The advice was provided that convinced clients that moving their defined benefit pensions (also known as final salary pensions) was the better option than keeping with the scheme they were with.

 

Defined benefit pensions offer lots of benefits such as a guaranteed income for life with increases year on year, very low risks, and benefits for partners and beneficiaries. AWM Financial Services did not disclose any of this and advised clients to move away from these highly recommended pensions into high-risk investments and pensions based abroad.

Clients were advised to move their pensions into Qualifying Regulated Overseas Pension Schemes (QROPS), which would be suitable for those moving abroad as long as the necessary checks were carried out; however, many clients advised they never had any intention of this.

The high-risk investments which were also recommended have since all failed, therefore, meaning clients have lost all their money. Investments you may recognise are Storefirst and Dolphin Capital. Whilst still trading, a number of clients brought claims against Anthony William Morin via the Financial Ombudsman (FOS) and were forced to pay compensation. The level of claims eventually crippled the company, therefore, causing it to lose its permissions and go into
liquidation. 

 

If you have ever dealt with Anthony William Morin or AWM Financial Services, get in touch with
us today for a free consultation. We could help you receive compensation via the Financial
Services Compensation Scheme (FSCS).