Hamilton Rose Wealth Management Ltd.
Hamilton Rose Wealth Management Ltd, also trading as Athena Wealth and theisaexpert.co.uk, operated as a discretionary fund manager (DFM) for Clear Capital Management LLP. Following multiple upheld decisions by the Financial Ombudsman Service (FOS) regarding poor pension advice, Hamilton Rose Wealth Management Ltd cancelled its regulatory permissions.
Self-Invested Personal Pensions (SIPPs)
Clients’ complaints consistently highlighted that the investments made via DFMs were unsuitable, and the full costs associated with SIPPs were not adequately explained. The FOS concluded that the recommended transfers and SIPPs were inappropriate, resulting in unnecessary costs for clients. Without comprehensive information to analyse the transfers, the firm could not demonstrate that the proposed investments were in the clients’ best interests.
The SIPPs were established through InvestAcc Pension Administration Limited (FRN: 501113), with investments placed on the Jarvis Investment Management Ltd platform (FRN: 116413). Some investments included the Mercantile Opportunities Fund, MBH Corporation plc, and the Mercantile Diversified Fund—all deemed too risky for clients.
After the Financial Ombudsman Service (FOS) upheld a number of decisions against the company that forced them to pay out compensation for the poor pension advice it had given out, Hamilton Rose cancelled their regulatory licence.
Self-Invested Personal Pensions
Although the specifics of each client was somewhat different, their complaints were pretty similar with the investments made via DFMs weren’t suitable and complete cost of running the self-invested personal pensions (SIPPs) were not fully explained to clients. It was concluded by the FOS that the recommended transfer and SIPP weren’t suitable and so there was no reason for a switch and the client having to incur costs as a result. There was no was that the company could possibly determine that he transfer and investment being proposed was in the client’s best interest, without first getting information to fully analyse the transfer.
The SIPPs were established through InvestAcc Pensions Administration Ltd and the investments then placed directly onto the Jarvis Investment platform. Some investments were also put into the Mercantile Opportunities Fund, MBH Corporation Plc, and the Mercantile Diversified Fund – all of which were deemed to be too risky for clients to take on.
Unsuitable Advice
Anyone that had dealings with any of the companies mentioned and either invested money or transferred their pension may well have been given advice that was not at all suitable and so should have their transaction(s) looked at. This is also true for those individuals who have been receiving pension statements showing good performance, even though, in truth, they couldn’t access the investments.
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