Welcome to Walter Chase
I have had a message from ZT: 'I have been approached
by a company called Walter Chase Ltd who have made an offer to swop
my 4 cases of mixed wine for 2 cases of Mouton Rothschild 2002.' ZT concludes their message: 'I would appreciate your advice on this
as, as you can imagine, I am very cautious.'
ZT is right to be cautious. Despite its impressive looking website Walter Chase Ltd lacks substance and any track record. The company does, however, offer free pension reviews. Walter Chase Ltd does not have approval by the UK's Financial Conduct Authority to offer financial advice.
The company was founded on 21st October 2013 with £2 of share capital, has one director 29-year old Matthew Frederick Boatwright and is registered at 4/4a Bloomsbury Square, London WC1A 2RP – a Regus serviced office. It appears that the company failed to file its last annual return on time and on 24th February 2015 the first Gazette was published giving notice that the company would be struck off. This notice was withdrawn on 24th March 2015 after the return was filed. The company's is due to file its first accounts on 21st July 2015.
The UK pension regulations have recently been liberalised allowing people to withdraw money from their pensions from the age of 55. Walter Chase Ltd is one of a number of new companies that are offering a free pension review:
From the Walter Chase website:
'Walter Chase is a consultancy company that
works in close association with some of the most credible Independent
Financial Advisers in the UK.
Our dedicated consultants will help you
gather a better understanding of your current pension arrangements and
will ensure that they are working towards your retirement goals. Some
people believe that knowledge is power, here at Walter Chase we believe
the more you know about your pension the easier it is to manage -
improving its ability to grow, therefore increasing your chances of a
comfortable and prosperous retirement.'
'Walter Chase is an independent consultancy company that has a passion for helping clients reach there (sic) financial goals.
The mission of Walter Chase is dedication to the
highest quality of customer service delivered with a sense of warmth,
friendliness, individual pride and excellence. We believe that sensible
preparation at the peak of your working life will generate a healthy
income for your twilight years and because it is a complicated area it
is one that requires the correct help and advice.
Our knowledge and ability to perform accurately,
timely, professionally and courteously is what we promise to all of our
clients.
Our commitment to great service is what drives our success.
Here at Walter Chase we do not charge you for
your initial pension review. You might find that you can really improve
the performance of your existing pension, which could make you more
comfortable in your golden years.'
'At Walter Chase we work with you to help find the best
money and direct product solutions for your circumstances. We listen
closely to your needs and objectives in order to find out exactly what
'you' the client need. We then take the time to find the relevant
professional service provider or product to help fulfil that need.'
Step 1 – Introductory Consultation
'Explanation of Account Managers Non Adviser status and non-regulated investments'
Step 2: 'This might include introduction to professional or regulated services.'
The only important piece of information on the Walter Chase website is that neither Walter Chase Ltd nor Matthew Boatwright are approved to give financial advice by the UK Financial Conduct Authority.
The FCA: 'We must approve an individual before they are able to conduct certain
types of business, such as selling or advising on investments like
personal or stakeholder pensions, life assurance policies, shares or
collective investment schemes.'
Matthew Boatwright and Walter Chase Ltd rightly point out that pensions are complicated:
'and because it is a complicated area it
is one that requires the correct help and advice.
Our knowledge and ability to perform accurately,
timely, professionally and courteously is what we promise to all of our
clients.
Our commitment to great service is what drives our success.'
There is nothing to suggest that either Matthew Boatwright or Walter Chase Ltd have the necessary knowledge or experience to offer reliable financial advice. The message from ZT suggests that a pension review from Walter Chase Ltd is likely to lead to offers to invest pension money in 'alternative assets' such as wine etc.
Anyone wanting pension advice ought to make sure they deal with someone or a company that has approval to give the relevant financial advice. Check the FCA register here.
Matthew Boatwright is a director of three other companies – M. Boatwright Web Development Ltd (founded 3.4.2012 with £100 share capital, business activity given as Pension Funding), Investment Broker London Ltd (founded 13th December 2013, trading address Chislehurst Business Centre, 1 Bromley Lane, Chislehurst, Kent BR7 6LH) and mostly recently Chase and Walter Ltd (incorporated on 1st May 2015; registered address: 4/4a Bloomsbury Square, London WC1A 2RP)
The annual return for Investment Broker London Ltd has been overdue since 10.1.2015 and there is a currently a proposal from Companies House to strike the company off presumably for non-compliance with UK company law. The annual return for M. Boatwright Web Development Ltd has been overdue since 1st May 2015.
Matthew Boatwright
Matthew Boatwright has contacted me about this post, which he believes is baseless:
'With all due respect, I believe that your
whole post is based upon baseless opinions,
It clearly states on our website that we
put customers in touch with the relevant people to help them, no where does it
say that we offer investment or financial advice and it states that we explain
our non adviser status quite clearly,
We haven't cold called anyone about their
pension or offered anyone a review over the telephone and we do not offer a
review we pass the business over to a regulated body.'
••
7th September 2016: Update on Walter Chase Ltd
The company's accounts to 31.10.14 showed a profit of £456 after tax. The latest accounts to 31.10.15 have been overdue since 31.7.2016.
•••
Hudson Chase Global Ltd
This is another recently formed company offering a free pension review. Hudson Chase Global Ltd was founded on 12th December 2014 as Advanced Advisory Services Ltd with share capital of £1. The company name was changed on 21st February 2015 to Hudson Chase Global Ltd. The sole director is 29-year-old John George Dawson (DOB: 10.10.1985). The company trades as Hudson Chase Consultants from 60 Cannon Street, London EC4N 6NP – a serviced office address.
Although neither Hudson Chase Global Ltd nor John George Dawson are approved by the Financial Conduct Authority to give financial advice, their website suggests that they have the knowledge and experience to offer financial advice:
From the Hudson Chase Consultants' website:
'Hudson Chase Consultants is a company
that’s not owned by any large financial institutions. This means that the
only things that influence the investment decisions we make are our own
knowledge and experience, and you.
This makes us as cautious with your
capital as you are yourself.
We provide clients with access to a
variety of tangible assets that we feel have long-term potential to
outperform paper-based assets like stocks, shares, bonds and managed funds.'
Hudson Chase Consultants offers investments in: metal investments, overseas property, oil and fine assets – diamonds, wine and fine watches.
Remarkably for a company that has only been trading under its current name for just three months, Hudson Chase Consultants claims in its overseas property section:
'Our network of
clients ranges from seasoned investors through to people seeking to purchase overseas property for
the very first time.
Part of our strategy is having independent status. This enables us to ‘cherry pick’ by selecting our
projects from our chosen business partners such as developers and master agents. We are therefore
not tied to any company.
Our Property consultants are highly
experienced and professional, offering the very best customer
service available. It is for this reason
that the majority of our sales still come from referrals, something
we are very proud of and which we
constantly strive to maintain.'
From the wine section:
'The question we are asked over and over again is why invest in wine? Wine as an
investment vehicle is not a new story but what has changed is the nature and factors
currently influencing markets and driving prices higher. However, perhaps even more
important is that the timing to enter the market is NOW!
'Entering a market at any time has an element of risk. The key to intelligent
investment is knowing when to enter and when to exit – this is the added value we
can add to your investment decision.'
See also:
'People
have been advised to ignore any text messages and emails of this nature
they get, and hang up when they receive a cold-call.
Tracey
McDermott, of the FCA, said: 'People should be very wary if they are
contacted out of the blue by someone offering a ‘free pension review’.
'Most
of the companies offering this ‘service’ are not authorised by us, and
we’re concerned that the reviews often end with pension pots placed in
higher-risk, unregulated investments.
'If
you see or receive offers of "free pension reviews", just ignore them.
If you are called out of the blue to discuss your pension, just hang up.
Your pension is far too important to be put in the hands of a
cold-caller.'
Piece of free advice from investdrinks: I wouldn't deal with any of these companies. Furthermore as Matthew Boatwright has assured me that Walter Chase Ltd do not give investment advice despite offering a free pension review, it would seem quite pointless to accept their offer of pension review. Better to go straight to someone who is approved to give advice.
Update 7.9.2016
Hudson Chase Global Ltd went into voluntary liquidation on 8th April 2016 with an estimated deficiency of £15,789.
12 COPLEY DENE
BROMLEY
BR1 2PW
Read more at: http://companycheck.co.uk/company/08018247
12 COPLEY DENE
BROMLEY
BR1 2PW
Read more at: http://companycheck.co.uk/company/08018
