A police probe has been launched into the collapse of an inheritance planning wealth management firm.

The failure of Universal Wealth Management, based at an industrial unit in Ipswich, left dozens of clients fearing for their life savings and is set to feature on a BBC show tonight.

According to the BBC Universal Wealth Management ran seminars called ‘Keep It In The Family’, in which they promised to protect people's assets from inheritance tax.

The company, which employed up to 100 people at its peak, also promised to help people avoid care home fees.

Two people connected to the firm have been arrested and released as inquiries continue.

A number of legal firms have offered to help clients to recoup losses.

Earlier this year clients started to complain about the trouble-hit firm but their emails and calls went unanswered.

In April, two people connected with the firm were arrested on suspicion of fraud.

They have since been released but remain under active police investigation. 

A Suffolk police spokeswoman said: “Two people who were arrested on suspicion of fraud as part of a large-scale financial investigation have had their police bail cancelled. 

“Both have now been released under investigation whilst inquiries are continuing.”

Action Fraud said at least 140 clients of Universal Wealth had contacted it about missing money. 

The BBC cited people it had interviewed over missing money, including one man, Nigel Watson, of Burnley, Lancs, whose parents handed over their life savings of £250,000 to the firm.

The investigation will be broadcast on the BBC’s Inside Out East on BBC One at 7.30pm tonight.