory permissions in March.
If you recognise the names of either of these companies or think you may have used them, we urge you check this imminently and reach out to us here at CP Financial Claims, for a free, non-obligatory discussion regarding your options and eligibility.
The FCA's final notice regarding County Capital reveals glaring deficiencies in the firm's practices. The regulator discovered that County Capital Wealth Management failed to obtain accurate client information, leaving them unable to correctly assess the suitability of transfers, and neglected to provide evidence justifying why transfers were actually in the clients' best interests.
Furthermore, multiple calculation errors in transfer analysis were also noted. As a consequence, the FCA has not only imposed a financial penalty but has also banned the director from conducting pension transfers.
The Financial Services Compensation Scheme (FSCS) plays a vital role in providing recourse to those affected by mis-sold pensions. As of March 14, 2023, the FSCS has upheld 53 Pension Transfer claims against County Capital Wealth Management and disbursed over £2.1 million in compensation to affected customers.
However, it is important to note that the compensation limit of £85,000 per claim restricts the total amount payable to customers. Without this limitation, the total compensation owed to those affected would have been much more, at approximately £2.36 million from the six cases alone.
If you have been affected by County Capital's advice, it is crucial to seek professional guidance and explore your options for potential compensation.
Once again, it is so important that you act fast and you act now, as time restrictions may apply. The first step is contacting us, CP Financial Claims, who can guide you through the process and help you gain a deeper understanding of the available remedies before making any decisions. Please fill in the form below and our expert team will be in touch for a free no-obligation chat.
