Financial Services Compensation Scheme  

Pension claims against Glasgow adviser land at FSCS

Pension claims against Glasgow adviser land at FSCS

The Financial Services Compensation Scheme has paid £85,000 to a client of a Glasgow-based adviser which was wound up in 2018. 

The lifeboat scheme has so far paid one claim relating to a personal pension transfer against One Wealth Management, with three more applications for compensation pending. 

According to Companies House, One Wealth Management applied to voluntarily wind up in March 2018, with the business finally dissolved in August 2019. 

A final set of accounts for One Wealth Management shows two former clients made claims against the adviser prior to a liquidator being appointed and another two made claims during the company's liquidation proceedings but all four claims were rejected by the firm. 

One Wealth Management was one of five firms to have failed with the FSCS last week, alongside collapsed discretionary fund manager Organic Investment Management Limited. 

Organic collapsed following intervention by the regulator in 2018 amid concerns about illiquid and potentially high-risk investments in the fund manager's model portfolios. 

The FSCS has so far received 80 claims against the discretionary fund manager relating to self-invested personal pensions, personal pension transfers, pension advice and investment portfolio activities. 

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