Active Wealth (UK), the first firm to cease pension transfers as a result of advice given to British Steel Pension Scheme (BSPS) members, has gone into liquidation.
A notice published on The Gazette on Monday indicates a special resolution was passed on 5 February 2018 that 'the company be wound up voluntarily'. An ordinary resolution was also passed to appoint Tina Bullock of Derbyshire-based Crossfields as liquidator.
Active Wealth found itself at the heart of the unfolding saga around defined benefit transfer advice given to BSPS members.
The spotlight turned on Active Wealth after it agreed to cease all pension transfer business, following Financial Conduct Authority (FCA) intervention.
The firm's director, Darren Reynolds, and the director of its unregulated introducer Celtic Wealth, Clive Howells, were called to give evidence before the Work and Pensions Select Committee in December. However, both Reynolds and Howells failed to attend.
New Model Adviser® has since revealed that Active Wealth was a reincarnation of another firm, Active Investment Services (AIS), which was previously downed by pension transfer complaints. The Financial Services Compensation Scheme (FSCS) paid out a total of £100,000 for two complaints upheld against against AIS.
Reynolds has been approached for comment.