Portfolio Financial Consultancy, a Swansea-based wealth management firm, has acquired Crescent Financial.
Crescent Financial was previously suspended from regulated activities by the Financial Conduct Authority after the firm advised British Steel Pension Scheme members on transferring out of the scheme – the suitability of said advice was called into question. Subsequently, Crescent approached Portfolio Financial Consultancy in order to allow their clients to continue to be serviced. The FCA has approved the acquisition.
Crescent Financial said in a statement that the acquisition will not financially benefit the directors and shareholders of Crescent, but will be for the benefit of their clients and creditors, who will receive “continuity of advice and level of service”.