In the intricate realm of financial advisory services, trust is the cornerstone upon which clients build their financial futures. However, when this trust is breached, it sends ripples of concern throughout the industry. Enter Future Wealth Management, a name that has recently become entangled in a web of controversy and mis-selling claims.
As we delve into the failures surrounding Future Wealth Management, an appointed representative of Pi Financial Ltd, we uncover a narrative that sheds light on the challenges of ethical financial guidance and the consequences of its absence.
The tale begins with the revelation that Future Wealth Management, stood as an appointed representative of Pi Financial Ltd, from January 15th, 2015, to March 5th, 2019. Hailing from Shrewsbury, Pi Financial Ltd cast its wings wide, overseeing the practices of its representatives. However, it's the connections and interactions of these representatives that have garnered attention.
At the heart of the controversy lay investments that have sparked a wave of mis-selling claims – Intelligent Money SIPP and ForthPlus SIPP. The proposed SIPP with Intelligent Money was marketed as "financially strong, offering excellent service and competitively charged." Yet, as we delve deeper, it becomes apparent that appearances can be deceiving.
The saga of Future Wealth Management is not an isolated incident but rather a part of a larger narrative involving Pi Financial Ltd. The Financial Ombudsman Service (FOS) has upheld dozens of complaints against Pi Financial Ltd, with many involving appointed representatives of the firm.
This paints a troubling picture of a pattern of questionable advice that has left clients grappling with the repercussions.
According to the FCA register, Pi Financial Ltd boasts an extensive list of appointed representatives:
M&S Financial
Future Wealth Management
HF Wealth Planning
MK Financial Planning Ltd
Alterno Wealth Ltd
These are just a handful of the names that populate this list. The implications of this network are far-reaching, as Pi Financial Ltd bears responsibility for the advice disseminated by its appointed representatives.
On February 17th, 2023, the Financial Conduct Authority (FCA) executed a decisive move against Pi Financial Ltd. Restrictions and requirements were imposed, rendering the firm unable to engage in certain regulated activities. The cease-and-desist order extended to pension transfers and opt-outs for new customers, and even existing or pipeline customers could not receive advice on such matters without the FCA's prior written consent.
Moreover, the FCA prohibited Pi Financial Ltd from taking on new appointed representatives. This move was accompanied by a directive for the firm to review its professional indemnity insurance coverage in light of the mounting claims against it.
Embedded within the problems is yet another poignant tale – that of our client who sought financial advice from Harry Young of Future Wealth Management on 8th March 2018. Counselled to transition their Associated British Foods Pension (DB Scheme) into the Forthplus SIPP, our client incurred a loss in capital value and forfeited potential pension growth, all stemming from the ill-suited advice regarding pension switching. Following investigations, a plea for reimbursement emerged.
Navigating the complex terrain of financial mismanagement can be a daunting journey, but at CP Financial Claims, we stand ready to guide you through it.
If you find yourself entangled in the aftermath of mis-selling claims, our dedicated team is here to assist you in seeking the justice you deserve. With a deep understanding of the intricacies of the financial landscape and a commitment to upholding your rights, we provide the expertise and support needed to navigate these challenges. Reach out to us today to explore the options available and take a step towards reclaiming your financial security.
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