Anthony William Morrin, formerly AWM Financial Services was a financial advisor which transferred large numbers of clients from safe pensions into non-standard pensions with high-risk investments.
Unfortunately, this resulted in clients losing large amounts of their retirement funding, as these investments were not suitable for a standard investor and lost some or all their investments.
Due to the higher fees of these new pensions, clients ended up with no money left in their schemes and sometimes even owing debts to the provider. These transfers were very rarely suitable to any retail client, and as such if a transfer was made by Anthony William Morrin, even if you just haven’t made money, you may be liable for a claim, as you would have continued to experience growth in your original scheme.
It was found when the Financial Ombudsman looked into complaints against the firm, that when providing advice surrounding the transfer of defined benefit or final salary pensions, they did not provide their clients with enough information about the benefits they forfeited by transferring away from their “gold-plated” pension. This means that the advice was skewed towards the benefits of transferring as opposed to the benefits of remaining in the scheme, this is a clear breach of the FCA’s rules.
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