Have you received advice from Anthony William Morrin?
Yes
No
Anthony William Morrin (AWM) has been ordered to pay compensation to a client after misadvising said client to give up a guaranteed cash sum and annuity rate. They were also advised to transfer their pension into a SIPP and invest in storage units.
For the purpose of protecting the client's identity, the client has been referred to as Mr. F. It was stated in a complaint that Mr. F had a pension pot of just over £50,000 and was seeking advice; Mr. F then approached Anthony William Morrin with the intention of investing a large proportion of his capital into cautious assets. He was then advised to transfer his pension plan into a SIPP, within the SIPP his investment was split with £22,500 going into Store First and £28,754 being invested in the Vanguard Balanced Fund. This was all done without disclosing in the suitability report which guarantees and benefits would be lost upon carrying out the transfer.
Once the transfer had been made, he later realized that he had lost money and furiously reported the matter to the Financial Ombudsman Service.
After careful investigations, the FOS concluded that AWM had failed to disclose the lost guarantees and that they had misadvised Mr. F Client to depart with his original guarantee sum and annuity.
Furthermore, the Ombudsman stated that “If Mr F wished to go ahead and invest in the Store Pods he should have been asked to sign an insistent client agreement confirming that he knew what the loss of the GAR would mean and that the Store Pods could be difficult to realize if he wished to sell them.”
It is said that since the release of this article, AWM (Anthony William Morrin) has applied for insolvency as they do not comply with regulated advisory standards.
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