PDA

View Full Version : Tax Has anyone had experience with a company called Continental Wealth Management?



woolli
25-04-2012, 16:36
I have been introduced to the above company with regards to releasing my pension through QROPS, which, supposedly lets you take your pension tax free. Anyone on the forum used them, or know of them. Any info would be greatly appreciated.
Thanks in advance.

Norm de Plume
26-04-2012, 10:24
Seem reputable but beware what they propose to charge.

Simon-M
26-04-2012, 11:31
http://www.blevinsfranks.com/EN/news/104/867?newsCategoryPK=

I would speak to Paul Montague. He writes in the local paper about this sort of thing too.

tonym
26-04-2012, 18:41
I understood that the HMRC had just plugged this loophole to avoid the lump sums being tax free.

kathml
26-04-2012, 20:04
As soon as someone starts promising you something TAX FREE start running its 99% certain theres a scam

woolli
26-04-2012, 20:43
As soon as someone starts promising you something TAX FREE start running its 99% certain theres a scam

Thanks for everyones advice, but, having been pmd from a well known forum member, who have used their services and have been completely satisfied with their services, I am happy that they are legit, and got the TF member alot more than what she was expecting.
Mods please close the thread

Simon-M
26-04-2012, 21:03
Thanks for everyones advice, but, having been pmd from a well known forum member, who have used their services and have been completely satisfied with their services, I am happy that they are legit, and got the TF member alot more than what she was expecting.
Mods please close the thread

Just be aware that it all changed only THIS MONTH. What the forum member got is unlikely to be what you get :)

kathml
26-04-2012, 21:28
Having looked at their web site I would keep running

I trust that the well known member who has vouched for them has the appropriate financial qualifications for giving advice and is not a bar counter expert ???

SuzyQ
16-08-2012, 17:47
I was cold called by this company a couple of months ago, so agreed to let them dig around and find what my pension pot is worth. I worked many years ago for National Power, at the time the industry was privatised, I only was there three years and did not think the pension would be worth much. I have had the shock of my life today when I got the results back. Im just reading the paperwork now, as I havent yet agreed to anything. As I am well under even early retirement age (55) they are advising I transfer the fund to the Evergreen Scheme in New Zealand, where it will grow at 7.5%. They can loan me up to 50% of the pot immediately if I want, at 8% interest, but the "pot" would be growing to offset this. I thought I would look on here to see if anyone else had done this. I too have the recommendation of a forum member who I have just spoken to by phone.
I have a lot of research and thinking to do yet, but its looking like a good option. One of the features I like is that should I leave it in the UK, if I die it only goes as far as my husband. If we die together thats it. I know thats really morbid, but it happened to my grandparents, and all the years they had both worked and paid in were for nothing, my dad got nada. With this, the fund can be paid out on your death to named beneficiaries.
Has anyone else done this, and are you happy with the results? Preferably somone like myself, under 55. Thanks :)

carpenter
16-08-2012, 18:15
I looked into it. Couldn't stand the bloke I met. But I don't trust any salesmen or women. I was also asked if I knew anybody that might have pensions back in the UK. Sod off was my answer.

No one does anything for nothing and as I didn't trust him I didn't go for it.
One thing I was worried about was the effect it will have on the future of UK pensions. If every Expat around the world cashed in their pensions then how will the UK make up the lost money?

What will happen?

delderek
16-08-2012, 18:51
I was cold called by this company a couple of months ago, so agreed to let them dig around and find what my pension pot is worth. I worked many years ago for National Power, at the time the industry was privatised, I only was there three years and did not think the pension would be worth much. I have had the shock of my life today when I got the results back. Im just reading the paperwork now, as I havent yet agreed to anything. As I am well under even early retirement age (55) they are advising I transfer the fund to the Evergreen Scheme in New Zealand, where it will grow at 7.5%. They can loan me up to 50% of the pot immediately if I want, at 8% interest, but the "pot" would be growing to offset this. I thought I would look on here to see if anyone else had done this. I too have the recommendation of a forum member who I have just spoken to by phone.
I have a lot of research and thinking to do yet, but its looking like a good option. One of the features I like is that should I leave it in the UK, if I die it only goes as far as my husband. If we die together thats it. I know thats really morbid, but it happened to my grandparents, and all the years they had both worked and paid in were for nothing, my dad got nada. With this, the fund can be paid out on your death to named beneficiaries.
Has anyone else done this, and are you happy with the results? Preferably somone like myself, under 55. Thanks :)

When the time comes to have to buy an annuity with your pot, you will be offered all these choices, as to if you wish it to be paid and to whom after your death, but and it's a big but, your regular pension payments will reflect this, and could reduce by almost half.

Leam_Lin
16-08-2012, 18:53
Wouldn't touch it with a barge pole.

SuzyQ
16-08-2012, 20:18
Why Leam_Lin? Genuinely interested, as I havent decided yet.

Leam_Lin
16-08-2012, 20:36
Why Leam_Lin? Genuinely interested, as I havent decided yet.

It just sounds too good to be true.

Red Devil
16-08-2012, 20:43
Please don't do it SuzyQ unless you also take very sound independent advice from someone you trust.
I would never ever buy anything from a cold caller- if they have a good product they don't have to call anyone.
They will promise you the earth for a sale.

woolli
18-08-2012, 21:27
Suzy, as usual, a lot of sceptics on here, who, to be totally honest dont have a clue. You are right what you are saying, there are several forum members who have benefited tremendously, I have spoken to them personally, as have yourself. If its QROPS they are offering make sure it is right for you. To all the doubters its not your money, its not your pension, you dont have a right to tell people what to do. Suzy, pm me and I will pass you on to some very, very happy members who have used this scheme, and, before the doubters start, I have no afffiliation to this company.

Red Devil
18-08-2012, 22:14
Suzy, as usual, a lot of sceptics on here, who, to be totally honest dont have a clue. You are right what you are saying, there are several forum members who have benefited tremendously, I have spoken to them personally, as have yourself. If its QROPS they are offering make sure it is right for you. To all the doubters its not your money, its not your pension, you dont have a right to tell people what to do. Suzy, pm me and I will pass you on to some very, very happy members who have used this scheme, and, before the doubters start, I have no afffiliation to this company.

As far as I was aware SuzyQ posted her query on an open forum - why are you so agitated?
Good luck with whatever Suzy chooses to do, however if it was me I would check on HMRC's own website first as I am a born sceptic
www.hmrc.gov.uk/pensionschemes/qrops.pdf

BoPeep
19-08-2012, 09:20
QROPS was something Blevins Franks was talking about a couple of years ago.

I did see an article on the 'thisismoney' website about 2 weeks ago where a couple put all their money into the QROPS scheme (a scheme of the British Government I think). The couples financial advisor (!) told them to put all their pension money into it and then rent a house abroad for three months and they get it all tax free. They did that and the inland revenue picked it up and took them to court as you can only use this scheme if you are a genuine ex pat not coming back to the UK. They were fined, taxed on it and had to pay interest and now they have little of their £200,000 left.

Great advisor, poor people! The advisor got away with it - no fines or anything for him!! What is it about financial people, you pay them for being experts in their field and then when something goes wrong they shout 'disclaimer' and get away with it!

tonym
19-08-2012, 13:02
I too looked at this scheme some time ago, it was billed as a way to get your deferred pension in a lump sum tax free. It occurred to me that HMRC would want to reclaim the tax owed should you ever return to the uk. A few months later they closed the loophole and the full amount could not be claimed as a lump payment, which obviously makes the scheme less attractive. I would think that now the biggest disincentive to the scheme is the fee now is an even larger % of the lump sum.

woolli
19-08-2012, 14:25
Hi Tony, the fees are negotiable. You are still allowed to take a certain amount as a lump sum, although, as you quite rightly stated, it is not as much as previously. The biggest incentives are the fact that your pension doesnt die with you, it can be handed down to your children, and the other main incentive is that you will pay only minimum tax on your pension, whereas in the UK you are taxed at 24% after your allowances.
To be totally honest it is up to the individual as to whether or not it suits them or not. As previously stated I know of forum members who have opted for QROPS and are very happy. It really does depend on individuals circumstances.

kathml
19-08-2012, 14:57
If it sounds too good to be true and have been cold called run a mile its a con the only ones to gain are the salespeople and the company you're the mug

Mawkin
19-08-2012, 16:23
Just wondering if in say in a few years time they will still be saying what a wonderful deal they had or regretting ever joining.

Jacko
01-12-2012, 09:45
The Evergreen Retirement Trust QROPS was removed from HMRC's list of recognised schemes just over a week ago. According to International Adviser ( go to google) journal, the firm say that this is just an admin issue of little consequence. However, they have not stated what the issue actually is and have not put a statement on their website, which still states that they are recognised by HMRC. One would hope that they have contacted all their clients, so as to allay any concerns they might have.

Should this issue be resolved, then they would probably reappear on the list. If it turns out to be permanent, then the consequences could be dire with an unauthorised payment charge of 55% of the transferred fund. So, anyone that has one of these QROPS needs to speak to their advisers as a matter of some urgency.

As to early access to pensions, HMRC do not allow this before the age of 55. If there is found to be a connection between a QROPS and a loan to a pension scheme member under 55, then HMRC could look to impose a 55% charge on the money accessed. Whether HMRC have the time, inclination and resources to look into this is anyone's guess.

nurse ratchet
01-12-2012, 11:05
Might be helpful if you start here first for info on this subject

http://www.hmrc.gov.uk/pensionschemes/qrops.pdf

Jacko
02-12-2012, 12:54
Admittingly, that could be the starting point but note the wording at the start of the list " .... This list is not to be taken as a recommendation for a particular scheme or product. Nor should it be taken that any scheme featured on the list is approved or backed by HMRC".

Anyway, it should be up to the scheme in question and the advisers that recommended it to inform their clients as to the current state of play with their pension savings. But the disappearance from the HMRC list of a QROPS demonstrates that UK pension holders need to look at more than just the list as part of their own research into where they put their lifetime's accumulated pension funds.

Also, if some firms offer cash from schemes for those under 55, it might be worthwhile phoning up HMRC, to run the proposal past them, to see if their could be a problem later as part of this research.

TIS
02-12-2012, 13:23
We have organised QROPS for several, now very happy clients. We use a UK based of company of Financial Advisers who have a representative here in Tenerife who will happily look at the best options for you, NO OBLIGATION. Yes the schemes whereby one could take 100% of the fund out immediately have been removed from the approved list of funds, but the main reason for doing this is to keep the fund value in your family.

Do not confuse the lump sum payments that can be made when you retire with the fund value - two very different things. One can still legally withdraw up to about 30% of the fund value and leave the rest in a managed fund to continue growing and provide a valuable pension. Most important aspect is that you must be fiscally registered for 5 years or more OUTSIDE the UK and QROPS is a scheme originally put forward by HMRC themselves.

Let us know your name & contact number and we will organize a personal private interview with UK regulated Financial Advser.

Wolfeman
02-12-2012, 13:32
As a registered Pensions Broker for ex pats only living in Spain The company mentioned are Legitimate and not the fastest at releasing funds but under all legislations and covered by the IFA.

Jacko
04-12-2012, 11:14
I see that my comments about checking with the UK FSA register and checking the FSA "Scams and Swindles" page (link supplied- relates to cash release) did not get past the moderator. Why is that?

AL JAY
04-12-2012, 11:22
I see that my comments about checking with the UK FSA register and checking the FSA "Scams and Swindles" page (link supplied- relates to cash release) did not get past the moderator. Why is that?

I think you have to have a certain number of posts jacko before you are allowed to post links,it was probably auto moderated and is done because it could be spam,may be worth trying again!

AL JAY
05-12-2012, 11:19
Here is the link that jacko tried to post, He sent me it by PM

http://www.ftadviser.com/2012/12/04/pensions/personal-pensions/fsa-issues-warning-over-pension-unlocking-firm-AqhgZ2VCwNmNcknu7sbReJ/article.html

- - - - - - - - - - merged double post - - - - - - - - - -

Expats have no protection by the UK FSA though.

Jacko
05-12-2012, 12:21
I will try and post again. The last point, about the FSA, relates to no protection for expats if the firm is not regulated to give pension transfer advice by the FSA.

Jacko
13-01-2013, 12:06
I cannot post links to this.

Pension liberation is now officially a financial crime according to the FSA in the UK. I have just seen someone refer to this on another forum. It looks like the UK FSA will work with foreign authorites on this as one of its priorities for 2013.


Get onto Google and type these keywords and you will find the FSA announcement from the head of enforcement-

" Tracey McDermott FSA pension liberation financial crime"

This does seem as if the FSA is now taking this seriously.

Be careful out there folks.

patrick2976
10-03-2013, 12:33
I think the important point here is to make sure the advisory company are reputable, have a history and are regulated ( I would suggest either by FSA passporting or the Financial Services Commission in Gibraltar - they should also be registered with the Direccion General de Seguros (DGS) and Comisión Nacional del Mercado de Valores (CNMV) in Spain. Also, make sure they have professional indemnity insurance in place. That way if you ever have a complaint and it results in a claim for compensation you know they can pay it.
Regarding QROPS - They are perfectly legitimate pension schemes which can be very suitable in the right circumstances. Here are some points to keep in mind;
1. You cannot take benefits from a QROPS if you have not been resident outside the UK for at least 5 years (although you can transfer to a QROPS at any time - before you actually move abroad for example).
2. Avoid anyone saying you can take 100% of your pension. That is not allowed by HMRC and will trigger a 55% penalty.
3. New Zealand has had their QROPS status withdrawn by HMRC (due to all the 'pension busting' schemes domicilled there).
4. A UK pension has an immediate tax of 55% or more payable from your fund if you die. QROPS has none.
5. A good QROPS is usually an excellent idea if you have a private pension. Be more careful with final salary schemes.
6. You avoid UK income tax with a QROPS and the Spanish tax authorities look upon pension income much more favourably.
7. QROPS can be a good method of mitigating against Spanish inheritance tax.
8. Lump sum restricted to 25% of the fund in the UK - you can take 30% with a QROPS
9. Income drawdown restricted to 100% of the Government Actuary Department Rate in the UK. Up to 120% with QROPS.
10. QROPS in general have been scrutinsed by the UK tax authorities with some jurisdictions being removed.
Those remaining must adhere strongly to HMRC principles to retain their status making the current registered schemes a safe place for your pension.
11. You can have a QROPS in euros - therefore negating exposure to curreny exchange dangers.
12. Much greater investment fund choices with a QROPS.
13. Pension income paid gross.

I am a financial advisor who has lived in Spain for 5 years. I am a 'child' of the FSA regime in the UK and so was very careful regarding the company I chose to work
for in Spain. Make sure you do some company research before committing to taking advice from anyone.

seanocelt
10-03-2013, 13:25
Enjoying your input Patrick, welcome aboard.

Jacko
15-03-2013, 10:48
Just to clear up a few points, as there seems to be some confusion here.

1. You can take benefits from QROPS if you have not been non-UK resident for 5 years, and are 55 or over. However, the tax treatment will be dictated by UK rules. A payment within 10 years of the member becoming non-resident in the UK is reportable to HMRC, and if the payment is made within 5 tax years of the member becoming non-resident in the UK, it is subject to the member payment provisions that apply to registered pension schemes

2. New Zealand has not had its QROPS status withdrawn.

3. A UK defined benefit scheme does not have 55% tax applied on the death of the member- Not relevant. A UK personal pension, upon death , has no tax charge applied on the fund if death occurs before funds are taken as retirement income, could be as late as the age of 75. Upon taking an income, and then death, the surviving spouse can elect to continue drawing an income from the fund and no 55% tax charge is applied. The 55% charge, in that case, would only apply on the death of the spouse- possibly in her/his 80s or 90s.

4.Some occupational money purchase schemes in the UK allow significantly greater lump sums than 25%. Watch out for those schemes were members joined before 1987 and 1989- Complex rules that are only likely to be understood by qualified pension practitioners ( ie PMI or G60/AF3 qualified).

5. QROPS are not "registered". There is no formal registration process.

6. SIPPs in the UK have a substantial investment choice, far more than a normal pension member will ever utilise.

7. UK charges are more transparent and SIPPs are less expensive to run than QROPS.

8. If something goes wrong, the FSCS covers SIPPs and not QROPS.

As the last poster said, do background checks on the adviser and make sure he/she has pension qualifications and a lot of relevant UK pensions' experience with a recognised UK firm of pension specialists.

patrick2976
15-03-2013, 16:40
Some of your points are a little misleading;
Defined benefits lump sum death benefit is tax-free so long as it is within the member's remaining lifetime allowance. Any part of the payment outside of the lifetime allowance is a chargeable amount and taxed at 55%, due on the recipient of the payment.
Also,
If you die before age 75 and the lump sum death benefit is not paid within two years of the reported death and the lump sum is not transferred to a separate trust by the scheme administrator before the two year period is up, the lump sum will be deemed to be an unauthorised payment. An unauthorised payment is subject to a tax charge of 55%.
However, as I stated final salary (and other defined benefit) schemes should be transferred with extreme caution - if at all.
With personal (private) pensions it depends when you die and whether you are retired.
If you are retired and in drawdown a 'benefit crystallisation event' has occurred and so a tax of 55% will be charged on any lump sum payment.
It you have an annuity already paying out your spouse or dependent can continue taking the income but will be subject to UK income tax. If you have a 'capital protection annuity' which pays a lump sum on death the lump sum will be taxed at 55%.
As a person can retire and take benefits from the age of 55 so these points are very relevant.

QROPS can offer all of the investment benefits of a UK SIPP; but with a lower tax threshold, no lifetime allowance threshold and little or no tax on capital gains or income.

New Zealand had it's QROPS schemes suspended last year. However they have now been re-listed as they have removed the potential for taking out 100% lump sums.

Charges on the QROPS are completely transparent and often equal to or lower than UK pension schemes.

Often QROPS funds are held within portfolio bonds in jurisdictions such as The Isle of Man where they are protected by the Isle of Man Compensation of Policyholders protection scheme.

Jacko
16-03-2013, 12:53
Any other IFAs out there have a view on my "misleading" information?

Let's go through this step by step, as I believe this is important.

You stated that no one can take benefits from a QROPS within 5 years of UK residency. This is not the case, as I have stated- Misleading? You did not answer this point.

You stated that " A UK pension has an immediate tax of 55% or more payable from your fund if you die".

Now you use an extreme case to justify your claim. You state " Defined benefits lump sum death benefit is tax-free so long as it is within the member's remaining lifetime allowance" The current allowance is £1.5 million (subject to change in 2014-15). So, there would be a charge should an expat that have more that £1.5 million in a UK pension, but that would only be on the amount above £1.5 million . A cheap life policy in trust might be an effective way to cover this event - certainly cheaper that an expensive pension transfer.

In any event, anyone with an amount over £1.5 million in a UK pension could potentially trigger an immediate recovery charge if they transferred it to a QROPS- so, the option to transfer to a QROPS may not be viable anyway! ( Ok, for those that might breach the lifetime allowance before they retire, then this might be an issue- but don't forget to check the situation with the UK Primary and Enhanced Protection rules and I suspect the lucky few with such funds will be in close contact with their pensions' advisers).

Indeed, if a pension fund was not claimed within 2 years of death, there would be a 55% charge. However, this is not what you said. You said " A UK pension has an immediate tax of 55% or more payable from your fund if you die". Two years is somewhat different from immediate. Since there is no requirement for probate ( being a trust ), the legal representatives of the deceased would most likely call on the pension fund as soon as possible, rather than leave it for 2 years in the fund. Of course, assuming the member had not taken benefits, the proceeds would not be taxed. So, no immediate tax charge there then is there?

I think that I covered the points about the situation when the pension member dies, having commenced drawdown- where is my misleading statement?

SIPPs are HMRC " Exempt Approved" ( unlike QROPS). I am not sure why you refer to Capital Gains Tax, UK pension funds are "exempt" from this tax.

The lower tax threshold is determined by the local tax office and not the QROPS provider. So, it could be more than the UK in some jurisdictions. Though the retiree could benefit from a DTA and not suffer double taxation on the UK income.

You stated "New Zealand has had their QROPS status withdrawn by HMRC". Any TEFL teacher will point out that that is the "Present Perfect". The Finance Act of 2012 made some fairly dramatic changes to QROPS rules ( more in the pipeline too!), so the NZ schemes were temporarily suspended and had to reapply, having altered their rules to comply with the new legislation. You wording suggests to an outsider that the QROPS status was removed and is still removed.

You state "Charges on the QROPS are completely transparent and often equal to or lower than UK pension schemes". As my daughter would type... " ROFL". Have you heard of RDR in the UK? For example, commission on investments is a thing of the past. There is no requirement in many jurisdictions to disclose commissions. However, if anyone can point me to a "cheap" QROPS, I am all ears ( not one that has linked up with an insurance company that means the expat has to buy an investment bond to qualify for lower fees) !

You refer to the Isle of Man Policyholders' Protection Scheme. Have you read that carefully?

It covers funds up to 90%. However, this cover is dependent upon a levy on the remaining insurance companies in the Isle of Man. Should a major insurer go down, then are you sure the others could pick up the tab?

The compensation fund is not a "standing fund" and only is activated on a default. The levy on the other insurance firms " will not exceed 2% of their long term liabilities...". There was a study into this by Gary Boal ( Boal and Co, consulting actuaries) and the results of the collapse of a large insurer were quite alarming. Do you think that the 2% levies on smaller insurers comes anywhere near 90% if a big firm fails? I would suggest the UK Financial Services Compensation Scheme offers better protection.

By the way, what is the logic of putting funds, within a QROPS, into an insurance bond? I have just come across a firm that offered " free advice" and told their prospective client that there was no charge for the consultation and forgot to mention the 7% commission that would be paid to them on transfer to a bond. The client was, naturally, horrified. The sooner the words "free financial advice" are banned, the better for the public.

My advice (don't contact me for advice, I am just providing information) is as follows-

1. Before moving a UK pension, check that the adviser has the following exams- G60, AF3 or PMI/Actuarial qualifications.
2. Make sure the adviser has substantial UK pensions' experience. Pick up the phone and call the previous firm in the UK as part of your due diligence- do NOT rely on client testimonials alone.
3. Ask if your adviser is a qualified member of a professional institute.

I apologise for misleading you all!

J

Babs
29-09-2016, 00:29
DO NOT have anything to do with Continental Wealth Management, I unlocked a UK local government pension, after they assured me that I would make a steady growth investing in "safe" wrapped bonds.I lost £40.000 in less than 3 years. Now they are trying to distance themselves from the situation, they use several companies & then change them, also staff, I know another person who has lost his money too. I hope I can stop anyone else from this upsetting situation.

Alan Derek
13-02-2017, 12:49
Has anyone lost a lot of money by trusting Continental Wealth Management to manage their pension pot? Referring to Bab´s post above, that is a lot of money. I have lost more than that. I really do wish I had never met Continental Wealth Management. I have an amazing story about my dealings with this company. I would love to share my story / have conversation with anyone else who has lost money by using Continental Wealth Management

Babs
13-02-2017, 21:23
Has anyone lost a lot of money by trusting Continental Wealth Management to manage their pension pot? Referring to Bab´s post above, that is a lot of money. I have lost more than that. I really do wish I had never met Continental Wealth Management. I have an amazing story about my dealings with this company. I would love to share my story / have conversation with anyone else who has lost money by using ContineHntal Wealth Management

Hi Alan
I was interested to read your post, what is happening with regards to recouping your money?

allthejam
15-02-2017, 15:48
Pension transfers are not a scam or some stupid scheme in Cape Verde, like the one on TV a few months ago but you need to check out the HMRC QROPs list before you do anything with your life savings.

Arthur Sweet
15-02-2017, 15:59
Continental have handled my investments for years now and while it hasn’t been plain sailing they have not disappeared like many of these so called advisory firms, I do know people that have used Devere and had lost of problems.:c2:

Angusjim
15-02-2017, 17:10
Mmmmmmmmmmmmmmmmmmmmmmmmmmm!!

Sally.M
17-02-2017, 11:49
I have to say that while I have had limited dealings with Continental wealth management they were courteous and the advisers were very well presented. I didn’t take out an investment with them but they were very efficient researching my pensions.

Angusjim
17-02-2017, 12:12
Lots of new faces on this thread which is great to see maybe go to introductions section and introduce yourself and tell us a little bit about yourselves. Welcome to the Forum :hello:

Sally.M
17-02-2017, 12:53
Thank you Angusjim, I will do that, I think there might be some interest lately no because of the previous years old comments but more due to the job that was advertised in the Canary Islands for Continental Wealth Management, to be honest its been a long time since I spoke to anyone from the company and was just looking to see what has been going on as was interested in the job well any job to tell the truth as I'm new to the Islands. Any advice you can give me would be great.

Thank you again for the welcome...

blondie
17-02-2017, 14:55
Thank you Angusjim, I will do that, I think there might be some interest lately no because of the previous years old comments but more due to the job that was advertised in the Canary Islands for Continental Wealth Management, to be honest its been a long time since I spoke to anyone from the company and was just looking to see what has been going on as was interested in the job well any job to tell the truth as I'm new to the Islands. Any advice you can give me would be great.

Thank you again for the welcome...

Welcome from me too :welcome:

Babs
21-02-2017, 12:14
We were talking about a particular Pension company, CWM, they were on a QROPS list, as was the Investment company, Momentum.
The bottom line is that my funds were mismanaged, before I had signed on the dotted line my funds had been Ghost traded, I was given NO cooling off period, I had to ask for the paperwork I had signed in such a hurry that I had no time to date it.All the red flags were up!!
I was unable to see how my funds were invested, I was given little information as to how how my pension was performing, when it came to light by a new member of their staff they started to panic. I am still waiting for any resolution to my funds being loss. One example of this companies dealings with my pension fund was to invest £47.000 in Bio fuels a highly risky investment & totally against the guidance given to investing a pension pot.
I am not the only one who has also loss their money, however if people think the company is OK then go ahead, but I wish I could have read something like this about CWM, as I would now be using the £100.000 that I had accumulated.

wayki
31-05-2017, 14:01
I gave Continental Wealth a 15k pension on the promise it would go up 6% a year......I got a statement today saying it is at 5k.......so i did some searching and found this forum.

Does the FCA cover these crooks?

SWOKKO
31-05-2017, 14:32
I gave Continental Wealth a 15k pension on the promise it would go up 6% a year......I got a statement today saying it is at 5k.......so i did some searching and found this forum.

Does the FCA cover these crooks?

Hi sorry to hear about this. Have you spoken to Angie Brooks at www/pension-life.com

Babs
06-06-2017, 20:51
Hi wayki
Sadly the FCA doesn't have any interest as they are out of the UK.

Debbie21
06-07-2017, 12:59
We have dealt with this company and we lost a lot of money. Would not recommend them to anyone.

Babs
08-07-2017, 20:21
We have dealt with this company and we lost a lot of money. Would not recommend them to anyone.

Hi have you tried to get your money back?
Babs

Debbie21
10-07-2017, 17:29
Hi have you tried to get your money back?
Babs

Looking for a good lawyer at the moment. If anyone knows a good lawyer, let me know!?

DIRKADIRKA
03-09-2017, 09:17
Beware - do not use - very unprofessional company - worst i have ever dealt with - if you want to lose and waste money go and spend it - then at least you know where it has gone - i am now in pension poverty thanks to these idiots

- - - - - - - - - - merged double post - - - - - - - - - -

GO TO THE OMBUDSMAN BEFORE YOU START LOSING MORE MONEY PAYING LAWYERS. GOOD LUCK