I have now been paid out in full. It took three and a half months after my final decision from FOS. One friend who received his final decision a few days before me has still not been paid out and another friend has had both complaints upheld with final decisions has also not been paid out. These three awards are each very close to the FOS maximum of £160k. as at now, Wealthmasters must pay just under £480k. Freedom Of Information requests to the FOS gives another 14 open cases, still to be decided.

I believe the Court have listed my case for a Hearing. I now believe Wealthmasters do not have the funds to pay, so I do need to get the Court to issue a CCJ. Does anyone have any advice regarding what happens at the hearing? I believe the Judge has only allocated 45 minutes, so I cannot see there is too much to discuss on the day. I am happy to get representation, but I would like to learn more about what to expect. Thanks PS. I have received over £31k so far, but there’s still £65k owing.

I have an update. Wealthmasters wrote on the very last day of the allowed 28-day period to state that before they will pay one part of the redress, they need a Deed of Assignment. This is a form we must sign to agree to pay any amount we ever might receive from the failed investment in Dolphin Trust. I have no issue with this, however, Wealthmasters knew on August 4th 2022 that this form was required and they were required to get it drawn up and pay for it. On August 31st they wrote that their solicitors are in the process of drawing this up. I reminded Wealthmasters on August 10th 2022 that for them to avoid unnecessary interest payments of 8%, this form should be with us asap so we can sign and return it before any possible interest amounts start to accrue. The FOS are not being helpful. They mention that the Final Decision meant that Wealthmasters had to respond not pay within 28 days. In the last 18 months Wealthmasters has had to draw up a number of these Agreement's because of previous upheld decisions, so I believe their solicitors should have no trouble in drawing up mine. I feel Wealthmasters is simply delaying things and have no intention of paying. They have 15 open cases at the FOS so I cannot see why Wealthmasters would pay me, knowing it’s only a matter of time before they officially are not in a position to finance their obligations. I am ready to send my N322A to Court for the FOS decision to be enforced. Has anyone any advice please?

Thanks for that.

I have now received my upheld Final Decision from the Ombudsman. I do not have confidence that Wealthmasters have the funds to pay, if anyone can help with the next stage, I would be very grateful. I believe I need to wait 28 days, but I would like to get everything in order first. I think I need to calculate the redress amounts, which I have started to do. Then I will need to “Enforce the FOS Decision” in the County Court. Then escalate the case to the High Court. Please let me know if you feel you can help. Thank you.

Hi honeybee13 The company name is Wealthmasters Financial Management Ltd. The investment(s) were Cash and not in/through a pension. I also have checked their recent accounts as have my solicitors. My intention if they do not pay, (I know I’m preparing things in advance) is to get a CCJ against the company as quick as possible. If they still don’t pay, I will be looking to explain to the FCA that they are authorising a firm of financial advisors who have a CCJ for non payment of a debt! This may force the FCA to threaten the firm to pay up or become de-authorised. If they become de-authorised, then I can start my claim at the FSCS. If I have understood everything correctly, these are the possible outcomes. The last thing I want is another couple of years waiting for the firm to cease trading or the FCA to de-authorise them.

Thank you

I am about to receive a FOS (Financial Ombudsman Service) Final Decision (FD) against Wealthmasters. I complained about unsuitable advice to invest in Dolphin Trust aka The German Property Group and another recommended investment. I have posted in another CAG area under the heading of Wellington Court and non payment of FOS awards. I believe, but I hope I am wrong, that my IFA will also not pay the award and I will then take action in the County Court. I have retained a firm of solicitors who are ready to issue proceedings as soon as the 28 days to pay me have expired. Steve

Thanks Simmonds7. I believe the Facebook group is going “Live” again. They are a great place for us to get help and advice. This CAG group is also very useful. I hope all you Wellington Court customers get sorted very quickly. I just don’t want my IFA doing a “Wellington Court” and delaying my option of going to the FSCS. I know of a few IFA’s who have not been de-authorised for “years” after non payment of FOS awards. I am in contact with a firm of solicitors so I am ready to issue Court Proceedings as soon as the 28 days expire. I also know of 4 other investors who have cases at FOS against our IFA who is John Walls of Wealthmasters Financial Management Ltd (Bridgend, Wales), for the Dolphin investment. I also know through a Freedom of Information request to FOS that my IFA has 19 open cases at FOS. He has also 2 Restrictions placed upon his firm by the FCA and has two upheld FOS decisions against his firm in the last 2 weeks (not Dolphin, but British Steel).

Hi honeybee13 My case is not related, it’s just that I wrote to Tony Hetherington asking whether he was interested in my story. As I have not yet received my Final Decision (so therefore my IFA is not yet able to not pay me) he said he could only deal with an actual case where an individual has received a FD AND not been paid. Hence why I am posting here. I invested in Dolphin but not through GM. As I don’t believe my IFA will pay me when I get my FD, this Wellington Court scenario, may be exactly the same as mine. I also want to be ready to make a claim at the County Court using N322A/B as soon as the 28 days to pay me has expired. The comments in the WC case regarding County Court claims make interesting reading for me. All the best Steve

Does anyone who has not been paid by Wellington Court after a FOS decision want to ask Tony Hetherington of the Mail On Sunday to write an article? https://www.consumeractiongroup.co.uk/topic/442891-wellington-court-financial-services-ltd-not-paying-out-on-fos-final-decision-re-£58k-pension-help-enforcing-using-form-n322a-court-claim-issued/ I have also invested through a different IFA and am expecting my FOS Final Decision any day now. I also expect my IFA will not pay the FOS award, so I am following this story with great interest. Tony will not write my story as my Final Decision has not yet been decided, but he mentioned if anyone has not been paid to contact him. I have his email address.