The Welsh government gave an introducer at the heart of the British Steel Pension Scheme saga a £119,000 grant in 2014.
Today the BBC reported Celtic Wealth Management received a grant to create jobs in Pontarddulais, Wales by “delivering a range of financial intermediation services”.
The Welsh government website says it provides a range of grant schemes to deliver policies and “create a fairer, more prosperous Wales”.
A Welsh government spokeswoman says any company receiving support is required to provide evidence it is operating within the terms and conditions of the grant.
Any breach of this could lead to grant monies being recovered.
She adds: “The Welsh government considers the misselling of pension transfers an extremely serious matter and are aware that such allegations have been made against Celtic Wealth and others.
“We understand the relevant UK regulators are undertaking a wider review of pensions advice, and we will consider the options available under the grant agreement to take action should any breach of the conditions of funding be proven.
“Consequently, it would be inappropriate to comment further at this stage.”
Celtic Wealth is the introducer that has attracted attention for its relationship with collapsed advice firm Active Wealth.
Celtic Wealth had not responded to requests for comment at the time of publication.