Omar Hussein, former director and senior financial adviser at pension switching firm Consumer Wealth Ltd (CWL), has been prohibited from working in financial services and fined £116,000, the Financial Conduct Authority (FCA) has revealed.
The FCA found Hussein advised customers to switch their existing pensions when this was often unnecessary and not in their best interest. Between 2015 and 2017, Hussein and his firm advised 620 customers to switch their pensions into self-invested personal pensions (SIPPs) containing significant investments in ‘Portfolio 6' (P6), a high-risk investment offered by discretionary fund management firm Greyfriars Asset Management LLP. His misconduct put at risk an estimated £13.5m of CWL customers' retirement savings, the FCA said. CWL has ceased trading and is now in liquidation. The Fina...
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