In a note on the London Gazette, the UK-based firm said it has appointed Clarke Bell to act as liquidator.
In 2013, the Financial Conduct Authority (FCA) ordered a third party to review the pensions transfers made by Total Wealth Solutions (TWS), according to local media claims.
When contacted by International Adviser, the FCA said it could not comment on individual cases.
Earlier this year, a trustee of UK occupational pension scheme Green Retirement Pension Plan told 76 members to bring claims against their IFA, after it found that they had underlying investments in a Brazilian teak forestry scheme called Para Sky Plantation.
The fund was apparently working with the local government in order to build a school and create a performing arts and sports academy
The scheme, which was marketed by a company called Global Forestry Investments (GFI), collapsed earlier this year when it had its value written down to £1 ($1.27, €1.13).
GFI is now the subject of an investigation by the Serious Fraud Office.
FOS complaints
TWS is one of the firms which promoted these investments to clients.
FOS has already upheld two complaints against the firm in relation to advice given on the Green Retirement Pension Plan, which the ombudsman deemed as a “fraudulent arrangement and was largely worthless”.
In the latest complaint published in January, the ombudsman ruled against claims made by TWS that the previous trustee, AC Management & Administration Limited (ACMAL) gave advice which resulted in the client Mr G losing all his pension savings.
“I am satisfied that there is sufficient evidence for me to conclude that TWS acted with clear disregard for the interests of its client by making this recommendation,” said the ombudsman as it ordered the firm to compensate the client.
Following its collapse, there are now concerns claims against TWS will be referred to the Financial Services Compensation Scheme (FSCS).
TWS could not be reached for comment.
