An investigation has been launched into the activities of a wealth management firm.
HBFS Financial Services Limited specialises in offshore investment wrappers and providing restricted advice. Following the announcement of one arrest being made regarding the firm, the Financial Conduct Authority have since stated that it is working on a collaborative investigation with the City of London Police into the activity of HBFS.
This follows a warning published on the FCA’s website aiming to help consumers protect their pension pots from risky investments and scams. It prompted pensioners to consider a series of questions before transferring money into a fund, asking them to think about the motivation for doing so, the nature of the scheme, and whether it will generate guaranteed returns.
In a statement regarding the investigation, the regulator said: “HBFS’s customers are advised to check the status of any investments made through HBFS and, if they have any concerns, to contact City of London Police.”
