The Financial Services Compensation Scheme (FSCS) has paid out £4.7m in respect of Total Wealth Solutions, a collapsed IFA that advised clients to invest their pensions in a fraudulent Brazilian forestry scheme.
In 2017 the Bedfordshire- based firm fell into liquidation and was then declared in default by the FSCS in January 2018. It has been reported that the FSCS has received 128 claims against Total Wealth Solutions. The FSCS is trying to recover £7.5m from the firm.
The Financial Ombudsman Service (FOS) at the time was dealing with three complaints against the firm. Two of the complaints related to advise to invest pension funds with the Green Retirement Pension Scheme, which have since become worthless.
Members of The Green Retirement Pension Scheme had underlying investments in a Brazilian teak forestry fund called the Para Sky Plantation Project, which was marketed by a company called Global Forestry Investments (GFI).
GFI was subjected to an investigation by the Serious Fraud Office, which later charged two former directors of the scheme with conspiracy to defraud its investors in 2019. The directors were later disqualified by the Insolvency Service after it found they paid £13m of investors’ money into their own bank accounts.
Unfortunately, there are many fraudulent schemes out there and unregulated advisors. If you have been a victim of mis-sold pension scheme our team can help you. We have many years of experience dealing with mis-sold pension claims.
To make an appointment or to find out more about how our claims experts can help you make a claim for compensation for a mis-sold pension, telephone 0800 051 2579, email us at firstname.lastname@example.org or complete our quick online enquiry form and one of our mis-sold pensions claims experts will get in touch with you promptly.