Hamilton Rose Wealth Management Limited were a financial advice firm based in Nottinghamshire. Other trading names include Athena Wealth and theisaexpert.co.uk.
Hamilton Rose WM Ltd applied to have its FCA permissions cancelled in March 2021 and was declared in default by the FCSC in December 2021.
The FSCS has received over 30 complaints so far against Hamilton Rose Wealth Management, of which 17 relate to self-invested personal pensions (SIPPs) and the advice given by Hamilton Rose.
Unsuitable advice complaints were also upheld by the Financial Ombudsman Service relating to pension transfer advice given by Hamilton Rose.
The first complaint upheld in March 2021, involved a client who was advised to switch her personal pension plans into a SIPP which were then invested in managed and With-Profits funds.
The FOS upheld the complaint reasoning that
“…the recommendation wasn’t suitable and was unnecessary as it incurred additional charges without the prospect of substantial benefits… In addition, there was a significant increase in annual charges…It’s not clear how it was considered likely that she would achieve the increased return necessary without taking a level of risk beyond her risk profile.”
The second complaint also involved advice to transfer into a SIPP but using the services of Clear Capital Management, a Discretionary Fund Manager with links to Hamilton Rose Wealth.
The FOS upheld the complaint as they felt charges had been misrepresented and the new pension arrangement was actually more expensive than the old pension scheme. The investigators also “…thought it looked like Mr R had not been invested in line with his cautious attitude to risk”
Clear Capital Management had restrictions placed by the FCA in 2019 regarding regulated activity involving managing and dealing with investments.
According to Companies House Clear Capital Management were dissolved on the 22nd June 2021.
Unsuitable pension advice is at the heart of most pension mis-selling cases and quite often involves a transfer from a personal pension into SIPP – Self Invested Personal Pension.
Unfortunately, the investments within these SIPPs turn out to be high-risk and unregulated. These types of investments are generally only considered suitable for certain investors who:
People ending up invested in schemes that do not match their attitude to risk is a common factor in many mis-selling cases.
The transfer itself may also be ill-advised if the client would have been better off staying in their existing pension scheme.
If you are concerned about the advice you received from Hamilton Rose and want to check if it may have been unsuitable (mis-sold) we offer a free consultation. It’s a simple chat with one of our experienced claims handlers to initially assess if we think you have a claim.
Our assessment is free and there’s no obligation to use our service.
You are not required to use our services to pursue your claim. You can also seek further advice or shop around subject to any time limits within which a claim must be made.
It is possible for you to present the claim for free, either to the firm or person against whom you wish to complain or to the statutory ombudsman (Financial Ombudsman Service or Pension Ombudsman Service) or the Financial Services Compensation Scheme, whichever is applicable to your claim.