BLAKEMORE WEALTH MANAGEMENT
Gerald Blakemore of Blakemore Wealth Management (BWM) (FRN) 581179 has been banned for eight years after his firm provided poor pension investment advice resulting in clients losing millions. The company entered creditors’ voluntary liquidation in October 2018. In March 2021, the Financial Services Compensation Scheme (FSCS) declared the firm in default, enabling clients to seek compensation for any losses incurred.
BWM was authorised to provide pension switching and investment advice.
BWM had arranged pension transfers into SIPPs with the main reason to invest clients’ money into high-risk overseas investments.
The court heard that he invested £8.3 million of client funds without their knowledge.
Investigators uncovered that Blakemore was also a director of the overseas company, receiving £1.7 million for the transactions.
Further enquiries proved that Blakemore had personally benefited from these unsuitable investments and that he failed to disclose his conflict of interest.
If you have had any dealings with this firm, you may have lost money. Remember that on the face of it you may think that you have not lost any money, but you should still review matters to make sure. We have the expertise to calculate any loss that you may have incurred.
