In January 2015 an IFA believed to be working for Abrams Ashton & Co Financial Services Limited advised and recommended that the client transfer his pension to a quantifying recognised overseas pension scheme (QROPS), the Metro International Retirement Annuity QROPS managed by Castle Trust and Management Services Limited to facilitate investments into Aspiro Research, Disruptive Technology, Energy 10, Consilium and British Land Property Fund.
The client had two pension funds with Sunlife of Canada and Siemens he was not a sophisticated investor and should not have been advised to transfer out of his pension two schemes however due to the negligent advice from the independent financial advisor £102,051.59 was transferred to Castle Trust and Management Services. After the transfer the client was subjected to administration fees as well as the investment portfolios not performing as anticipated resulting in a significant loss.
A claim was brought initially against Abrams Ashton & Co Financial Services however Omega Financial Solutions was found to have significant involvement by the FSCS. Our client was compensated on the 11th March 2022 for his investments into the Consillium Strategy Land Fund PCC and Disruptive Investments Ltd for £52,005.63. Our client had also been compensated previously on 20th August 2020 for £25,313.65 solely for the loss of the pension benefits through the transfer and a further £360.07 on the 8th October 2021 for his investment into the British Land Property Fund.