There is a story about an adviser that I would like to share with you. Well, I use the term ‘adviser’ lightly, so let’s say instead he strikes me as being more of a ‘salesman’. He has really made me furious.
Now some of this is conjecture, so I will not name him, but having seen enough of the paperwork I feel I can justifiably tell you some of his story. Are you sitting comfortably?
This chap seemed perfectly pleasant to his clients, but over a number of years as he moved from one network to another (which all unfortunately are no longer around) he continuously ripped his clients off. His favourite type of product was the sort of investment in overseas property funds which had “disaster” written all over them. Co-incidentally these investments also paid him around 10 per cent commission upfront.
The clients he ‘sold’ to have now found themselves in the position where they have lost all their money, well beyond FSCS limits and are facing financial ruin. Some of these poor people, already retired, have had to find jobs again to try to bring in an income, when they thought they would never have to work again. These jobs are not ones that are the most aspirational, but the clients have no choice.
Now the adviser got to the point of facing a police investigation and bankruptcy. For the many clients facing financial ruin, having lost hundreds of thousands of pounds, they found some comfort that the person responsible for their difficulties was being held to account.
So the latest on this saga?
Apparently he has moved to Dubai and is advising clients out there on certain financial products.
Philippa Gee is managing director at Philippa Gee Wealth Management.