British Steel adviser Active Wealth enters liquidation

Hannah Godfrey reports...

Active Wealth UK, a firm criticised for the advice it gave to British Steelworkers on transferring their pensions, has entered voluntary liquidation.

A notice posted on The Gazette on 12 February said the company would be “wound up voluntarily” and that the firm is required to give proof of its debts by 30 March.

Active Wealth was the first financial advice firm to enter the spotlight for working on British Steel transfer cases with introducer firm Celtic Wealth Management. It voluntarily suspended its pension advice permissions after a visit from the Financial Conduct Authority.

The directors of the two firms, Darren Reynolds at Active Wealth and Clive Howells at Celtic Wealth, were invited to a Work and Pensions Committee hearing in parliament on 13 December, but both failed to show up.

It later emerged that Active Wealth had been on the regulator’s radar since August 2016.

Liquidator Tina Bullock was not available for comment at the time of publication.

Darren Reynolds has been contacted by Professional Adviser for comment.