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AM Wealth Management

AM Wealth Management Services

AW Wealth Management Services (AMWMS) has joined the ranks of financial advice firms found to have profited from giving inappropriate investment advice given to UK pension holders. 

If you have had dealings with this firm in the past the team at Beat the Banks can help establish if the advice you were given was appropriate and in your best interests, and advise on the next steps to take if this was not the case.

A failure of professional duties

Based at McLean Place in East Kilbride, Glasgow, Allan McRoberts traded under the name of AW Wealth Management Services (AMWMS) before losing his FCA authorisation in March 2018. 

Prior to this, in 2016 the Financial Ombudsman Service (FOS) upheld four separate claims against the firm. In each case the client was referred to AMWMS by an agent of the now failed Harlequin Hotels and Resorts, who had been a regulated advisor but was no longer authorised.

On each occasion AMWMS overstated the pension holders attitude to risk and advice was given to transfer their pension funds into a Self-Invested Personal Pension (SIPP) on the promise of better returns than their current arrangements. From there, the introducing agent moved the funds into Harlequin – a single illiquid unregulated investment scheme (UCIS).

In an attempt to distance himself from the investments into Harlequin, McRoberts arranged for each pension holder to sign a declaration stating he was not in any way involved in the advice or recommendation of their purchase, but purely on the setting up of the SIPP facility. 

However, after repeatedly finding fault with the firm, the FOS ruled that every authorised advisor has a duty to act honestly, fairly and professionally in accordance with the best interests of their clients. Claiming the customer had made up their own minds about what they wanted to do simply wasn’t good enough. 

Following McRoberts being stripped of his FCA authorisation, AMWMS was declared as being in default by the Financial Services Compensation Scheme (FSCS) in January 2019.

Unregulated investments widely mis-sold

Unfortunately, unregulated investments like Harlequin were widely sold throughout the UK by unauthorised introducers earning huge commissions – something never disclosed to their victims.

If you are concerned that you may have received poor pension or investment advice from AM Wealth Management or any other financial advisor, Beat the Banks are here to help. Call us on 0800 193 1234 for an honest assessment of your situation from one of our claims experts.

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