Spanish lawyer pursues life insurance bond providers

After the collapse of one of Europe’s biggest pension transfer facilitators, Continental Wealth Management (CWN), an Alicante-based advisory firm who reportedly operated through German-based Trafalgar international, Spanish lawyers have advised that individuals who have lost pension funds, investments and pension investments should pursue life insurance bond (also known as investment bond) providers in the Isle of Man  and Guernsey, for return of funds.

Non-approved Insurance Bonds in Spain

Their reasoning is that non-approved insurance bonds fall foul of Spanish laws that declare all such policies are in violation of national laws and consequently, null and void. The companies such as Continental Wealth Management (CWN) were effectively operating outside of the investment regulations in Spain and, according to the lawyer quoted in the article below, Continental Wealth Management (CWN) were recommending insurance bonds and pension transfers throughout the EU. The lawyer claims that the Isle of Man  and Guernsey providers would be held accountable if they were aware that firms such as Continental Wealth Management (CWN) and Trafalgar International were using life insurance bond / investment bonds in EU countries were they did not have licences or approval to recommend.

Spanish lawyer pursues life insurance bond providers

The question is what are the Spanish lawyer’s intentions? He is seeking to speak to those people who have lost money having been advised by Continental Wealth Management (CWM) apparently operating under the insurance licence of Trafalgar International ( Who did provide CWM with a licence to provide advice on investments if it was not Trafalgar International the Spanish lawyer muses?).

How has this happened and why have so many people lost a large part of their investments or pension funds? It would appear that Continental Wealth Management (CWN) could only invest and take commissions by selling ‘life-insurance/assurance companies’ and so-called life insurance bond or investment bonds; these provided the wrappers that allowed investments into structured products, structured notes and some unregulated funds, which generated additional commission. In effect, according to the Spanish lawyer, rather than give best advice or appropriate investment or pensions advice, Continental Wealth Management (CWN) utilised insurance providers in the Isle of Man  and Guernsey, for their own commission earnings’ benefit. Some clients have suffered losses, have large ongoing charges with significant surrender charges still applying. Clients subsequently have made claims against Continental Wealth Management (CWN) and connected trustees, and at least one company has gone into receivership as a result whilst attempting to implicate other companies and trustees.

For further information please go to Dealing with Unregulated advisers.


A Must Read For All Expats With A UK Pension

Read all our reviews and rate the providers yourself

 

OMI Executive Bond
  • Read the full product review and give your feedback ›


    product-review

 

Generali Personal Portfolio Bond
  • Read the full product review and give your feedback ›


    product-review
End of article: Spanish lawyer pursues life insurance bond prov

The views expressed in this article are not to be construed as personal advice. You should contact a qualified and ideally regulated adviser in order to obtain up to date personal advice with regard to your own personal circumstances. If you do not then you are acting under your own authority and deemed “execution only”. The author does not except any liability for people acting without personalised advice, who base a decision on views expressed in this generic article. Where this article is dated then it is based on legislation as of the date. Legislation changes but articles are rarely updated, although sometimes a new article is written; so, please check for later articles or changes in legislation on official government websites, as this article should not be relied on in isolation.

This article was published on 14th November 2017

Share this story