Cowley & Miller are another firm of IFAs which have ended up in trouble for providing unsuitable pension switching advice.
Here the firm arranged investments into Carbon Credits through the Carbon Advice Group Plc, failing to act in their client’s best interest.
High Risk Investments
These investments were high risk and unregulated – leaving clients open to potential losses – as the Financial Ombudsman Services would classify them as UCIS which should only be promoted to experienced investors or high net worth clients who could afford to deal with any losses.
The regulatory body the FCA asked the firm in April 2018 to refrain from advising on any new or existing transfers of defined benefit or safeguarded benefits for clients in respect of any transaction.
Since then the Financial Ombudsman Services have ruled in 5 out of 6 cases that the firm failed to act in their client’s best interests.
If you’ve had dealings with this firm and have lost money you should act now to get any transactions reviewed as complaints could be time barred.
Contact us today and speak to one of our case managers to discuss your options.
- 25/11/2011 – Cowley & Miller became authorised and regulated by the FCA
- 26/06/2017 – a first complaint was reviewed by the Financial Ombudsman Services in relation to pension transfer
- 10/04/2018 -Under section 55L of FSMA, the following requirements are included in the Firm’s Permission so that the Firm must:
1. Refrain from advising on any new or existing transfers of defined benefit or safeguarded benefits for clients in respect of any transaction, save where the advice has been previously reviewed by an independent and suitably qualified third party; and
2. Ensure that the FCA agrees in advance the identities of any independent and suitably qualified third parties referred to in paragraph one above.
Until such time as the FCA has confirmed to the Firm that it is content that the Firm is able to conduct pension transfer business in a compliant manner
- 21/04/2020 – The firm is ordered to pay compensation in relation to the transfer of the benefits of a final salary related occupational pension scheme to a personal pension.
Tidal Wealth Management used to trade as an AR between 30/08/13 to 31/05/16 before moving to the Ntrust Group Ltd
Gillis Financial Services was also an AR between 21/01/2014 and the 09/06/2014.
None of these firms are now authorised or regulated to give advice.