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Consumer Wealth Limited

10 replies 4.4K views
SnufflzSnufflz Forumite
2 posts
I have been approached by a company called Consumer Wealth Limited who want to review my pension and potentially save me money. It was pretty hard sell over the phone and I'm distrustful especially since I can't find any reviews or mention of them beyond their own website.

Has anyone else had contact from them and are they trustworthy?

Thanks.

Elaine.

Replies

  • BrowntoaBrowntoa Forumite, Board Guide
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    cold call


    hard sell


    make your own mind up if its legit , its the new PPI phone spamming
    Links in my signature currently broken
    I'm the Board Guide of the Referrers ,Telephones, Pensions , Shop Don't drop ,over 50's , Boost your income and Discount Code boards which means I volunteer to help get your forum questions answered and keep the forum runnning smoothly .However, please remember, board guides don't read every post. If you spot an inappropriate or illegal post please report it to [email protected] Any views are mine and not the official line of MoneySavingExpert.
  • bigadajbigadaj Forumite
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    Browntoa wrote: »
    cold call


    hard sell


    make your own mind up if its legit , its the new PPI phone spamming

    It's a lot worse than PPi phone spamming.

    You could lose your pension rather than a few minutes of your time, find a regulated local ifa if you need help with pension planning or simply check your plans with people on this forum for an alternative view.
  • SnufflzSnufflz Forumite
    2 posts
    Thanks for that. I agree. I will have nothing to do with them.
  • AretnapAretnap Forumite
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    Regulated financial professionals are not allowed to sell investments by cold-calling, so either it's a regulated company which is breaking the rules, or an unregulated one operating on the shady fringes of the law. Either way it's not someone you want to entrust with your retirement savings.

    The usual business model here is to persuade you to transfer your pension to a SIPP, then persuade you to invest it all in some dubious exotic investment (airport parking spaces, storage pods, student flats, Brazilian forests etc) by promising unrealistically high returns, downplaying the risks, or perhaps claiming that the returns are "guaranteed" (they're not). At best these investments are high risk with a good chance of losing you most or all of your money; at worst they're outright scams. Either way, the only people who get rich out of them are the people selling them.
  • dunstonhdunstonh Forumite
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    Never act on cold calls.

    Genuine regulated financial services companies do not cold call offering pension reviews. It is an area with a high level of scamming and has led to the regulator and other bodies publishing multiple warnings. Most of these companies are not FCA regulated. The few that are doing it are best avoided given the high risk nature.

    If you want your pension reviewed, use a local IFA of your choosing.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Important update! We have recently reviewed and updated our Forum Rules and FAQs. Please take the time to familiarise yourself with the latest version.
  • Just to let everyone know that I had one of these calls, from a company called pension Safe. They wanted to send a courier with documents that needed to be signed there and then. I explained that will never happen. If they thought that they could help me, then they could send the document in the post, so that I had time to read it, to be sure of what I was signing, with no pressure of someone waiting for a signature. They agreed and sent the letter by post, in a hand written envelope. I then looked up the website, but it's "under construction." I then looked at the second piece of paper, which is a letter of authority, destined for the insurance/pension companies and it has the name Consumer Wealth in the top right hand corner.

    I will not be taking this any further.
  • fatbeetlefatbeetle Forumite
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    Should these companies not be reported?
    “If you trust in yourself, and believe in your dreams, and follow your star. . . you'll still get beaten by people who spent their time working hard and learning things and who weren't so lazy.”
  • ex-pat_scotex-pat_scot Forumite
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    fatbeetle wrote: »
    Should these companies not be reported?


    You can - but they are a virus. They keep mutating and aren't too bothered about anything beyond a quick bit of paperwork, then a fat commission, then vanish.
  • dunstonhdunstonh Forumite
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    They wanted to send a courier with documents that needed to be signed there and then.

    A normal regulated adviser is unlikely to do that. However, all the scams use a courier.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • edited 25 July 2016 at 10:38AM
    MalthusianMalthusian Forumite
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    edited 25 July 2016 at 10:38AM
    fatbeetle wrote: »
    Should these companies not be reported?

    If by that you mean "is it my moral duty to report them" then yes. If you mean "will it do any good if I report them" then no. It is extremely difficult to prove something is a criminal fraud and not just a badly run business until it collapses. The job of the police is to secure convictions and it is in their interests to let a scam run until it collapses as they have a much higher chance of a successful prosecution after that point.

    *edit* I say this as sometimes what leads people into scams is the assumption that if the scheme was a scam the police or the regulator would have shut it down - which is totally false. The only people capable of stopping scams are investors - by not putting their money into them.
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