Many people who received a cold-call from Consumer Money Matters Limited, an unregulated marketing company, were later introduced to Independent Financial Advisers like CIB Life and Pensions, and ended up transferring their pension into a SIPP – a Self-Invested Personal Pension, with high-risk and non-FCA regulated investments like The Resort Group in Cape Verde.
Big Commissions were available to marketing firms like Consumer Money Matters if they sold high-risk investments around this time.
That might sound fine, but only if the people investing were high net-worth individuals (earning over £100k or with £250k in assets) or Sophisticated Investors with plenty of investment experience – the criteria for being recommended a Resort Group SIPP investment due to its risky nature.
For the last few years, Get Claims Advice has been taking on mis-sold SIPP cases where the client was introduced to an unsuitable pension arrangement by Consumer Money Matters, and although they were not a regulated company, there is often a way forward to a claim for clients who have lost money through negligent financial advice.
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Like many unregulated pension cold-calling firms, Consumer Money Matters went into Administration – a type of insolvency proceeding.
The Administration began in October 2015 and the company was formally dissolved in April 2019.
The Administrator’s Proposal states the the explained cause of Consumer Money Matter’s insolvency proceedings was down to a decline in the profitability of the PPI reclaiming market effecting the group of companies it was attached to.
While it is unknown whether all of the pension lead business generated by Consumer Money Matters was directed to CIB Life and Pensions and The Resort Group, we know that some of it was.
Many of the people who were advised by CIB Life and Pensions were unsuitably advised, leading them to invest in The Resort Group via a SIPP pension.
The Resort Group is a high-risk overseas property scheme with assets in Cape Verde, and financial advisers should only be recommending it to investors that understand the high-risk level and have the money to afford running those risks.
CIB Life and Pensions often got it wrong, and if you invested in the Resort Group, you may have a claim.Speak with an expert
Consumer Money Matters Limited starts life as Carrington Carr Marketing Services Limited in August 2009
Consumer Money Matters goes into administration.
Key Financial Claims, a PPI claims company enters into administration in November 2015, quoting a downturn in the profitability of PPI claims. The firm owed Consumer Money Matters money.
An episode of BBC Panorama focused on pensions and potential mis-selling focuses around The Resort Group. The show focuses on other unregulated pension introducers.
Years later, Consumer Money Matters is gone, but the effects of the pension transfer that began with their cold-calls lives on.
If you invested in a SIPP after a cold-call from Consumer Money Matters, you may be able to make a claim.
Click the button below to see an example of a Get Claims Advice claim for a mis-sold Resort Group investmentSee example claim
Consumer Money Matters was never a regulated financial adviser, and therefore complaints relating to pension transfers and investment advice are not directed at CMM, but at a financial adviser whose job it would have been to give suitable advice.
The firm is no-longer trading.
No. In order to give advice on things like pension and investments, a firm should be regulated by the Financial Conduct Authority to do so.
Instead, Consumer Money Matters was what we call an unregulated introducer – a marketing company that exists to get attention and introduce people to new pension arrangements.
In many cases, these types of companies cold-called prospective clients in order to drum up interest – a practice that has been banned since Jan 2019.
Carrington Carr marketing services is the original name of Consumer Money Matters, but also the name of the parent company (Carrington Carr Group Services Limited).