View more on these topics

Welsh govt could ‘take action’ if British Steel introducer found breaching £119k grant

Welsh-Wales-Flag-700x450.jpgThe 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.



FSCS default list published as British Steel IFA and ‘fraudulent’ DFM in spotlight

The Financial Services Compensation Scheme has released the full list of firms it declared in default in March, including an advice firm facing allegations of unsuitable British Steel pension transfers and a discretionary fund manager being investigated by US authorities. Active Wealth and Beaufort Securities are two of 11 financial firms on the FSCS’ list. […]


SJP fund changes put segregated mandates under the spotlight

Experts are debating whether the segregated mandate model is coming under pressure as one its most prominent users, St James’s Place, makes a raft of fund manager changes. In January, SJP replaced Axa Investment Management as the manager of its £3bn Balanced Managed Unit Trust after 11 years running the mandate, replacing it with US-based […]

Developing your personal relationships – Webex

Read more 9amFinancial advisers and solicitors working together Presented by Ian Muirhead, director & chairman at Solicitors for Impartial Advice (SIFA) Listen to Ian’s expert insight and experiences of how financial advisers and solicitors can work together to deliver mutual benefit and enhanced client outcomes. Register here 10am Financial advisers and accountants working together Presented […]


News and expert analysis straight to your inbox

Sign up


There is one comment at the moment, we would love to hear your opinion too.

  1. John Hutton-Attenborough 13th June 2018 at 11:55 am

    Is there any end to this firm’s gall!

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm