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Pension transfer introducer offered steelworkers rugby tickets

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Pension transfer introducer offered steelworkers rugby tickets

An unregulated introducer firm at the heart of the British Steel Pension Scheme (BSPS) saga offered steelworkers considering a pension transfer free tickets to Swansea City football and Ospreys rugby matches, New Model Adviser® understands.

Celtic Wealth Management introduced a number of steelworkers to IFA Active Wealth, which has subsequently gone into liquidation, having arranged 'sausage and chips' meetings to discuss pension transfers. 

Celtic director Clive Howells was invited to appear before the Work and Pensions Select Committee alongside Active Wealth director Darren Reynolds in December, but the two declined to attend.

In November, Active Wealth agreed with the Financial Conduct Authority (FCA) to restrict its pension transfer permissions, as a result of regulatory intervention over its advice to steelworkers.

The firm went into liquidation in February and was recently declared in default by the Financial Services Compensation Scheme (FSCS), amid a raft of complaints. 

New Model Adviser® has seen a text message sent to one steelworker, who had met with Celtic Wealth and referred others to the firm, and who also went on to transfer his pension via Active Wealth, offering two tickets to a rugby match.

The text, which appears to be sent from Celtic Wealth representative Liam Powell and is dated 7 November 2017, states: 'Hope you're keeping well, wondering if you would like 2 complimentary tickets for Ospreys home match this Friday evening. If you'd be kind enough to let me know that would be great. Regards Liam Celtic.'

The recipient also claimed colleagues had been offered tickets to see football team Swansea City play in the Premier League. 

New Model Adviser® has attempted to contact Celtic Wealth and Liam Powell. Neither had responded to a request for comment by the time of publication.

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