Our client who is an ex NHS employee was advised by Asset Management Advisory Services (AMASS) Limited to move a pension that he had accrued with the Local Authority to a SIPP with Avalon and to thereafter invest in a number of unregulated, high risk and illiquid investments, most of which had either failed or were failing by the time that we were instructed.
Whilst Asset Management Advisory Services (AMASS) Limited were authorised and regulated by the Cyprus Securities and Exchange Commission and the Financial Conduct Authority in the UK, their permission in the UK was restricted and they should not have advised on pensions.
Avalon, as a SIPP provider, should have carried out proper due diligence on the “advisor” but failed to do so. As a result, our client lost the very valuable benefits that he would have been entitled to under the Local Authority scheme.
We were able to obtain compensation for our client of £83,136.27.
Regrettably we see this type of case all too often where valuable benefits that have been built up over years of dedicated and loyal service to an employer are lost for good. In many cases we are able to redress the balance for the client and obtain compensation.
If anyone has had dealings with Avalon and/or Asset Management Advisory Service (AMASS) Limited we would urge them to contact us without delay.