Strategic Wealth Mis-Sold QROPS, Pensions and Bonds
Anyone that has worked with Strategic Wealth UK Ltd should know that the firm is currently going through liquidation. Back in 2017, they lost some of the authorizations they needed to work in financial services.
There were many articles about the Strategic Wealth UK Ltd in the financial press. According to the press, the FCA instructed the Strategic Wealth to stop all business related to pensions and to undergo a skilled person review. This is something that the FCA can order if they believe there are issues with a company’s operations.
QROPs and Pensions
Mis-Sold Pensions, Bonds, and QROPS
Qualifying Recognised Overseas Pension Schemes, or QROPS, are schemes that people move their pensions into so that they are held overseas. These schemes are subject to most of the laws that pensions must follow, and are only accessible to people over the age of 55. They cover a range of pension investments, including investments that are high-risk. In many cases, high-risk investments can cause significant issues for the holder of a pension.
There are two main issues with high-risk investments. First of all, these investments are typically not overseen by financial services watchdogs. Secondly, these investments are at a higher risk of failing or being liquidated. If these things happen, the holder of a pension could lose the money that they have invested.
An Individual with a High Net Worth
This includes individuals that earn more than £100k per year or have more than £250k of investable assets, not including pensions or a home.
A Sophisticated Investor
These are investors that have extensive knowledge on subjects like unregulated funds. These investors are aware, informed, and fully understand the risks associated with non-standard investments.