Wealthify - shocking amateurs

Neptune

I opened a SIPP account with Wealthify, off the back of a MSE recommendation, and some other advice regarding pensions. At the time I was OK in terms of health and my residential status, and I opened the account without any issues. But my health changed. I had to give up driving and the address I had been at when I opened the account. I had to move on to a boat (which doesn't have a fixed address). Fast forward and suddenly I have to re-prove my identity with a company called CREDAS. BUT you can only use a passport or driving licence to do this, neither of which I have now.

The only picture ID I have is my HM Forces veterans card. They refuse to accept this, but they DO accept the ID cards of foreign nationals!!!!

Wealthify have kept my pension money, and suspended my account. They refuse to help in any way to help me regain access to my pension money. They just recite that I must use CREDAS (also based in Cardiff). In the meantime they take their commission and the amount of my pension contributions is now less then when I started it!

Their fund performance has been appalling. You will start to get a return, then Wealthify will 'rebalance' your portfolio and it will drop again so it's worth less than when you started.

I totally agree with the OP, MSE shouldn't NOT be recommending this company at all.

WHATEVER YOU DO, DO NOT GIVE YOUR LIFETIME SAVINGS TO PENSION OR INVESTMENT COMPANIES, THEY WILL STEAL IT ALL FROM YOU.

The pension regulator and FCA are useless much like every other UK regulator. The financial sector in the UK is like the wild west, you are completely on your own when these companies steal your money. I despair of how I will have anything to live on when I now retire.

My physical and mental health have deteriorated tremendously and I now rely on anti-depression medication to try and make it through each day.

The reality is all the rules and regulations and regulators are there to lull you into this false sense of security. You hand over your money and trust complete strangers with it effectively.

The ONLY person you should trust with your hard earned cash, is yourself.

dunstonh

I opened a SIPP account with Wealthify, off the back of a MSE recommendation, and some other advice regarding pensions

MSE has made no such recommendation and its unlikely an adviser would recommend them.

The only picture ID I have is my HM Forces veterans card. They refuse to accept this, but they DO accept the ID cards of foreign nationals!!!!

And what is your problem with that?

Wealthify have kept my pension money, and suspended my account. They refuse to help in any way to help me regain access to my pension money. They just recite that I must use CREDAS (also based in Cardiff). In the meantime they take their commission and the amount of my pension contributions is now less then when I started it!

So, they are continuing to run the plan as you requested.  It won't be suspended but any withdrawal transactions may be placed on hold.

Their fund performance has been appalling. You will start to get a return, then Wealthify will 'rebalance' your portfolio and it will drop again so it's worth less than when you started.
I totally agree with the OP, MSE shouldn't NOT be recommending this company at all.

You are mistaken about MSE recommending them and you are mistaken about performance.

WHATEVER YOU DO, DO NOT GIVE YOUR LIFETIME SAVINGS TO PENSION OR INVESTMENT COMPANIES, THEY WILL STEAL IT ALL FROM YOU.

And you are mistaken about that.  Are we seeing a trend here?

The pension regulator and FCA are useless much like every other UK regulator. The financial sector in the UK is like the wild west, you are completely on your own when these companies steal your money. I despair of how I will have anything to live on when I now retire.

The ONLY person you should trust with your hard earned cash, is yourself.You chose the provider.
You chose the investment portfolio
You clearly have a lack of understanding of these things.   That is not an issue, many do not.   However, it means you are not in a position to make libellous claims about a company when it is you that is mistaken.