Copia Wealth Management

Copia Wealth Management promoted transfers of pensions into various investments such as Lifetime SIPP (now Hartleys Pensions), Smile (via SVS Securities) and Easy SIPP with Gaudi.

Concerns were raised by clients when firm after firm started to go into administration and pension funds became illiquid. Copia Wealth Management initially argued the fault by stating the investments were not managed properly and the losses were not due to their advice. 

However, the Financial Ombudsman Scheme found that the risk and costs connected with these transfers made the advice unsuitable and this therefore made Copia Wealth Management liable. This was evidenced when a client was given a suitability report and told to transfer their pension, when in fact the client’s attitude to risk had not been assessed and there was no proof that the transfer would have financially benefited them.

Only specific clients should invest in SIPPs and background checks should be done to check the transfers are suitable for those involved. This firm failed to do this.

Consumer Wealth Limited went into liquidation in September 2020 and subsequently had their Innovative Finance ISA (IFISA) permissions removed in November 2021.

If you have dealt with Copia Wealth Management in the past please fill in our form so we can help assess your situation to see if you could claim compensation.

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