AM Wealth Management Services
Another Scottish financial advisory firm has now been declared as being in default by the Financial Services Compensation Scheme (FSCS). Based in Glasgow, Allan McRoberts traded under AM Wealth Management Services (AMWMS). Yet again, pension holders were found to have received inappropriate investment advice. If you have had dealings with this firm in the past, it is worth checking to see if the advice you were given was appropriate – Beat the Banks are here to help. Here is more background to the story…
In 2016, the Financial Ombudsman Service (FOS) upheld four separate claims against the business. All four cases saw an unregulated, but formerly regulated agent introduce pension holders to AMWMS. Advice was then given to transfer their pensions firstly into SIPPs and then into the ill-fated Harlequin Caribbean property development scheme. The firm insisted that the advice given only related to the SIPP alone and not the specific investment into what was an unregulated collective investment scheme (UCIS). They also argued that the customers had signed disclaimers to the effect they were not receiving advice on the suitability of the investment.
In finding against the firm, FOS pointed out that an authorised advisor must act honestly, fairly and professionally in accordance with the best interests of its client, adding that this was an independent duty of the firm – The business could not simply say that the customer had already decided what they wanted to do.
Unfortunately, unregulated investments like Harlequin were widely sold by unregulated introducers based all over Britain, high commissions being the big motivator.
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. To find out more, you can complete our enquiry form on this page, and we will be in touch. Or if you prefer, simply call us on 01382 200474.