🎩 “Meet the Advice CIO?” Or Meet the Unaccountable Power Behind £16bn?

By Steve Conley | Academy of Life Planning

A recent Citywire profile introduces Dean Cheeseman as the newly empowered Chief Investment Officer at Mattioli Woods, now steering over £16bn of client assets. It paints the picture of a once-‘directionless’ accounting student turned titan of investment advice, just as Mattioli Woods announces a merger with Kingswood to form a £25bn financial powerhouse.

But behind the glossy headlines and investor bravado lies a troubling reality — one of regulatory gaps, toxic consolidation, and mounting allegations that cast a shadow over the very firms entrusted with people’s pensions.

💸 Behind the Growth: What Price Advice?

Mattioli Woods isn’t just another consolidator. It has been repeatedly linked to offshore pension structures, particularly involving MC Trustees — a firm central to serious and unresolved claims of misrepresentation, regulatory perimeter breaches, and offshore laundering of UK pension assets.

Several victims have documented their concerns, alleging that Mattioli Woods and MC Trustees failed to adequately disclose key information, misrepresented regulatory status, and facilitated transfers into risky overseas QROPS. These arrangements — often routed through Malta and the Isle of Man — bypassed FCA protections, exploited jurisdictional loopholes, and left British pensioners out in the cold.

Now, with Mattioli Woods expanding even further, the question becomes: is this consolidation built on confidence or complicity?

🧱 The Wall of Silence

Despite repeated outreach from victims and campaigners, including formal letters and FCA referrals, the firm has offered little by way of meaningful engagement. Instead, it’s business as usual — rebranding, merging, and announcing leadership changes while leaving unresolved scandals in its wake.

In this context, Dean Cheeseman’s appointment isn’t just a new chapter — it’s a test. Will the new CIO demonstrate ethical leadership and call for transparency around the firm’s historic QROPS links, or will he remain complicit in what appears to be an industry-wide effort to sweep pension abuse under the rug?

🕳️ The Systemic Vacuum

The merger with Kingswood — another consolidator with opaque links and previous scrutiny — raises systemic concerns. We’re witnessing a financial ecosystem that rewards scale and silence over scrutiny and redress. Victims of pension fraud are still waiting for justice while the firms involved continue to enjoy regulatory blessing and media adulation.

Meanwhile, advisers working independently, without a product agenda, remain marginalised — even as they offer the kind of transparent, client-first planning the industry claims to value.

🧭 A Call to Action

Cheeseman once described himself as “directionless.” Here’s a suggestion: use your position to chart a new course. Acknowledge the past. Cooperate with victims. Open the books on historical arrangements with MC Trustees. Rebuild trust not through PR, but through principled leadership.

Anything less, and the title “advice CIO” rings hollow.

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Steve Conley is the Founder of the Academy of Life Planning, championing independent, ethical, and product-free financial advice. He is a former head of investments at HSBC and an advocate for victims of financial exploitation.

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About Get SAFE

Get SAFE (Support After Financial Exploitation) was born from a simple truth: too many victims of financial abuse are left to suffer in silence.

We exist in memory of Ian Davis—for the ones who did everything right, only to be failed by the systems they trusted. We know that behind every vanished pension, every ignored complaint, and every stonewalled letter is a person—frightened, exhausted, and too often alone.

Get SAFE offers more than sympathy. We offer structure, support, and solidarity.
We provide a voice where there’s been silence, and clarity where there’s been confusion.
We stand beside those who have been exploited, not just to help them recover—but to help them reclaim their story and rebuild their future.

Because financial justice is not a luxury.
It’s a human right.

If you or someone you know has been affected by financial exploitation, we are here.
You are not alone.

 Learn more at: Get SAFE (Support After Financial Exploitation).