AWM Financial's Dilemma: Exploring Inappropriate Transfers

In the world of independent financial advising, Anthony William Morrin, and its other trading name AWM Financial Services, was a notable figure based in the vibrant city of Newcastle. Regulated by the Financial Conduct Authority (FCA) since June 2005, Anthony William Morrin positioned themselves as a reliable financial advisor, offering expertise on pension matters and investment opportunities.

However, beneath the surface, a storm was brewing, involving pensions and investments that would later shake the industry.

Navigating the Pension Landscape: Berkley Burke, Carey, Taylor Made, Montpelier SIPP, Lifetime SIPP, and Rowanmoor

Central to the concerns surrounding Anthony William Morrin's financial advising career were a series of pensions, each with a distinct name and set of rules. Pensions such as Berkley Burke, Carey, Taylor Made, Montpelier SIPP, Lifetime SIPP, and Rowanmoor became entangled in the narrative of pension transfers advised by Morrin.

Investment Choices: Store First, Park First, Dolphin & High St. Boutique

Not only were pension schemes affected, but the investments recommended by Morrin also cast a shadow of doubt. The investments in question included Store First, Park First, Dolphin Capital and High St. Boutique. These investments, while seemingly promising, would later reveal their risky nature and contribute to the troubles faced by investors.

The FSCS Verdict and the Downfall of AWM Financial Services

On the fateful day of April 24, 2017, Anthony William Morrin's financial advising journey took a dramatic turn. The Financial Services Compensation Scheme (FSCS) made a declaration that Anthony William Morrin (AWM Financial Services) had failed. This declaration sent shockwaves through the industry, leaving investors bewildered and uncertain about the future of their pensions and investments.

The Breach of Trust: FCA's Rules and Pension Transfers

An in-depth investigation into the practices of AWM Financial Services unveiled a disheartening reality. When advising clients on pension transfers, Morrin's approach appeared to favour transferring out, as opposed to retaining the "gold-plated" benefits of defined benefit or final salary pensions. Investors were left unaware of the loss of benefits.

This skewed advice violated the Financial Conduct Authority's (FCA) guidelines, tarnishing the trust that clients had placed in the firm. The FCA revoked their authorisation on 9th September 2016, meaning they could no longer provide regulated activities.

QROPS Misadventure: The Overseas Pension Scheme Saga

Among the more perplexing aspects of AWM Financial Services' misadventures was the recommendation to transfer pensions into Qualifying Regulated Overseas Pension Schemes (QROPS). Intended for individuals relocating abroad, these schemes demanded careful consideration of dual taxation treaties. It was discovered that numerous clients advised to transfer had no intention of moving abroad.

This unsuitable advice was exacerbated by the inclusion of high-risk investments, such as Dolphin Capital, High Street Boutique, and StoreFirst – investments that ultimately led to substantial losses for the investors.

The Ongoing Fallout: Claims Against Rowanmoor Pension Products

As of September 2022, the Financial Services Compensation Scheme (FSCS) had fielded an astounding 2,844 claims against 116 firms for their role in advocating Rowanmoor pension products. Among these claims, a staggering 2,400 have been upheld, highlighting the severity of the issue.

The fallout from these misadvised pension transfers has cast a shadow over the industry, leaving investors grappling with the aftermath.

The key introducer firm, that was at the heart of Rowanmoor’s £1.4bn self-invested personal pension business was CIB Life & Pensions Limited, of which 1,190 of these claims pertain to them.

Charting a Path Forward: Seeking Redress and Making a Claim

In the wake of the tumultuous events surrounding Anthony William Morrin and AWM Financial Services, affected investors are seeking redress. If you believe that you've been impacted by improper pension advice or have suffered financial losses due to unsuitable investment recommendations, you have the option to make a claim here with us at CP Financial Claims.

Navigating this process might seem daunting, but numerous avenues are available to support your claim and potentially recover the losses you've incurred.

What Should You Do Now?

We recommend filling out the contact form on this page, for a free, no-obligation chat.