A Glasgow-based advice firm, Allan McRoberts, which has been trading under the name AM Wealth Management Services, have had four recent Financial Ombudsman Services (FOS) complaints upheld against them, specifically relating to advice on Harlequin SIPP investments and their Caribbean property development scheme in 2016.

After this series of complaints, and other financial issues, the advice firm has now found itself being declared in default by the FSCS. In response to the several FOS complaints it received, widely reported back in 2016, this particular advice firm was adamant that they were simply providing advice on the SIPP, which would then enable the investment in Harlequin.

As part of this process, clients around the UK were referred to AM Wealth Management, with this taking place through an unregulated agent. As part of their defence, AM Wealth Management insisted that it was in fact this unregulated agent who had advised on the property scheme in question, and given this, it was ‘unfair’ that the firm should have to take ‘responsibility for their conduct’.

In relation to one of the FOS decisions, it was stated: ‘AM Wealth Management referred to a disclaimer that Mr P had signed saying he understood AM was not advising on the suitability of the investment.’

However, disagreeing with their claim, the FOS ruled against an appeal from AM Wealth Management and determined that the advice firm were responsible – in their role advising on the suitability of a transfer – for the consideration of how suitable any underlying investments being held in the SIPP were.

As a result of these issues, AM Wealth Management has no longer been authorised on the Financial Conduct Authority Register since March of last year. This month it has become one of at least eight firms to have been declared in default by the FSCS. It remains to be seen how many others may find themselves in a similar position.

 

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Once you make contact with us, we’ll be able to arrange a free consultation, where one of our specialists will be able to discuss the details of your case and advise you on your available legal options with regards to a claim.